SPARTA,
Mich., April 29, 2022 /PRNewswire/ -- ChoiceOne
Financial Services, Inc. ("ChoiceOne", NASDAQ: COFS) reported net
income of $5,528,000 or $0.74 per diluted share
in the first quarter of 2022 compared to $6,238,000
or $0.80 per diluted share in the same period in 2021.
"We continue to see strong organic growth in
both core deposits, which grew $93.3
million in the first quarter of 2022 or 18.2% on
an annualized basis, and core loans, which grew
$35.2 million in the first
quarter of 2022 or 14.3% on an annualized basis" said Kelly Potes, Chief Executive Officer.
"Growing our core loan portfolio is key to our strategy as we look
to deploy our low-cost funding into higher earning assets.
Our investments in building strong customer relationships
are paying off and I am hopeful to continue this trend while
still providing the service level our customers expect".
Total assets as of March
31, 2022 grew $10.1 million as compared to December 31,
2021 and $306.7 million compared to March 31,
2021, driven by core deposit growth. Growth in the first
quarter was offset by a paydown of FHLB borrowings.
Deposits grew $93.3 million in the first quarter of 2022
and $305.6 million since March
31, 2021. Despite the large increase in deposit
balances, ChoiceOne has been able to maintain low deposit costs
with interest expense from deposits up $34,000 in the first quarter of 2022 compared to
the fourth quarter of 2021 and down $97,000 compared
to the first quarter of 2021. Core loans, which
exclude Paycheck Protection Program ("PPP") loans, held for sale
loans, and loans to other financial institutions, grew organically
by $35.2 million during the
first quarter of 2022. Additions to our commercial lending staff in
2021 and investments in the automation of our commercial loan
process, have helped drive our pipeline of commercial
loans and corresponding growth. Loans to other financial
institutions decreased $42.6 million
during the three months ended March 31,
2022. Loans to other financial institutions is comprised
of a warehouse line of credit to facilitate mortgage loan
originations and fluctuates with the national mortgage
market. This balance is expected to remain minimal for the
remainder of the year. During the three months ended March 31,
2022, $24.7 million of PPP loans were
forgiven resulting in $869,000 of fee income. $8.5 million in PPP loans and $351,000 in deferred PPP fee income remains
outstanding as of March 31,2022. Management expects the
remaining PPP loans to be forgiven in the second quarter of
2022. Interest income increased $656,000 in the first quarter of 2022 compared to
the fourth quarter of 2021. Securities interest
income increased $360,000 due to
a higher average balance while the increase in loan interest income
was primarily due to accretion income from acquired loans of
$818,000 and a larger core loan
average balance.
ChoiceOne had no provision for loan losses
expense for the three months ended March
31, 2022, as management has seen declining
deferrals and very few past due loans as the economy recovers
from the COVID-19 pandemic. At March
31, 2022, the allowance for loan losses represented 0.74% of
total loans. The remaining credit mark on acquired loans from
the recent mergers with County Bank Corp. and Community Shores
Bank Corporation totaled $4.5 million
as of March 31, 2022. If the credit mark associated
with the loans acquired in the mergers were added to the allowance
for loan losses, the allowance for loan losses would have
represented 1.18% of total loans excluding loans held for sale at
March 31, 2022.
In the last two years ChoiceOne has grown its
securities portfolio substantially. Total available for sale
securities on December 31, 2020, amounted to $577.7 million and grew steadily to an
available for sale balance on December 31, 2021, of $1.1
billion. Many of the securities making up this balance
include local municipals and other securities ChoiceOne has no
intent to sell prior to maturity. As such, on January 1,
2022, ChoiceOne elected to move $428.4 million of the portfolio into a held
to maturity status. Management believes the $657.9 million in available for sale
securities at March 31, 2022 to
be sufficient for any future liquidity needs.
During the first quarter of 2022, the Federal
Reserve sharply increased interest rates in response to
published inflation rates. This change in interest rates
increased ChoiceOne's unrealized pre-tax loss on the available
for sale securities portfolio from $3.3
million at December 31, 2021
to $42.8 million at March 31, 2022. Additionally, meeting
minutes from the Federal Open Market Committee indicated that
interest rates are expected to continue to rise in order to combat
inflation in the coming quarters. As such, ChoiceOne has
elected to utilize interest rate derivatives in order to better
manage its interest rate risk position. On April 21, 2022, ChoiceOne purchased five
forward-starting interest rate caps with a total notional amount of
$200 million and entered into a
$200 million forward-starting
pay-fixed interest rate swap. These strategies create
accounting symmetry between available-for-sale securities and other
comprehensive income (equity), thus protecting tangible capital
from further increases in interest rates. ChoiceOne also
entered into a $200 million
receive-fixed interest rate swap, which, in the current
environment, offsets the cost of the rising rate
protection. These three strategies, in the aggregate, are
expected to be modestly accretive to net income in 2022 and better
position ChoiceOne Bank should rates continue to rise.
