Published in Finance

ChoiceOne Financial reports strong fourth-quarter earnings

BY MiBiz Staff Thursday, January 24, 2019 02:43pm

SPARTA — ChoiceOne Financial Services Inc. posted record earnings for the fourth quarter.

The Sparta-based parent corporation of ChoiceOne Bank (OTC: COFS) on Wednesday reported quarterly net income of $1.8 million, or 50 cents per diluted share, which compares to net income of $1.3 million, or 38 cents per diluted share, in the fourth quarter of 2017.

Full-year net income totaled $7.3 million, or $2.02 per diluted share. ChoiceOne recorded net income of $6.1 million, or $1.70 per diluted share, in 2017.

ChoiceOne Bank has 14 offices in Kent, Newaygo, Muskegon and Ottawa counties with $670.1 million in total assets as of Dec. 31. The bank during the fourth quarter opened new offices in downtown Grand Rapids and Rockford.

“Increasing our locations in West Michigan to 14 full-service offices from 12 full-service offices allows us to reach more families and businesses in our broadened footprint,” President and CEO Kelly Potes said in a statement. “In addition, we were able to hire more mortgage lenders, commercial loan officers and branch staff to serve our growing customer base.”

Read 1861 times Last modified on Thursday, 24 January 2019 14:47
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >