Published in Breaking News

ChoiceOne Financial quarterly earnings dip from one-time charge

BY MiBiz staff Thursday, January 25, 2018 09:50am

SPARTA — ChoiceOne Financial Services Inc., the Sparta-based parent company of ChoiceOne Bank, reported lower earnings for the fourth quarter resulting from a one-time charge.

ChoiceOne (OTC: COFS) reported quarterly net income of $1.3 million, or 40 cents per diluted share, for the October-to-December period. The fourth quarter results included a $206,000 adjustment in income tax expenses on a deferred tax asset from the lower corporate tax rate Congress enacted in late 2017. The results compare to net income of $1.6 million, or 48 cents per diluted share, for the same period a year earlier.

For the full year, ChoiceOne reported 2017 net income of $6.1 million, or $1.79 per diluted share, versus $6 million, or $1.76 per diluted share, in 2016.

The corporation ended 2017 with total assets of $646.5 million, an increase of 6.4 percent from a year earlier.

ChoiceOne Bank has 12 offices in Kent, Ottawa, Muskegon and Newaygo counties, plus a loan office in Grand Rapids that will convert to a full-service branch in 2018 at a new location on the south end of downtown.

“ChoiceOne is in a season of growth,” President and CEO Kelly Potes said in a statement. “As we expand our community bank franchise, we continue to increase staff and introduce the latest technology to prepare for this exciting growth.”

Read 1219 times
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >