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Wednesday, 25 July 2018 17:27

Federal tax changes help push ChoiceOne Financial earnings up

Written by  MiBiz Staff
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SPARTA — ChoiceOne Financial Services Inc. recorded higher earnings for the second quarter.

The Sparta-based ChoiceOne Financial (OTC: COFS) today reported net income of $1.8 million, or 50 cents per diluted share, versus net income of $1.6 million, or 45 cents per diluted share, in the same quarter a year earlier.

Earnings for the first six months of 2018 totaled $3.4 million, or 97 cents per diluted share. The corporation earned $3 million, or 45 cents per diluted share, in the first half of 2017.

“With net income at a historical high for the first half of 2018, we are extremely pleased with the progress of our community bank,” President and CEO Kelly Potes said in a statement.

Earnings benefitted from federal tax reform at the end of 2017. ChoiceOne Financial’s income tax expenses declined from $580,000 in the second quarter last year to $344,000 in the same period this year.

ChoiceOne Financial has 14 ChoiceOne Bank offices and one loan office in Kent, Ottawa, Muskegon and Newaygo counties with $630.3 million in total assets. The bank in the second half of the year plans to open new branch offices in downtown Grand Rapids and Rockford.

Read 444 times Last modified on Wednesday, 25 July 2018 17:30

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