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Published in Finance

Community Shores acquisition helps boost ChoiceOne’s Q1 earnings

BY Wednesday, April 21, 2021 05:32pm

SPARTA — ChoiceOne Financial Services Inc.’s quarterly earnings nearly doubled from a year earlier following an acquisition last fall.

The Sparta-based ChoiceOne today reported $6.2 million in net income for the first quarter, or 80 cents per diluted share, which compares to $3.2 million, or 45 cents per diluted share, in the same period a year earlier.

Potes

The bank attributed the earnings growth to the October 2020 acquisition of the former Community Shores Bank Corp. in Muskegon as well as $3.7 million in fee income from writing $56.4 million in federal Paycheck Protection Program loans, plus $1.4 million in fees for processing forgiveness applications for past PPP loans.

“As a community bank, our scale and agility has allowed us to efficiently process PPP loans for our small businesses helping them to maintain thousands of jobs in Michigan,” CEO Kelly Potes said in ChoiceOne’s earnings release.

ChoiceOne has 34 offices in Kent, Lapeer, Macomb, Muskegon, Newaygo, Ottawa, and St. Clair counties, with total assets of $2.07 billion as of March 31.

 
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