SPARTA, Mich., Oct. 27,
2021 /PRNewswire/ -- ChoiceOne Financial Services, Inc.
("ChoiceOne", NASDAQ:COFS), the parent company for ChoiceOne Bank,
reported financial results for the quarter ended September 30, 2021.
Significant items impacting comparable nine months ended
September 30, 2021 and 2020 results
included the following:
- On July 1, 2020, ChoiceOne
completed the merger of Community Shores Bank Corporation
("Community Shores"), the former parent company of Community Shores
Bank, with and into ChoiceOne with ChoiceOne surviving the
merger. Community Shores Bank was consolidated with and
into ChoiceOne Bank (the "Bank") effective October 16, 2020. The total assets, loans and
deposits acquired in the merger with Community Shores were
approximately $244.0 million,
$173.9 million and $227.8 million, respectively.
- There were no merger-related expenses in the first nine months
of 2021. ChoiceOne incurred tax-effected merger-related
expenses of approximately $1.4
million and $2.2 million,
respectively ($0.18 per diluted
share and $0.29 per diluted
share, respectively), for the third quarter and
nine months ended September
30, 2020.
Financial Highlights
- Net income of $5,749,000 and
$17,030,000 for the three and
nine months ended September 30,
2021 compared to $3,829,000 and $11,513,000 in the same
periods in 2020.
- Diluted earnings per share of $0.75 and $2.20 in the three and nine
months ended September 30, 2021 compared
to $0.49 and $1.55 per share in the same periods in
the prior year.
- Excluding PPP loans forgiven during the quarter, ChoiceOne grew
loans organically by $32.5 million during the third quarter
of 2021.
- In the third quarter and first nine months of 2021,
$48.7 million and $164.5 million of Paycheck Protection Program
("PPP") loans were forgiven resulting in $1.6 million and $4.0
million of fee income, respectively. $2.4 million in PPP fee income remains deferred
as of September 30, 2021.
- Total deposits grew $131.4
million in the third quarter of 2021 and $425.8 million since the third quarter of 2020.
- In September 2021, ChoiceOne
completed a private placement of $32.5
million in aggregate principal amount of 3.25%
fixed-to-floating rate subordinated notes due 2031. ChoiceOne
intends to use net proceeds of the private placement for general
corporate purposes, including support for organic growth plans,
possible redemption of senior debt, common stock repurchases, and
support for bank-level capital ratios.
- ChoiceOne repurchased approximately 223,000 shares for
$5.6 million, or a weighted
average all-in cost per share of $24.94, during the first nine months of
2021. This was part of the common stock repurchase program
announced in April 2021 which
authorized repurchases of up to 390,114 shares,
representing 5% of the total outstanding shares of common
stock as of the date the plan was adopted. This program
replaced and superseded all prior repurchase programs for
ChoiceOne.
- During the third quarter of 2021, ChoiceOne agreed to become a
limited partner in Banktech Ventures LP, a venture capital fund
that specializes in connecting and accelerating bank
technology-focused startups.
ChoiceOne reported net income of $5,749,000 for
the third quarter of 2021 compared to $3,829,000 in the same period
in 2020. Diluted earnings per share were $0.75 in
the third quarter of 2021 compared to $0.49 per
share in the third quarter of the prior year.
Excluding $1.4 million in tax-effected merger related
expenses, net income for the third quarter
of 2020 was $5,252,000 and
$0.67 per diluted share.
Net income for the first nine months of 2021 was
$17,030,000 or $2.20 per
diluted share, compared to $11,513,000 or $1.55 per diluted share in the first nine
months of 2020. Net income for the first nine months of 2020,
excluding $2.2 million of
tax-effected merger expenses, was $13,680,000 or $1.84 per diluted share.
Total assets grew $156.0 million from June 30, 2021 to September
30 2021 due in part to $131.4
million in deposit growth during the third quarter of
2021. Total assets grew $447.9
million in the twelve months ended September 30,
2021, while deposit growth during the twelve months ended September
30, 2021 was $425.8 million. Despite the large
increase in deposits, ChoiceOne has been able to maintain low
deposit costs; interest expense from deposits decreased
$109,000 in the third quarter of
2021 and $673,000 in the first nine
months of 2021 compared to the same periods in 2020.
Excluding PPP loans forgiven during the quarter, ChoiceOne grew
loans organically by $32.5 million during the third quarter of
2021 due in part to new experienced lenders and an emphasis on
organic loan growth during 2021. In the third quarter and
first nine months of 2021, $48.7
million and $164.5 million of
Paycheck Protection Program ("PPP") loans were forgiven resulting
in $1.6 million and $4.0 million of fee income,
respectively. $2.4 million in
PPP fee income remains deferred as of September 30, 2021. During the third
quarter and first nine months of 2021, ChoiceOne recorded
accretion income related to paydowns of acquired loans in the
amount of $253,000 and $924,000, respectively. The remaining
credit mark on acquired loans from the recent mergers with
County Bank Corp. and Community Shores totaled $7.1 million as of September
30, 2021. ChoiceOne had no provision expense for the
three months ended September 30, 2021
as management has seen declining deferrals and very few
past due loans as the economy recovers from the COVID-19
pandemic. In an effort to deploy deposit growth,
ChoiceOne grew its securities portfolio $172.6 million in the third quarter of 2021 and
$641.8 million in the twelve
months ended September 30,
2021. During the third quarter of 2021, ChoiceOne agreed
to become a limited partner in Banktech Ventures LP, a venture
capital fund that specializes in connecting and accelerating bank
technology-focused startups. Management believes
its investments are sufficiently short-term to
allow loans to grow organically as good credits become
available. In September 2021,
ChoiceOne completed a private placement of $32.5 million in aggregate principal amount of
3.25% fixed-to-floating rate subordinated notes due 2031.
ChoiceOne intends to use net proceeds of the private placement for
general corporate purposes, including support for organic growth
plans, possible redemption of senior debt, common stock
repurchases, and support for bank-level capital ratios.
Total noninterest income declined $1.6
million and $2.0 million in
the three and nine months ended September 30, 2021,
respectively. Total noninterest income in the third quarter
of 2020 was bolstered by heightened levels of refinancing activity
within ChoiceOne's mortgage portfolio, with gains on sales of
loans $1.8 million larger than in the third quarter of
2021. Customer service charges increased $196,000 and $1.0
million in the three and nine months ended September 30, 2021, respectively, compared to the
same periods in the prior year. Prior year service charges
were depressed by stay at home orders during the COVID 19
pandemic. Current year service charges also included the
effect of a merger with Community Shores which closed on
July 1, 2020.
Total noninterest expense declined $1.0 million in the
third quarter of 2021 and increased $2.0 million in the first nine
months of 2021 compared to the same time periods
in 2020. The decrease during the third quarter of 2021
was due to savings on salaries of personnel, data processing, and
professional fees related to the merger with Community
Shores. Much of the increase in the first nine months of
2021 was caused by the increase in scale related to the merger
with Community Shores.
"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" said Kelly
Potes, Chief Executive Officer. "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."
About ChoiceOne
ChoiceOne Financial Services, Inc. is
a financial holding company headquartered in Sparta, Michigan and the parent corporation of
ChoiceOne Bank. Member FDIC. ChoiceOne Bank operates 34 offices in
parts of Kent, Lapeer, Macomb, Muskegon, Newaygo, Ottawa, and St.
Clair counties. ChoiceOne Bank offers insurance and
investment products through its subsidiary, ChoiceOne Insurance
Agencies, Inc. For more information, please visit Investor
Relations at ChoiceOne's website at choiceone.com.
Non-GAAP Financial Measures
This press release
contains references to certain financial measures that are not
defined in U.S. generally accepted accounting principles ("GAAP").
Management believes these non-GAAP financial measures
provide additional information that is useful to investors in
helping to understand the underlying financial performance of
ChoiceOne.
Non-GAAP financial measures have inherent limitations. Readers
should be aware of these limitations and should be cautious with
respect to the use of such measures. To compensate for these
limitations, we use non-GAAP measures as comparative tools,
together with GAAP measures, to assist in the evaluation of our
operating performance or financial condition. Also, we ensure that
these measures are calculated using the appropriate GAAP or
regulatory components in their entirety and that they are computed
in a manner intended to facilitate consistent period-to-period
comparisons. ChoiceOne's method of calculating these non-GAAP
financial measures may differ from methods used by other companies.
These non-GAAP financial measures should not be considered in
isolation or as a substitute for those financial measures prepared
in accordance with GAAP or in-effect regulatory requirements.
Where non-GAAP financial measures are used, the most directly
comparable GAAP or regulatory financial measure, as well as the
reconciliation to the most directly comparable GAAP or regulatory
financial measure, can be found in this news release. See Non-GAAP
Reconciliation.
Forward-Looking Statements
This release may contain
forward-looking statements. Words such as "anticipates,"
"believes," "estimates," "expects," "forecasts," "intends," "is
likely," "plans," "predicts," "projects," "may," "could," "look
forward," "continue", "future" and variations of such words and
similar expressions are intended to identify such forward looking
statements. These statements reflect current beliefs as to the
expected outcomes of future events and are not guarantees of future
performance. These statements involve certain risks, uncertainties
and assumptions ("risk factors") that are difficult to predict with
regard to timing, extent, likelihood and degree of occurrence.
Therefore, actual results and outcomes may materially differ from
what may be expressed, implied or forecasted in such
forward-looking statements. Furthermore, ChoiceOne undertakes no
obligation to update, amend, or clarify forward-looking statements,
whether as a result of new information, future events, or
otherwise.
The COVID-19 pandemic is adversely affecting us and our
customers, counterparties, and third-party service providers.
The ultimate extent of the impacts on our business, financial
position, results of operations, liquidity, and prospects is
uncertain. Additional risk factors include, but are not limited to,
the risk factors described in Item 1A in ChoiceOne Financial
Services, Inc.'s Annual Report on Form 10-K for the year ended
December 31, 2020.
Condensed Balance
Sheets
(Unaudited)
|
|
|
|
|
|
|
(In
thousands)
|
9/30/2021
|
|
6/30/2021
|
|
9/30/2020
|
Cash and Cash
Equivalents
|
$
|
59,780
|
|
$
|
95,318
|
|
$
|
117,883
|
Securities
|
|
1,044,538
|
|
|
871,964
|
|
|
402,776
|
Loans Held For
Sale
|
|
7,505
|
|
|
12,884
|
|
|
35,826
|
Loans to Other
Financial Institutions
|
|
38,728
|
|
|
-
|
|
|
55,064
|
Loans, Net of
Allowance For Loan Losses
|
|
980,603
|
|
|
996,637
|
|
|
1,072,111
|
Premises and
Equipment
|
|
30,014
|
|
|
29,615
|
|
|
29,927
|
Cash Surrender Value
of Life Insurance Policies
|
|
33,322
|
|
|
33,128
|
|
|
32,556
|
Goodwill
|
|
59,946
|
|
|
59,946
|
|
|
60,506
|
Core Deposit
Intangible
|
|
4,264
|
|
|
4,610
|
|
|
5,664
|
Other
Assets
|
|
18,213
|
|
|
16,830
|
|
|
16,671
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
$
|
2,276,913
|
|
$
|
2,120,932
|
|
$
|
1,828,984
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
Deposits
|
$
|
543,165
|
|
$
|
527,964
|
|
$
|
447,548
|
Interest-bearing
Deposits
|
|
1,468,985
|
|
|
1,352,771
|
|
|
1,138,822
|
Subordinated
Debt
|
|
35,665
|
|
|
5,782
|
|
|
13,234
|
Other
Liabilities
|
|
4,043
|
|
|
5,894
|
|
|
6,454
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
2,051,858
|
|
|
1,892,411
|
|
|
1,606,058
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
225,055
|
|
|
228,521
|
|
|
222,926
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
$
|
2,276,913
|
|
$
|
2,120,932
|
|
$
|
1,828,984
|
Condensed
Statements of Income
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(In Thousands, Except
Per Share Data)
|
9/30/2021
|
|
|
9/30/2020
|
|
9/30/2021
|
|
|
9/30/2020
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$
|
12,408
|
|
|
$
|
13,047
|
|
$
|
36,655
|
|
|
$
|
34,110
|
Securities and
other
|
|
4,318
|
|
|
|
2,104
|
|
|
11,145
|
|
|
|
6,565
|
Total Interest
Income
|
|
16,726
|
|
|
|
15,151
|
|
|
47,800
|
|
|
|
40,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
837
|
|
|
|
946
|
|
|
2,556
|
|
|
|
3,229
|
Borrowings
|
|
189
|
|
|
|
143
|
|
|
348
|
|
|
|
367
|
Total Interest
Expense
|
|
1,026
|
|
|
|
1,089
|
|
|
2,904
|
|
|
|
3,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income
|
|
15,700
|
|
|
|
14,062
|
|
|
44,896
|
|
|
|
37,079
|
Provision for Loan
Losses
|
|
-
|
|
|
|
1,225
|
|
|
416
|
|
|
|
3,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
After Provision for Loan Losses
|
|
15,700
|
|
|
|
12,837
|
|
|
44,480
|
|
|
|
34,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service
charges
|
|
2,255
|
|
|
|
2,059
|
|
|
6,309
|
|
|
|
5,306
|
Insurance and
investment commissions
|
|
153
|
|
|
|
137
|
|
|
624
|
|
|
|
416
|
Gains on sales of
loans
|
|
1,798
|
|
|
|
3,617
|
|
|
5,715
|
|
|
|
8,356
|
Gains on sales of
securities
|
|
-
|
|
|
|
(35)
|
|
|
3
|
|
|
|
1,308
|
Trust
income
|
|
187
|
|
|
|
197
|
|
|
612
|
|
|
|
569
|
Earnings on life
insurance policies
|
|
194
|
|
|
|
193
|
|
|
571
|
|
|
|
577
|
Change in market
value of equity securities
|
|
(28)
|
|
|
|
(238)
|
|
|
461
|
|
|
|
(184)
|
Other
income
|
|
159
|
|
|
|
396
|
|
|
755
|
|
|
|
661
|
Total Noninterest
Income
|
|
4,718
|
|
|
|
6,326
|
|
|
15,050
|
|
|
|
17,009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits
|
|
7,552
|
|
|
|
8,058
|
|
|
21,719
|
|
|
|
19,545
|
Occupancy and
equipment
|
|
1,538
|
|
|
|
1,556
|
|
|
4,591
|
|
|
|
4,185
|
Data
processing
|
|
1,471
|
|
|
|
1,585
|
|
|
4,573
|
|
|
|
4,637
|
Professional
fees
|
|
754
|
|
|
|
1,221
|
|
|
2,426
|
|
|
|
2,897
|
Core deposit
intangible amortization
|
|
346
|
|
|
|
395
|
|
|
1,005
|
|
|
|
1,102
|
Other
expenses
|
|
1,845
|
|
|
|
1,734
|
|
|
4,849
|
|
|
|
4,749
|
Total Noninterest
Expense
|
|
13,506
|
|
|
|
14,549
|
|
|
39,163
|
|
|
|
37,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Tax
|
|
6,912
|
|
|
|
4,614
|
|
|
20,367
|
|
|
|
13,973
|
Income Tax
Expense
|
|
1,163
|
|
|
|
785
|
|
|
3,337
|
|
|
|
2,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
|
5,749
|
|
|
$
|
3,829
|
|
$
|
17,030
|
|
|
$
|
11,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Share
|
$
|
0.75
|
|
|
$
|
0.49
|
|
$
|
2.20
|
|
|
$
|
1.55
|
Diluted Earnings Per
Share
|
$
|
0.75
|
|
|
$
|
0.49
|
|
$
|
2.20
|
|
|
$
|
1.55
|
Non-GAAP
Reconciliation
(Unaudited)
In addition to analyzing ChoiceOne's results on a reported
basis, management reviews ChoiceOne's results and the results on an
adjusted basis. The non-GAAP measures presented in the table below
reflect the adjustments of the reported U.S. GAAP results for
significant items that management does not believe are reflective
of ChoiceOne's current and ongoing operations.
|
Three Months
Ended
|
|
Nine Months
Ended
|
(In Thousands, Except
Per Share Data)
|
9/30/2021
|
|
|
9/30/2020
|
|
9/30/2021
|
|
|
9/30/2020
|
Income before income
tax
|
$
|
6,912
|
|
|
$
|
4,614
|
|
$
|
20,367
|
|
|
$
|
13,973
|
Adjustment for
merger-related expenses
|
|
-
|
|
|
|
1,707
|
|
|
-
|
|
|
|
2,526
|
Adjusted income
before income tax
|
$
|
6,912
|
|
|
$
|
6,321
|
|
$
|
20,367
|
|
|
$
|
16,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
$
|
1,163
|
|
|
$
|
785
|
|
$
|
3,337
|
|
|
$
|
2,460
|
Tax impact on
adjustment for merger-related expenses
|
|
-
|
|
|
|
284
|
|
|
-
|
|
|
|
359
|
Adjusted income
tax expense
|
$
|
1,163
|
|
|
$
|
1,069
|
|
$
|
3,337
|
|
|
$
|
2,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
5,749
|
|
|
$
|
3,829
|
|
$
|
17,030
|
|
|
$
|
11,513
|
Adjusted net
income
|
$
|
5,749
|
|
|
$
|
5,252
|
|
$
|
17,030
|
|
|
$
|
13,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.75
|
|
|
$
|
0.49
|
|
$
|
2.20
|
|
|
$
|
1.55
|
Diluted earnings per
share
|
$
|
0.75
|
|
|
$
|
0.49
|
|
$
|
2.20
|
|
|
$
|
1.55
|
Adjusted basic
earnings per share
|
$
|
0.75
|
|
|
$
|
0.67
|
|
$
|
2.20
|
|
|
$
|
1.84
|
Adjusted diluted
earnings per share
|
$
|
0.75
|
|
|
$
|
0.67
|
|
$
|
2.20
|
|
|
$
|
1.84
|
Other Selected
Financial Highlights
(Unaudited)
|
|
|
|
|
Quarterly
|
|
Earnings
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
|
2020 4th
Qtr.
