SPARTA,
Mich., July 27, 2022 /PRNewswire/ -- ChoiceOne
Financial Services, Inc. ("ChoiceOne", NASDAQ:COFS), the parent
company for ChoiceOne Bank, reported financial results for the
quarter ended June 30, 2022.
Financial Highlights
- ChoiceOne reported net income of $5,615,000 and $11,143,000 for the three and six months ended
June 30, 2022, compared to
$5,043,000 and $11,281,000 for the same periods in 2021.
- Diluted earnings per share were $0.75 and $1.49 in
the three and six months ended June 30,
2022, compared to $0.65 and
$1.45 per share in the same periods
in the prior year.
- Core loans, which exclude Paycheck Protection Program ("PPP")
loans, held for sale loans, and loans to other financial
institutions, grew organically by $60.7
million or 23.8% on an annualized basis during the second
quarter of 2022 and $184.9 million or
20.7% since the end of the second quarter in 2021.
- Total deposits grew $257.8
million or 13.7% from June 30,
2021 to June 30, 2022, while
interest expense has only increased 3.5% for the first six months
of 2022 as compared to the same period in 2021.
- ChoiceOne announces it is in process of opening a loan
production office in Oakland County,
MI. It is intended that this location will host both
commercial and mortgage lenders.
"ChoiceOne continues to see strong organic core loan
growth, as core loans grew organically by $60.7 million or 23.8% on an annualized
basis in the second quarter of 2022 and $184.9 million or 20.7% since the end
of the second quarter in 2021," said Kelly
Potes, Chief Executive Officer. "We have invested in
both talent and technology, and our pipeline continues to be strong
with customers that value our expertise and experience over
rates. We have funded this increase in core loans using on
balance sheet liquidity. The value of our bank is not in the
rates offered, but in the relationships and trust we have built
over time with both clients and employees. This serves
us well as we navigate a new interest rate environment. "
Total assets as of June 30, 2022,
declined $16.6 million as
compared to March 31, 2022, and
increased $239.3 million compared
to June 30, 2021. Deposits in the second quarter
were relatively flat primarily due to the seasonality of
ChoiceOne's municipal clients and some modest deposit runoff as
ChoiceOne has held deposit rates through the rapidly rising
rate environment. Despite the 13.7% growth in deposits since
June 30, 2021, ChoiceOne has been
able to maintain relatively low deposit costs, with an increase in
interest expense of only 3.5% for the first six months of 2022
compared to the first six months of 2021. Interest expense
has increased primarily due to the issuance of $32.5 million in subordinated debt that was
completed in the third quarter of 2021. Core loans grew
organically by $60.7 million during the second quarter
of 2022, driven by commercial loan growth of $42.0 million and retail home loan growth of
$16.5 million. ChoiceOne recently
launched a new five-year adjustable-rate mortgage product targeting
high quality borrowers in our market area. This loan product
is expected to bolster our retail loan portfolio for the remainder
of 2022, as the market demand for this product has
increased. Loans to other financial institutions
increased by $37.4 million during the
second quarter of 2022. Loans to other financial institutions is
comprised of a warehouse line of credit to facilitate
mortgage loan originations and rates fluctuate with the national
mortgage market. During the three months ended
June 30, 2022, $6.7 million of PPP loans were forgiven resulting
in $283,000 of fee income.
$1.8 million in PPP
loans and $68,000 in deferred
PPP fee income remains outstanding as of June 30, 2022. Management expects the
remaining PPP loans to be forgiven by the end of
2022. Interest income increased $4.1 million in the first half of 2022
compared to the first half of 2021. Driving this
increase was an increase of $3.5
million in securities interest income in the first half
of 2022 compared to the first half of 2021 due to a higher
average balance. The $574,000
increase in loan interest income was primarily a result of higher
loan balances and $1.2 million of
accretion income from acquired loans partially offset by a decrease
in PPP fee income.
ChoiceOne had no provision for loan losses expense for the six
months ended June 30, 2022, as
management has seen declining deferrals and very few past
due loans. At June 30, 2022,
the allowance for loan losses represented 0.69% of total
loans. The remaining credit mark on acquired loans from the
mergers with County Bank Corp. and Community Shores Bank
Corporation totaled $3.1 million
as of June 30, 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 0.97% of total loans excluding loans held for sale on
June 30, 2022.