Importantly, the transactions were structured to qualify for hedge
accounting, which means that changes in the fair value of the
instruments flow through other comprehensive income (equity).
Shareholders' equity totaled $191.1 million as of March
31, 2022, down from $221.7
million at year-end 2021 primarily due to an increase in the
after-tax net unrealized holding loss on securities available for
sale resulting from higher market interest rates. ChoiceOne Bank's
capital position remains "well-capitalized" with a total risk-based
capital ratio of 13.3% as of March 31,
2022, compared to 12.9% at December 31, 2021.
ChoiceOne repurchased 25,899 shares for
$683,000, or a weighted average
all-in cost per share of $26.35,
during the first quarter of 2022. 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 program was
adopted. Since adoption of the program, ChoiceOne has
repurchased 335,173 shares for $8.5
million, or a weighted average all-in cost per share of
$25.26. The total shares
repurchased as part of the program as of March 31, 2022, represented roughly 4.5% of
outstanding shares of ChoiceOne common stock as of March 31, 2022.
Total noninterest income declined $299,000 in the first quarter of 2022 compared
to the prior quarter and $1.8
million compared to the quarter ended March 31,
2021. Total noninterest income in the first quarter of
2021 was bolstered by heightened levels of refinancing
activity within ChoiceOne's mortgage portfolio, with gains on
sales of loans $1.3 million larger than in the first
quarter of 2022. Customer service charges
declined $130,000 in the first quarter of 2022 compared to the
fourth quarter of 2021 and increased $269,000 compared to the same
period in the prior year. Prior year service charges
were depressed by stay at home orders during the COVID 19
pandemic. The market value of equity securities declined
during the current quarter compared to both the fourth quarter of
2021 and the first quarter of 2021 consistent with general market
conditions. Equity investments include local small bank
stocks and CRA bond mutual funds.
Total noninterest expense declined $68,000
in the first quarter of 2022 compared to the fourth quarter of 2021
and increased $1.2 million
compared to the first quarter of 2021. The increase since the
first quarter of 2021 is related to an increase in salaries and
wages due to new commercial loan production staff and wealth
management staff. Other expenses have also increased in the
first quarter of 2022 compared to the same quarter in the prior
year due to an increase to our FDIC insurance related and other
expenses. ChoiceOne continues to monitor expenses and looks
to improve our efficiency through automation and use of digital
tools.
Kelly Potes,
Chief Executive Officer commented. "As the interest rates continues
to evolve, we remain focused on our strategy in growing strong
customer relationships, which we expect will provide sustainable
earnings in any rate environment."
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
35 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.
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. 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, 2021.
Condensed Balance
Sheets
(Unaudited)
|
|
(In
thousands)
|
|
3/31/2022
|
|
|
12/31/2021
|
|
|
3/31/2021
|
|
Cash and Cash
Equivalents
|
|
$
|
89,976
|
|
|
$
|
31,887
|
|
|
$
|
135,328
|
|
Securities Available
for Sale
|
|
|
657,887
|
|
|
|
1,116,265
|
|
|
|
734,435
|
|
Securities Held to
Maturity
|
|
|
429,918
|
|
|
|
-
|
|
|
|
-
|
|
Loans Held For
Sale
|
|
|
13,450
|
|
|
|
9,351
|
|
|
|
18,736
|
|
Loans to Other
Financial Institutions
|
|
|
-
|
|
|
|
42,632
|
|
|
|
7,312
|
|
Loans, Net of Allowance
For Loan Losses
|
|
|
1,019,805
|
|
|
|
1,009,160
|
|
|
|
1,027,343
|
|
Premises and
Equipment
|
|
|
29,678
|
|
|
|
29,880
|
|
|
|
29,870
|
|
Cash Surrender Value of
Life Insurance Policies
|
|
|
43,520
|
|
|
|
43,356
|
|
|
|
32,938
|
|
Goodwill
|
|
|
59,946
|
|
|
|
59,946
|
|
|
|
59,946
|
|
Core Deposit
Intangible
|
|
|
3,660
|
|
|
|
3,962
|
|
|
|
4,961
|
|
Other Assets
|
|
|
28,938
|
|
|
|
20,243
|
|
|
|
19,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
2,376,778
|
|
|
$
|
2,366,682
|
|
|
$
|
2,070,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
Deposits
|
|
$
|
565,657
|
|
|
$
|
560,931
|
|
|
$
|
515,552
|
|
Interest-bearing
Deposits
|
|
|
1,579,944
|
|
|
|
1,491,363
|
|
|
|
1,324,412
|
|
Borrowings
|
|
|
-
|
|
|
|
50,000
|
|
|
|
3,484
|
|
Subordinated
Debt
|
|
|
35,078
|
|
|
|
35,017
|
|
|
|
3,115
|
|
Other
Liabilities
|
|
|
4,981
|
|
|
|
7,702
|
|
|
|
4,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
2,185,660
|
|
|
|
2,145,013
|
|
|
|
1,851,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock and
paid-in capital, no par value; shares authorized:
12,000,000; shares outstanding: 7,489,812 at March 31, 2022,
7,510,379
at December 31, 2021, and 7,802,285 at March 31, 2021.
|
|
|
171,492
|
|
|
|
171,913
|
|
|
|
178,993
|
|
Retained
earnings
|
|
|
55,988
|
|
|
|
52,332
|
|
|
|
42,012
|
|
Accumulated other
comprehensive income, net
|
|
|
(36,362)
|
|
|
|
(2,576)
|
|
|
|
(2,366)
|
|
Shareholders'
Equity
|
|
|
191,118
|
|
|
|
221,669
|
|
|
|
218,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
|
$
|
2,376,778
|
|
|
$
|
2,366,682
|
|
|
$
|
2,070,103
|
|
Condensed Statements
of Income
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
(In Thousands, Except
Per Share Data)
|
|
3/31/2022
|
|
|
12/31/2021
|
|
|
3/31/2021
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
|
12,298
|
|
|
$
|
12,002
|
|
|
$
|
12,682
|
|
Securities and
other
|
|
|
5,176
|
|
|
|
4,816
|
|
|
|
2,973
|
|
Total Interest
Income
|
|
|
17,474
|
|
|
|
16,818
|
|
|
|
15,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
783
|
|
|
|
749
|
|
|
|
880
|
|
Borrowings
|
|
|
370
|
|
|
|
324
|
|
|
|
87
|
|
Total Interest
Expense
|
|
|
1,153
|
|
|
|
1,073
|
|
|
|
967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income
|
|
|
16,321
|
|
|
|
15,745
|
|
|
|
14,688
|
|
Provision for Loan
Losses
|
|
|
-
|
|
|
|
-
|
|
|
|
250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
After Provision for Loan Losses
|
|
|
16,321
|
|
|
|
15,745
|
|
|
|
14,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service
charges
|
|
|
2,189
|
|
|
|
2,319
|
|
|
|
1,920
|
|
Insurance and
investment commissions
|
|
|
205
|
|
|
|
141
|
|
|
|
273
|
|
Gains on sales of
loans
|
|
|
857
|
|
|
|
1,032
|
|
|
|
2,128
|
|
Gains (losses) on sales
of securities
|
|
|
-
|
|
|
|
(43)
|
|
|
|
1
|
|
Trust income
|
|
|
178
|
|
|
|
178
|
|
|
|
172
|
|
Earnings on life
insurance policies
|
|
|
280
|
|
|
|
239
|
|
|
|
186
|
|
Change in market value
of equity securities
|
|
|
(356)
|
|
|
|
18
|
|
|
|
608
|
|
Other income
|
|
|
492
|
|
|
|
260
|
|
|
|
312
|
|
Total Noninterest
Income
|
|
|
3,845
|
|
|
|
4,144
|
|
|
|
5,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits
|
|
|
7,606
|
|
|
|
7,581
|
|
|
|
7,168
|
|
Occupancy and
equipment
|
|
|
1,625
|
|
|
|
1,577
|
|
|
|
1,555
|
|
Data
processing
|
|
|
1,744
|
|
|
|
1,616
|
|
|
|
1,429
|
|
Professional
fees
|
|
|
510
|
|
|
|
583
|
|
|
|
729
|
|
Core deposit intangible
amortization
|
|
|
282
|
|
|
|
302
|
|
|
|
307
|
|
Other
expenses
|
|
|
1,923
|
|
|
|
2,099
|
|
|
|
1,340
|
|
Total Noninterest
Expense
|
|
|
13,690
|
|
|
|
13,758
|
|
|
|
12,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Tax
|
|
|
6,476
|
|
|
|
6,131
|
|
|
|
7,510
|
|
Income Tax
Expense
|
|
|
948
|
|
|
|
1,119
|
|
|
|
1,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
5,528
|
|
|
$
|
5,012
|
|
|
$
|
6,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Share
|
|
