Published in Breaking News

ChoiceOne Bank reports record earnings

BY MiBiz Staff Thursday, October 27, 2016 10:38am

Sparta-based ChoiceOne Financial Services Inc. reported a record net income of $1.6 million, or 52 cents per share, for the third quarter.

That compares with net income of $1.4 million, or 44 cents per share, in the third quarter of 2015.

ChoiceOne Financial Services (OTC: COFS), the parent company of ChoiceOne Bank, had $4.4 million in net income for the first nine months of the year, or $1.34 per share, which compares to $4.5 million, or $1.37 per share, through the third quarter a year earlier.

ChoiceOne ended the quarter with total assets of $598.6 million, up nearly 8 percent from a year earlier. The bank has 12 branches in Kent, Muskegon, Ottawa and Newaygo counties and this summer opened a lending office in downtown Grand Rapids.

“Opening our Grand Rapids loan production office has had a positive effect, and we believe has prepared the bank for even further growth,” CEO Kelly Potes said.

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