Shareholders' equity totaled $166.5 million as of June 30, 2022, down from $228.5 million as of June
30, 2021, primarily due to an increase in the after-tax
net unrealized loss on securities available for sale resulting from
higher market interest rates. ChoiceOne Bank remains
"well-capitalized" with a total risk-based capital ratio of
12.7% as of June 30, 2022,
compared to 13.7% at June 30,
2021. No shares of common stock were repurchased during
the second quarter of 2022; however, ChoiceOne may strategically
repurchase shares of common stock in the future depending on market
and other conditions.
Total noninterest income declined $3.1
million in the first half of 2022 compared to the
first half of 2021. Total noninterest income
in 2021 was bolstered by heightened levels of refinancing
activity within ChoiceOne's mortgage portfolio, with gains on
sales of loans $2.2 million larger than in the first six
months of 2022. Customer service charges
increased $488,000 in the first half of 2022 compared to
the first half of 2021 as prior year service charges were depressed
by the effects of the COVID 19 pandemic. The market
value of equity securities declined during the first half of 2022
compared to the first half of 2021 consistent with general
market conditions. Equity investments include local community
bank stocks and Community Reinvestment Act bond mutual
funds. During the second quarter, ChoiceOne liquidated
$31.5 million in securities resulting
in a $427,000 realized loss, in order to redeploy
the funds into higher yielding loans and reduce the risk of
extension on certain fixed income securities which include a call
option.
Total noninterest expense increased $1.2
million in the first half of 2022 compared to the first
half of 2021. The increase is related to an
increase in salaries and wages due to new commercial loan
production and wealth management staff. This investment in
people will increase expenses short term but is expected to
drive long term value to ChoiceOne through the building of new
relationships. Other expenses have also increased in the
first half of 2022 compared to the same period in the
prior year due to an increase to our FDIC insurance related
expenses and other expenses. ChoiceOne continues to monitor
expenses and looks to improve our efficiency through automation and
use of digital tools.
Potes further commented, "I am happy to announce that we will be
expanding into Oakland County with
a loan production office. It is intended that this office
will house both commercial and mortgage lenders and will help us
continue to build quality customer relationships in a growing
market."
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)
|
|
6/30/2022
|
|
|
3/31/2022
|
|
|
6/30/2021
|
|
Cash and Cash
Equivalents
|
|
$
|
40,296
|
|
|
$
|
89,976
|
|
|
$
|
95,318
|
|
Securities Available
for Sale
|
|
|
582,987
|
|
|
|
657,887
|
|
|
|
871,964
|
|
Securities Held to
Maturity
|
|
|
429,675
|
|
|
|
429,918
|
|
|
|
-
|
|
Loans Held For
Sale
|
|
|
10,628
|
|
|
|
13,450
|
|
|
|
12,884
|
|
Loans to Other
Financial Institutions
|
|
|
37,422
|
|
|
|
-
|
|
|
|
-
|
|
Loans, Net of Allowance
For Loan Losses
|
|
|
1,073,973
|
|
|
|
1,019,805
|
|
|
|
996,637
|
|
Premises and
Equipment
|
|
|
29,122
|
|
|
|
29,678
|
|
|
|
29,615
|
|
Cash Surrender Value of
Life Insurance Policies
|
|
|
43,774
|
|
|
|
43,520
|
|
|
|
33,128
|
|
Goodwill
|
|
|
59,946
|
|
|
|
59,946
|
|
|
|
59,946
|
|
Core Deposit
Intangible
|
|
|
3,358
|
|
|
|
3,660
|
|
|
|
4,610
|
|
Other Assets
|
|
|
49,024
|
|
|
|
28,938
|
|
|
|
16,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
2,360,205
|
|
|
$
|
2,376,778
|
|
|
$
|
2,120,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
Deposits
|
|
$
|
578,927
|
|
|
$
|
565,657
|
|
|
$
|
527,964
|
|
Interest-bearing
Deposits
|
|
|
1,559,577
|
|
|
|
1,579,944
|
|
|
|
1,352,771
|
|
Borrowings
|
|
|
7,000
|
|
|
|
-
|
|
|
|
2,642
|
|
Subordinated
Debt
|
|
|
35,140
|
|
|
|
35,078
|
|
|
|
3,140
|
|
Other
Liabilities
|
|
|
13,101
|
|
|
|
4,981
|
|
|
|
5,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
2,193,745
|
|
|
|
2,185,660
|
|
|
|
1,892,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock and
paid-in capital, no par value; shares authorized: 12,000,000;
shares outstanding: 7,503,072 at June 30, 2022, 7,489,812 at March
31, 2022, and 7,692,537 at June 30, 2021.
