SPARTA,
Mich., Oct. 26, 2022 /PRNewswire/ -- ChoiceOne
Financial Services, Inc. ("ChoiceOne", NASDAQ:COFS), the parent
company for ChoiceOne Bank, reported financial results for the
quarter ended September 30, 2022.
Financial Highlights
- ChoiceOne reported net income of $5,813,000 and $16,956,000 for the three and nine months ended
September 30, 2022, compared to
$5,749,000 and $17,029,000 for the same periods in 2021.
- Diluted earnings per share were $0.77 and $2.26 in
the three and nine months ended September
30, 2022, compared to $0.75
and $2.20 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 $52.8
million or 19.6% on an annualized basis during the third
quarter of 2022 and $205.2 million or
22.1% since the end of the third quarter in 2021.
- ChoiceOne continues to grow deposits, which grew $18.2 million or 3.4% on an annualized basis in
the third quarter of 2022 and $144.5
million or 7.2% since the end of the third quarter in 2021.
Deposit expense has increased $786,000 for the first nine months of 2022 as
compared to the same period in 2021.
- ChoiceOne plans for a fourth quarter 2022 opening of its
Oakland County, Michigan loan
production office. It is intended that this location will host both
commercial and mortgage lenders.
- ChoiceOne will be launching an enhanced treasury services
online platform for business clients in 2023. This new platform
includes enhanced reporting, security, and payment
capabilities.
"ChoiceOne continues to see strong organic core loan
growth, as core loans grew organically by $52.8 million or 19.6% on an annualized basis
during the third quarter of 2022 and $205.2 million or 22.1% since the end
of the third quarter in 2021," said Kelly
Potes, Chief Executive Officer. "We have funded this
increase in core loans using on balance sheet liquidity, deployed
excess funds into higher earning assets, and increased
earnings from our core business. Our investment in customer
relationships is our greatest asset in this uncertain economic
environment."
Total assets as of September 30,
2022, increased $3.3 million as compared to June 30, 2022, and increased $86.3 million compared to September 30,
2021. Deposits in the third quarter 2022 showed modest
growth of 3.4%, which is attributed to organic growth of new
relationships and some seasonal fluctuations in our municipal
clients. Despite the rapidly rising rate environment
resulting from the federal funds rate increases, deposit costs have
only increased 12 basis points since the third quarter of
2021, as ChoiceOne is actively managing these costs and intends to
continue to lag the expected additional increases in the federal
funds rate. Total interest expense for the nine months
ended September 30, 2022, has
increased $1.6 million as compared to
the same period in 2021 primarily due to the issuance of
$32.5 million in subordinated debt
that was completed in the third quarter of 2021. In addition
to a focus on managing interest rate expense, ChoiceOne's
derivative strategy implemented during the second quarter of 2022,
better positions the bank should rates continue to rise. The
net impact on equity of the derivative strategy as of
September 30, 2022 was $4.8 million net of tax.
Core loans grew organically by $52.8 million during the third quarter of
2022, driven by commercial loan growth of $33.8 million and retail home loan
growth of $19.0 million.
The majority of growth in retail home loans are five-year
adjustable-rate mortgage loans targeting high quality borrowers in
our market area. This loan product has helped ChoiceOne stay
competitive in a challenging mortgage market. Loans to other
financial institutions, which is a warehouse line of credit,
declined to $70,000, and management
chose to suspend the program at the end of the third quarter.
ChoiceOne has ample on balance sheet liquidity to fund future loan
growth, including $183.1 million of cash flow from
securities over the next two years. During the
three months ended September 30,
2022, the remaining $1.8
million of PPP loans were forgiven resulting in $68,000 of fee income. All PPP loans
were fully forgiven, and the associated fee income has been
recognized at September 30,
2022. Interest income increased $6.6 million in the nine months ended
September 30, 2022, compared to the
same period in the prior year. The increase was driven by
a $4.8 million increase in securities interest
income as the average balance of securities at September 30, 2022 has increased $306.1 million from September 30, 2021. $1.8 million of the increase in interest
income is from loan interest income and was primarily a result
of higher loan balances and $1.7 million of accretion income from
acquired loans partially offset by a decrease in PPP fee
income.
