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Published in Finance

ChoiceOne Bank reports strong Q3 earnings as core deposit base grows

BY Thursday, October 28, 2021 04:22pm

SPARTA — ChoiceOne Financial Services Inc. reported strong earnings growth over the third quarter from a year earlier that included merger-related expenses.

The Sparta-based parent company of ChoiceOne Bank (Nasdaq: COFS) recorded $5.7 million in net income for the third quarter, or 75 cents per diluted share. That compares to $3.8 million in net income, or 49 cents per diluted share, in the third quarter of 2020, which included $1.4 million in expenses related to the mid-year acquisition of the former Community Shores Bank Corp. in Muskegon.

Kelly Potes COURTESY PHOTO

ChoiceOne Bank during the quarter grew total deposits by $131.4 million to a little more than $2 billion. Deposits were up $425.8 million from the end of the third quarter in 2020.

“We continue to see strong organic growth in our core deposit base and adding to our experienced team has paid dividends in the form of loan growth,” CEO Kelly Potes said in ChoiceOne’s quarterly earnings release from Wednesday. “I am very pleased with our results for the third quarter and year to date 2021 and look forward to continuing this momentum in the future.”

Year-to-date net income totaled $17 million, or $2.20 per diluted share, versus $11.5 million, or $1.55 per diluted share, for the first nine months of 2020, which included $2.2 million in merger-related expenses.

ChoiceOne Bank has 34 offices in Kent, Lapeer, Macomb, Muskegon, Newaygo, Ottawa, and St. Clair counties with total assets of nearly $2.3 billion as of Sept. 30.

 
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