$
|
0.74
|
|
|
$
|
0.67
|
|
|
$
|
0.80
|
|
Diluted Earnings Per
Share
|
|
$
|
0.74
|
|
|
$
|
0.66
|
|
|
$
|
0.80
|
|
Other Selected
Financial Highlights
(Unaudited)
|
|
|
|
Quarterly
|
|
Earnings
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
(in thousands except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
16,321
|
|
|
$
|
15,745
|
|
|
$
|
15,700
|
|
|
$
|
14,508
|
|
|
$
|
14,688
|
|
Provision for loan
losses
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
166
|
|
|
|
250
|
|
Noninterest
income
|
|
|
3,845
|
|
|
|
4,144
|
|
|
|
4,718
|
|
|
|
4,732
|
|
|
|
5,600
|
|
Noninterest
expense
|
|
|
13,690
|
|
|
|
13,758
|
|
|
|
13,506
|
|
|
|
13,129
|
|
|
|
12,528
|
|
Net income before
federal income tax expense
|
|
|
6,476
|
|
|
|
6,131
|
|
|
|
6,912
|
|
|
|
5,945
|
|
|
|
7,510
|
|
Income tax
expense
|
|
|
948
|
|
|
|
1,119
|
|
|
|
1,163
|
|
|
|
902
|
|
|
|
1,272
|
|
Net income
|
|
|
5,528
|
|
|
|
5,012
|
|
|
|
5,749
|
|
|
|
5,043
|
|
|
|
6,238
|
|
Basic earnings per
share
|
|
|
0.74
|
|
|
|
0.67
|
|
|
|
0.75
|
|
|
|
0.65
|
|
|
|
0.80
|
|
Diluted earnings per
share
|
|
|
0.74
|
|
|
|
0.66
|
|
|
|
0.75
|
|
|
|
0.65
|
|
|
|
0.80
|
|
|
End of period
balances
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans
|
|
$
|
1,040,856
|
|
|
$
|
1,068,832
|
|
|
$
|
1,034,590
|
|
|
$
|
1,017,472
|
|
|
$
|
1,061,131
|
|
Loans held for sale
(1)
|
|
|
13,450
|
|
|
|
9,351
|
|
|
|
7,505
|
|
|
|
12,884
|
|
|
|
18,736
|
|
Loans to other
financial institutions (2)
|
|
|
-
|
|
|
|
42,632
|
|
|
|
38,728
|
|
|
|
-
|
|
|
|
7,312
|
|
PPP loans
(3)
|
|
|
8,476
|
|
|
|
33,129
|
|
|
|
61,192
|
|
|
|
109,898
|
|
|
|
137,458
|
|
Core loans (gross loans
excluding 1, 2, and 3 above)
|
|
|
1,018,930
|
|
|
|
983,720
|
|
|
|
927,165
|
|
|
|
894,690
|
|
|
|
897,625
|
|
Allowance for loan
losses
|
|
|
7,601
|
|
|
|
7,688
|
|
|
|
7,755
|
|
|
|
7,950
|
|
|
|
7,740
|
|
Securities available
for sale
|
|
|
657,887
|
|
|
|
1,116,264
|
|
|
|
1,044,538
|
|
|
|
871,964
|
|
|
|
734,435
|
|
Securities held to
maturity
|
|
|
429,918
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other interest-earning
assets
|
|
|
62,945
|
|
|
|
9,751
|
|
|
|
30,383
|
|
|
|
64,407
|
|
|
|
106,279
|
|
Total earning assets
(before allowance)
|
|
|
2,191,606
|
|
|
|
2,194,847
|
|
|
|
2,109,511
|
|
|
|
1,953,843
|
|
|
|
1,901,845
|
|
Total assets
|
|
|
2,376,778
|
|
|
|
2,366,682
|
|
|
|
2,277,180
|
|
|
|
2,120,931
|
|
|
|
2,070,103
|
|
Noninterest-bearing
deposits
|
|
|
565,657
|
|
|
|
560,931
|
|
|
|
543,165
|
|
|
|
527,964
|
|
|
|
515,552
|
|
Interest-bearing
deposits
|
|
|
1,579,944
|
|
|
|
1,491,363
|
|
|
|
1,468,985
|
|
|
|
1,352,771
|
|
|
|
1,324,412
|
|
Total
deposits
|
|
|
2,145,601
|