|
|
|
171,804
|
|
|
|
171,492
|
|
|
|
176,323
|
|
Retained
earnings
|
|
|
59,728
|
|
|
|
55,988
|
|
|
|
45,352
|
|
Accumulated other
comprehensive income (loss), net
|
|
|
(65,072)
|
|
|
|
(36,362)
|
|
|
|
6,846
|
|
Shareholders'
Equity
|
|
|
166,460
|
|
|
|
191,118
|
|
|
|
228,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
|
$
|
2,360,205
|
|
|
$
|
2,376,778
|
|
|
$
|
2,120,932
|
|
Condensed Statements
of Income
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
(In Thousands, Except
Per Share Data)
|
|
6/30/2022
|
|
|
6/30/2021
|
|
|
6/30/2022
|
|
|
6/30/2021
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
|
12,523
|
|
|
$
|
11,565
|
|
|
$
|
24,821
|
|
|
$
|
24,247
|
|
Securities and
other
|
|
|
5,143
|
|
|
|
3,854
|
|
|
|
10,319
|
|
|
|
6,827
|
|
Total Interest
Income
|
|
|
17,666
|
|
|
|
15,419
|
|
|
|
35,140
|
|
|
|
31,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
996
|
|
|
|
839
|
|
|
|
1,779
|
|
|
|
1,719
|
|
Borrowings
|
|
|
381
|
|
|
|
72
|
|
|
|
751
|
|
|
|
159
|
|
Total Interest
Expense
|
|
|
1,377
|
|
|
|
911
|
|
|
|
2,530
|
|
|
|
1,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income
|
|
|
16,289
|
|
|
|
14,508
|
|
|
|
32,610
|
|
|
|
29,196
|
|
Provision for Loan
Losses
|
|
|
-
|
|
|
|
166
|
|
|
|
-
|
|
|
|
416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
After Provision for Loan Losses
|
|
|
16,289
|
|
|
|
14,342
|
|
|
|
32,610
|
|
|
|
28,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service
charges
|
|
|
2,353
|
|
|
|
2,134
|
|
|
|
4,542
|
|
|
|
4,054
|
|
Insurance and
investment commissions
|
|
|
233
|
|
|
|
198
|
|
|
|
438
|
|
|
|
471
|
|
Gains on sales of
loans
|
|
|
887
|
|
|
|
1,771
|
|
|
|
1,691
|
|
|
|
3,917
|
|
Gains (losses) on sales
of securities
|
|
|
(427)
|
|
|
|
2
|
|
|
|
(427)
|
|
|
|
3
|
|
Gains on sales of other
assets
|
|
|
1
|
|
|
|
(4)
|
|
|
|
172
|
|
|
|
1
|
|
Trust income
|
|
|
176
|
|
|
|
253
|
|
|
|
354
|
|
|
|
425
|
|
Earnings on life
insurance policies
|
|
|
254
|
|
|
|
191
|
|
|
|
534
|
|
|
|
377
|
|
Change in market value
of equity securities
|
|
|
(327)
|
|
|
|
(119)
|
|
|
|
(683)
|
|
|
|
489
|
|
Other income
|
|
|
280
|
|
|
|
306
|
|
|
|
655
|
|
|
|
595
|
|
Total Noninterest
Income
|
|
|