|
|
|
2020 3rd
Qtr.
|
|
(in thousands except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
15,700
|
|
|
$
|
14,508
|
|
|
$
|
14,688
|
|
|
$
|
13,992
|
|
|
$
|
14,062
|
|
Provision for loan
losses
|
|
-
|
|
|
|
166
|
|
|
|
250
|
|
|
|
1,000
|
|
|
|
1,225
|
|
Noninterest
income
|
|
4,718
|
|
|
|
4,732
|
|
|
|
5,600
|
|
|
|
5,689
|
|
|
|
6,326
|
|
Noninterest
expense
|
|
13,506
|
|
|
|
13,129
|
|
|
|
12,528
|
|
|
|
13,769
|
|
|
|
14,549
|
|
Net income before
federal income tax expense
|
|
6,912
|
|
|
|
5,945
|
|
|
|
7,510
|
|
|
|
4,912
|
|
|
|
4,614
|
|
Income tax
expense
|
|
1,163
|
|
|
|
902
|
|
|
|
1,272
|
|
|
|
812
|
|
|
|
785
|
|
Net income
|
|
5,749
|
|
|
|
5,043
|
|
|
|
6,238
|
|
|
|
4,100
|
|
|
|
3,829
|
|
Basic earnings per
share
|
|
0.75
|
|
|
|
0.65
|
|
|
|
0.80
|
|
|
|
0.53
|
|
|
|
0.49
|
|
Diluted earnings per
share
|
|
0.75
|
|
|
|
0.65
|
|
|
|
0.80
|
|
|
|
0.52
|
|
|
|
0.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period
balances
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
|
2020 4th
Qtr.
|
|
|
2020 3rd
Qtr.
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans including
PPP
|
$
|
1,034,591
|
|
|
$
|
1,017,472
|
|
|
$
|
1,061,131
|
|
|
$
|
1,117,798
|
|
|
$
|
1,169,686
|
|
PPP Loans
|
|
61,192
|
|
|
|
109,898
|
|
|
|
137,458
|
|
|
|
138,028
|
|
|
|
163,446
|
|
Securities
|
|
1,044,538
|
|
|
|
871,964
|
|
|
|
734,435
|
|
|
|
585,687
|
|
|
|
402,776
|
|
Other
interest-earning assets
|
|
30,383
|
|
|
|
64,407
|
|
|
|
106,279
|
|
|
|
40,614
|
|
|
|
85,957
|
|
Total earning assets
(before allowance)
|
|
2,109,512
|
|
|
|
1,953,843
|
|
|
|
1,901,845
|
|
|
|
1,744,099
|
|
|
|
1,658,419
|
|
Total
assets
|
|
2,276,913
|
|
|
|
2,120,931
|
|
|
|
2,070,103
|
|
|
|
1,919,342
|
|
|
|
1,828,984
|
|
Noninterest-bearing
deposits
|
|
543,165
|
|
|
|
527,964
|
|
|
|
515,552
|
|
|
|
477,654
|
|
|
|
447,548
|
|
Interest-bearing
deposits
|
|
1,468,985
|
|
|
|
1,352,771
|
|
|
|
1,324,412
|
|
|
|
1,196,924
|
|
|
|
1,138,822
|
|
Total
deposits
|
|
2,012,150
|
|
|
|
1,880,735
|
|
|
|
1,839,964
|
|
|
|
1,674,578
|
|
|
|
1,586,370
|
|
Total subordinated
debt
|
|
35,665
|
|
|
|
3,140
|
|
|
|
3,115
|
|
|
|
3,089
|
|
|
|
-
|
|
Total borrowed
funds
|
|
-
|
|
|
|
2,642
|
|
|
|
3,484
|
|
|
|
9,327
|
|
|
|
13,234
|
|
Total
interest-bearing liabilities
|
|
1,504,650
|
|
|
|
1,358,553
|
|
|
|
1,331,011
|
|
|
|
1,209,340
|
|
|
|
1,152,056
|
|
Shareholders'
equity
|
|
225,055
|
|
|
|
228,521
|
|
|
|
218,639
|
|
|
|
227,268
|
|
|
|
222,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
|
2020 4th
Qtr.