|
|
|
2,052,294
|
|
|
|
2,012,150
|
|
|
|
1,880,735
|
|
|
|
1,839,964
|
|
Total subordinated
debt
|
|
|
35,078
|
|
|
|
35,017
|
|
|
|
34,956
|
|
|
|
3,140
|
|
|
|
3,115
|
|
Total borrowed
funds
|
|
|
-
|
|
|
|
50,000
|
|
|
|
-
|
|
|
|
2,642
|
|
|
|
3,484
|
|
Total interest-bearing
liabilities
|
|
|
1,615,022
|
|
|
|
1,576,380
|
|
|
|
1,503,941
|
|
|
|
1,358,553
|
|
|
|
1,331,011
|
|
Shareholders'
equity
|
|
|
191,118
|
|
|
|
221,669
|
|
|
|
225,055
|
|
|
|
228,521
|
|
|
|
218,639
|
|
|
Average
Balances
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
1,037,646
|
|
|
$
|
1,019,966
|
|
|
$
|
1,021,326
|
|
|
$
|
1,041,118
|
|
|
$
|
1,080,181
|
|
Securities
|
|
|
1,130,681
|
|
|
|
1,079,616
|
|
|
|
922,653
|
|
|
|
824,753
|
|
|
|
639,803
|
|
Other interest-earning
assets
|
|
|
36,460
|
|
|
|
29,999
|
|
|
|
106,831
|
|
|
|
57,782
|
|
|
|
84,822
|
|
Total earning assets
(before allowance)
|
|
|
2,204,787
|
|
|
|
2,129,581
|
|
|
|
2,050,810
|
|
|
|
1,923,653
|
|
|
|
1,804,806
|
|
Total assets
|
|
|
2,375,864
|
|
|
|
2,298,579
|
|
|
|
2,234,228
|
|
|
|
2,091,900
|
|
|
|
1,989,760
|
|
Noninterest-bearing
deposits
|
|
|
553,267
|
|
|
|
556,214
|
|
|
|
545,251
|
|
|
|
533,877
|
|
|
|
479,649
|
|
Interest-bearing
deposits
|
|
|
1,548,685
|
|
|
|
1,472,022
|
|
|
|
1,441,831
|
|
|
|
1,327,836
|
|
|
|
1,266,356
|
|
Total
deposits
|
|
|
2,101,952
|
|
|
|
2,028,236
|
|
|
|
1,987,082
|
|
|
|
1,861,713
|
|
|
|
1,746,005
|
|
Total subordinated
debt
|
|
|
35,342
|
|
|
|
35,674
|
|
|
|
9,154
|
|
|
|
3,123
|
|
|
|
3,099
|
|
Total borrowed
funds
|
|
|
10,239
|
|
|
|
8,010
|
|
|
|
2,667
|
|
|
|
2,758
|
|
|
|
8,462
|
|
Total interest-bearing
liabilities
|
|
|
1,594,266
|
|
|
|
1,515,706
|
|
|
|
1,453,652
|
|
|
|
1,333,717
|
|
|
|
1,277,917
|
|
Shareholders'
equity
|
|
|
206,280
|
|
|
|
221,076
|
|
|
|
229,369
|
|
|
|
224,993
|
|
|
|
224,257
|
|
|
Performance
Ratios
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.93
|
%
|
|
|
0.87
|
%
|
|
|
1.03
|
%
|
|
|
0.96
|
%
|
|
|
1.25
|
%
|
Return on average
equity
|
|
|
10.72
|
%
|
|
|
9.07
|
%
|
|
|
10.03
|
%
|
|
|
8.97
|
%
|
|
|
11.13
|
%
|
Return on average
tangible common equity
|
|
|
14.85
|
%
|
|
|
12.16
|
%
|
|
|
13.28
|
%
|
|
|
11.89
|
%
|
|
|
16.31
|
%
|
Net interest margin
(fully tax-equivalent)
|
|
|
3.04
|
%
|
|
|
3.04
|
%
|
|
|
3.06
|
%
|
|
|
3.02
|
%
|
|
|
3.23
|
%
|
Efficiency
ratio
|
|
|
64.37
|
%
|
|
|
66.15
|
%
|
|
|
63.16
|
%
|
|
|
64.70
|
%
|
|
|
61.20
|
%
|
Full-time equivalent
employees
|
|
|
376
|
|
|
|
374
|
|
|
|
358
|
|
|
|
362
|
|
|
|
355
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/choiceone-financial-reports-first-quarter-2022-results-301535704.html
SOURCE ChoiceOne Financial Services, Inc.