3,430
|
|
|
|
4,732
|
|
|
|
7,276
|
|
|
|
10,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits
|
|
|
7,537
|
|
|
|
6,999
|
|
|
|
15,143
|
|
|
|
14,167
|
|
Occupancy and
equipment
|
|
|
1,518
|
|
|
|
1,498
|
|
|
|
3,143
|
|
|
|
3,053
|
|
Data
processing
|
|
|
1,578
|
|
|
|
1,673
|
|
|
|
3,322
|
|
|
|
3,102
|
|
Professional
fees
|
|
|
559
|
|
|
|
943
|
|
|
|
1,069
|
|
|
|
1,672
|
|
Core deposit intangible
amortization
|
|
|
322
|
|
|
|
352
|
|
|
|
604
|
|
|
|
659
|
|
Other
expenses
|
|
|
1,643
|
|
|
|
1,664
|
|
|
|
3,566
|
|
|
|
3,004
|
|
Total Noninterest
Expense
|
|
|
13,157
|
|
|
|
13,129
|
|
|
|
26,847
|
|
|
|
25,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Tax
|
|
|
6,562
|
|
|
|
5,945
|
|
|
|
13,039
|
|
|
|
13,455
|
|
Income Tax
Expense
|
|
|
947
|
|
|
|
902
|
|
|
|
1,896
|
|
|
|
2,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
5,615
|
|
|
$
|
5,043
|
|
|
$
|
11,143
|
|
|
$
|
11,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Share
|
|
$
|
0.75
|
|
|
$
|
0.65
|
|
|
$
|
1.49
|
|
|
$
|
1.45
|
|
Diluted Earnings Per
Share
|
|
$
|
0.75
|
|
|
$
|
0.65
|
|
|
$
|
1.49
|
|
|
$
|
1.45
|
|
Other Selected
Financial Highlights
(Unaudited)
|
|
|
|
Quarterly
|
|
Earnings
|
|
2022 2nd
Qtr.
|
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
(in thousands except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
16,289
|
|
|
$
|
16,321
|
|
|
$
|
15,745
|
|
|
$
|
15,700
|
|
|
$
|
14,508
|
|
Provision for loan
losses
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
166
|
|
Noninterest
income
|
|
|
3,430
|
|
|
|
3,845
|
|
|
|
4,144
|
|
|
|
4,718
|
|
|
|
4,732
|
|
Noninterest
expense
|
|
|
13,157
|
|
|
|
13,690
|
|
|
|
13,758
|
|
|
|
13,506
|
|
|
|
13,129
|
|
Net income before
federal income tax expense
|
|
|
6,562
|
|
|
|
6,476
|
|
|
|
6,131
|
|
|
|
6,912
|
|
|
|
5,945
|
|
Income tax
expense
|
|
|
947
|
|
|
|
948
|
|
|
|
1,119
|
|
|
|
1,163
|
|
|
|
902
|
|
Net income
|
|
|
5,615
|
|
|
|
5,528
|
|
|
|
5,012
|
|
|
|
5,749
|
|
|
|
5,043
|
|
Basic earnings per
share
|
|
|
0.75
|
|
|
|
0.74
|
|
|
|
0.67
|
|
|
|
0.75
|
|
|
|
0.65
|
|
Diluted earnings per
share
|
|
|
0.75
|
|
|
|
0.74
|
|
|
|
0.66
|
|
|
|
0.75
|
|
|
|
0.65
|
|
End of period
balances
|
|
2022 2nd
Qtr.