|
|
|
2020 3rd
Qtr.
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
$
|
1,021,326
|
|
|
$
|
1,041,118
|
|
|
$
|
1,080,181
|
|
|
$
|
1,132,711
|
|
|
$
|
1,139,634
|
|
Securities
|
|
922,653
|
|
|
|
824,753
|
|
|
|
639,803
|
|
|
|
458,350
|
|
|
|
373,364
|
|
Other
interest-earning assets
|
|
106,831
|
|
|
|
57,782
|
|
|
|
84,822
|
|
|
|
67,241
|
|
|
|
125,991
|
|
Total earning assets
(before allowance)
|
|
2,050,810
|
|
|
|
1,923,653
|
|
|
|
1,804,806
|
|
|
|
1,658,302
|
|
|
|
1,638,989
|
|
Total
assets
|
|
2,234,228
|
|
|
|
2,091,900
|
|
|
|
1,989,760
|
|
|
|
1,870,136
|
|
|
|
1,839,051
|
|
Noninterest-bearing
deposits
|
|
545,251
|
|
|
|
533,877
|
|
|
|
479,649
|
|
|
|
482,271
|
|
|
|
467,709
|
|
Interest-bearing
deposits
|
|
1,441,831
|
|
|
|
1,327,836
|
|
|
|
1,266,356
|
|
|
|
1,153,337
|
|
|
|
1,128,085
|
|
Total
deposits
|
|
1,987,082
|
|
|
|
1,861,713
|
|
|
|
1,746,005
|
|
|
|
1,635,608
|
|
|
|
1,595,794
|
|
Total subordinated
debt
|
|
9,154
|
|
|
|
3,123
|
|
|
|
3,099
|
|
|
|
3,077
|
|
|
|
3,064
|
|
Total borrowed
funds
|
|
2,667
|
|
|
|
2,758
|
|
|
|
8,462
|
|
|
|
3,484
|
|
|
|
10,176
|
|
Total
interest-bearing liabilities
|
|
1,453,652
|
|
|
|
1,333,717
|
|
|
|
1,277,917
|
|
|
|
1,159,898
|
|
|
|
1,141,325
|
|
Shareholders'
equity
|
|
229,369
|
|
|
|
224,993
|
|
|
|
224,257
|
|
|
|
224,340
|
|
|
|
222,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
|
2020 4th
Qtr.
|
|
|
2020 3rd
Qtr.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.03
|
%
|
|
|
0.96
|
%
|
|
|
1.25
|
%
|
|
|
0.88
|
%
|
|
|
0.83
|
%
|
Return on average
equity
|
|
10.03
|
%
|
|
|
8.97
|
%
|
|
|
11.13
|
%
|
|
|
7.31
|
%
|
|
|
6.88
|
%
|
Return on average
tangible common equity
|
|
13.28
|
%
|
|
|
13.28
|
%
|
|
|
16.31
|
%
|
|
|
11.15
|
%
|
|
|
10.32
|
%
|
Net interest margin
(fully tax-equivalent)
|
|
3.06
|
%
|
|
|
3.02
|
%
|
|
|
3.23
|
%
|
|
|
3.44
|
%
|
|
|
3.38
|
%
|
Efficiency
ratio
|
|
63.18
|
%
|
|
|
64.70
|
%
|
|
|
61.20
|
%
|
|
|
67.17
|
%
|
|
|
67.71
|
%
|
Full-time equivalent
employees
|
|
358
|
|
|
|
362
|
|
|
|
355
|
|
|
|
369
|
|
|
|
369
|
|
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SOURCE ChoiceOne Financial Services, Inc.