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Published in Finance

ChoiceOne reports higher quarterly earnings amid ‘signs of economic recovery’

BY Thursday, July 29, 2021 10:06am

SPARTA — ChoiceOne Financial Services Inc. reported higher second-quarter earnings as the economic recovery from the COVID-19 pandemic continues.

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The Sparta-based parent corporation of ChoiceOne Bank (Nasdaq: COFS) on Wednesday afternoon reported $5 million in net income for the period, or 65 cents per diluted share. That compares to $4.4 million in net income, or 61 cents per diluted share, in the second quarter of 2020, which included $462,000 in merger-related expenses from the acquisition of the former Community Shores Bank in Muskegon. That merger closed in October.

CEO Kelly Potes COURTESY PHOTO

“We are pleased to see customers showing signs of economic recovery leading to strong asset quality as we emerge from the COVID-19 pandemic and finish June 2021 with our strongest first-half income to date,” CEO Kelly Potes said in a statement.

Mid-year net income totaled $11.2 million, or $1.45 per diluted share, versus $7.6 million, or $1.06 per diluted share, in the first half of 2020. Mid-year 2020 results included $744,000 in merger-related expenses.

The results include $756,000 in fee income in the second quarter after $37.7 million in federal Paycheck Protection Program loans were forgiven by the U.S. Small Business Administration. The bank earned $2.4 million in fee income in the first half of 2021 from $115.8 million in forgiven PPP loans.

ChoiceOne Bank — with 34 offices in parts of Kent, Lapeer, Macomb, Muskegon, Newaygo, Ottawa, and St. Clair counties — had $2.12 billion in total assets as of June 30 and $1.88 billion in total deposits.

 
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