|
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans
|
|
$
|
1,129,439
|
|
|
$
|
1,040,856
|
|
|
$
|
1,068,832
|
|
|
$
|
1,034,590
|
|
|
$
|
1,017,472
|
|
Loans held for sale
(1)
|
|
|
10,628
|
|
|
|
13,450
|
|
|
|
9,351
|
|
|
|
7,505
|
|
|
|
12,884
|
|
Loans to other
financial institutions (2)
|
|
|
37,422
|
|
|
|
-
|
|
|
|
42,632
|
|
|
|
38,728
|
|
|
|
-
|
|
PPP loans
(3)
|
|
|
1,758
|
|
|
|
8,476
|
|
|
|
33,129
|
|
|
|
61,192
|
|
|
|
109,898
|
|
Core loans (gross loans
excluding 1, 2, and 3 above)
|
|
|
1,079,631
|
|
|
|
1,018,930
|
|
|
|
983,720
|
|
|
|
927,165
|
|
|
|
894,690
|
|
Allowance for loan
losses
|
|
|
7,416
|
|
|
|
7,601
|
|
|
|
7,688
|
|
|
|
7,755
|
|
|
|
7,950
|
|
Securities available
for sale
|
|
|
582,987
|
|
|
|
657,887
|
|
|
|
1,116,264
|
|
|
|
1,044,538
|
|
|
|
871,964
|
|
Securities held to
maturity
|
|
|
429,675
|
|
|
|
429,918
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other interest-earning
assets
|
|
|
9,532
|
|
|
|
62,945
|
|
|
|
9,751
|
|
|
|
30,383
|
|
|
|
64,407
|
|
Total earning assets
(before allowance)
|
|
|
2,151,633
|
|
|
|
2,191,606
|
|
|
|
2,194,847
|
|
|
|
2,109,511
|
|
|
|
1,953,843
|
|
Total assets
|
|
|
2,360,205
|
|
|
|
2,376,778
|
|
|
|
2,366,682
|
|
|
|
2,277,180
|
|
|
|
2,120,931
|
|
Noninterest-bearing
deposits
|
|
|
578,927
|
|
|
|
565,657
|
|
|
|
560,931
|
|
|
|
543,165
|
|
|
|
527,964
|
|
Interest-bearing
deposits
|
|
|
1,559,577
|
|
|
|
1,579,944
|
|
|
|
1,491,363
|
|
|
|
1,468,985
|
|
|
|
1,352,771
|
|
Total
deposits
|
|
|
2,138,504
|
|
|
|
2,145,601
|
|
|
|
2,052,294
|
|
|
|
2,012,150
|
|
|
|
1,880,735
|
|
Total subordinated
debt
|
|
|
35,140
|
|
|
|
35,078
|
|
|
|
35,017
|
|
|
|
34,956
|
|
|
|
3,140
|
|
Total borrowed
funds
|
|
|
7,000
|
|
|
|
-
|
|
|
|
50,000
|
|
|
|
-
|
|
|
|
2,642
|
|
Total interest-bearing
liabilities
|
|
|
1,601,717
|
|
|
|
1,615,022
|
|
|
|
1,576,380
|
|
|
|
1,503,941
|
|
|
|
1,358,553
|
|
Shareholders'
equity
|
|
|
166,460
|
|
|
|
191,118
|
|
|
|
221,669
|
|
|
|
225,055
|
|
|
|
228,521
|
|
Average
Balances
|
|
2022 2nd
Qtr.
|
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
1,076,934
|
|
|
$
|
1,037,646
|
|
|
$
|
1,019,966
|
|
|
$
|
1,021,326
|
|
|
$
|
1,041,118
|
|
Securities
|
|
|
1,098,419
|
|
|
|
1,130,681
|
|
|
|
1,079,616
|
|
|
|
922,653
|
|
|
|
824,753
|
|
Other interest-earning
assets
|
|
|
40,728
|
|
|
|
36,460
|
|
|
|
29,999
|
|
|
|
106,831
|
|
|
|
57,782
|
|
Total earning assets
(before allowance)
|
|
|
2,216,081
|
|
|
|
2,204,787
|
|
|
|
2,129,581
|
|
|
|
2,050,810
|
|
|
|
1,923,653
|
|
Total assets
|
|
|
2,361,479
|
|
|
|
2,375,864
|
|
|
|
2,298,579
|
|
|
|
2,234,228
|
|
|
|
2,091,900
|
|
Noninterest-bearing
deposits
|
|
|
578,943
|
|
|
|
553,267
|
|
|
|
556,214
|
|
|
|
545,251
|
|
|
|
529,359
|
|
Interest-bearing
deposits
|
|
|
1,555,721
|
|
|
|
1,548,685
|
|
|
|
1,472,022
|
|
|
|
1,441,831
|
|
|
|
1,327,836
|
|
Total
deposits
|
|
|
2,134,664
|
|
|
|
2,101,952
|
|
|
|
2,028,236
|
|
|
|
1,987,082
|
|
|
|
1,861,713
|
|
Total subordinated
debt
|
|
|
35,095
|
|
|
|
35,342
|
|
|
|
35,674
|
|
|
|
9,154
|
|
|
|
3,123
|
|
Total borrowed
funds
|
|
|
5,765
|
|
|
|
10,239
|
|
|
|
8,010
|
|
|
|
2,667
|
|
|
|
2,758
|
|
Total interest-bearing
liabilities
|
|
|
1,596,581
|
|
|
|
1,594,266
|
|
|
|
1,515,706
|
|
|
|
1,453,652
|
|
|
|
1,333,717
|
|
Shareholders'
equity
|
|
|
177,085
|
|
|
|
206,280
|
|
|
|
221,076
|
|
|
|
229,369
|
|
|
|
224,993
|
|
Performance
Ratios
|
|
2022 2nd
Qtr.
|
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.95
|
%
|
|
|
0.93
|
%
|
|
|
0.87
|
%
|
|
|
1.03
|
%
|
|
|
0.96
|
%
|
Return on average
equity
|
|
|
12.68
|
%
|
|
|
10.72
|
%
|
|
|
9.07
|
%
|
|
|
10.03
|
%
|
|
|
8.97
|
%
|
Return on average
tangible common equity
|
|
|
18.87
|
%
|
|
|
14.85
|
%
|
|
|
12.16
|
%
|
|
|
13.28
|
%
|
|
|
11.89
|
%
|
Net interest margin
(fully tax-equivalent)
|
|
|
3.02
|
%
|
|
|
3.04
|
%
|
|
|
3.04
|
%
|
|
|
3.06
|
%
|
|
|
3.02
|
%
|
Efficiency
ratio
|
|
|
61.43
|
%
|
|
|
64.37
|
%
|
|
|
66.15
|
%
|
|
|
63.16
|
%
|
|
|
64.70
|
%
|
Full-time equivalent
employees
|
|
|
380
|
|
|
|
376
|
|
|
|
374
|
|
|
|
358
|
|
|
|
362
|
|
Capital Ratios
ChoiceOne Financial Services Inc.
|
|
2022 2nd
Qtr.
|
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital (to risk
weighted assets)
|
|
|
13.8
|
%
|
|
|
14.6
|
%
|
|
|
14.4
|
%
|
|
|
15.4
|
%
|
|
|
14.0
|
%
|
Common equity Tier 1
capital (to risk weighted assets)
|
|
|
11.0
|
%
|
|
|
11.5
|
%
|
|
|
11.3
|
%
|
|
|
12.0
|
%
|
|
|
12.9
|
%
|
Tier 1 capital (to risk
weighted assets)
|
|
|
11.3
|
%
|
|
|
11.9
|
%
|
|
|
11.6
|
%
|
|
|
12.3
|
%
|
|
|
13.3
|
%
|
Tier 1 capital (to
average assets)
|
|
|
7.5
|
%
|
|
|
7.3
|
%
|
|
|
7.4
|
%
|
|
|
7.5
|
%
|
|
|
8.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
ChoiceOne Bank
|
|
2022 2nd
Qtr.
|
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital (to risk
weighted assets)
|
|
|
12.7
|
%
|
|
|
13.3
|
%
|
|
|
12.9
|
%
|
|
|
13.4
|
%
|
|
|
13.7
|
%
|
Common equity Tier 1
capital (to risk weighted assets)
|
|
|
12.2
|
%
|
|
|
12.8
|
%
|
|
|
12.3
|
%
|
|
|
12.8
|
%
|
|
|
13.1
|
%
|
Tier 1 capital (to risk
weighted assets)
|
|
|
12.2
|
%
|
|
|
12.8
|
%
|
|
|
12.3
|
%
|
|
|
12.8
|
%
|
|
|
13.1
|
%
|
Tier 1 capital (to
average assets)
|
|
|
8.1
|
%
|
|
|
7.9
|
%
|
|
|
7.8
|
%
|
|
|
7.8
|
%
|
|
|
7.8
|
%
|
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SOURCE ChoiceOne Financial Services, Inc.