ChoiceOne had $100,000
of provision for loan losses expense for the nine months ended
September 30, 2022.
Management has seen declining deferrals and very few past
due loans; however, the additional provision was deemed necessary
due to consistent loan growth. On September 30,
2022, the allowance for loan losses represented 0.66% of total
loans. The remaining credit mark on acquired loans from the
mergers with County Bank Corp. and Community Shores Bank
Corporation totaled $1.8 million as
of September 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 0.82% of total loans excluding loans held for sale on
September 30, 2022.
Shareholders' equity totaled $156.7 million as of September 30, 2022, down from $225.1 million as of September 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 12.8% as of September
30, 2022, compared to 13.4% at September 30, 2021. No shares of
common stock were repurchased during the third 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 $4.7
million in the first nine months of 2022 compared
to the first nine months 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 $3.6 million larger than in
the first nine months of 2022. Customer service charges
increased $691,000 in the first nine months of 2022
compared to the first nine months of 2021 as prior year service
charges were depressed by the effects of the COVID-19
pandemic. The market value of equity securities declined
$1.5 million during the first nine
months of 2022 compared to the first nine months of 2021
consistent with general market conditions. Equity investments
include local community bank stocks and Community Reinvestment
Act bond mutual funds. During the first nine months of
2022, ChoiceOne has liquidated a total of $47.2 million in securities resulting in
an $805,000 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 $1.1 million in the first nine months of
2022 compared to the first nine months of 2021. The
increase is related to an increase in salaries and wages due
to annual wage increases and the addition of new commercial loan
production and wealth management staff. This investment
in people will increase expenses in the 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 nine months of 2022 compared to the same period in
the prior year due to an increase to our FDIC insurance related
expenses, business travel expenses which were still being affected
by the pandemic last year, and other expenses. ChoiceOne
continues to monitor expenses and looks to improve our efficiency
through automation and use of digital tools.
Potes further commented, "We are looking forward to offering
enhanced treasury capabilities with our upgraded platform in 2023
and the upcoming opening of our Oakland
County loan production office. I believe that
continuing to invest in our technology and people is the right way
to maintain sustainable growth as we continue to build quality
customer relationships."
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", "will" 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)
|
|
9/30/2022
|
|
|
6/30/2022
|
|
|
9/30/2021
|
|
Cash and Cash
Equivalents
|
|
$
|
51,494
|
|
|
$
|
40,296
|
|
|
$
|
59,780
|
|
Securities Available
for Sale
|
|
|
546,627
|
|
|
|
582,987
|
|
|
|
1,044,538
|
|
Securities Held to
Maturity
|
|
|
428,205
|
|
|
|
429,675
|
|
|
|
-
|
|
Loans Held For
Sale
|
|
|
8,848
|
|
|
|
10,628
|
|
|
|
7,505
|
|
Loans to Other
Financial Institutions
|
|
|
70
|
|
|
|
37,422
|
|
|
|
38,728
|
|
Loans, Net of Allowance
For Loan Losses
|
|
|
1,124,944
|
|
|
|
1,073,973
|
|
|
|
980,602
|
|
Premises and
Equipment
|
|
|
28,947
|
|
|
|
29,122
|
|
|
|
30,014
|
|
Cash Surrender Value of
Life Insurance Policies
|
|
|
44,033
|
|
|
|
43,774
|
|
|
|
33,322
|
|
Goodwill
|
|
|
59,946
|
|
|
|
59,946
|
|
|
|
59,946
|
|
Core Deposit
Intangible
|
|
|
3,062
|
|
|
|
3,358
|
|
|
|
4,264
|
|
Other Assets
|
|
|
67,353
|
|
|
|
49,024
|
|
|
|
18,481
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
2,363,529
|
|
|
$
|
2,360,205
|
|
|
$
|
2,277,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
Deposits
|
|
$
|
599,360
|
|
|
$
|
578,927
|
|
|
$
|
543,165
|
|
Interest-bearing
Deposits
|
|
|
1,557,294
|
|
|
|
1,559,577
|
|
|
|
1,468,985
|
|
Borrowings
|
|
|
-
|
|
|
|
7,000
|
|
|
|
-
|
|
Subordinated
Debt
|
|
|
35,201
|
|
|
|
35,140
|
|
|
|
34,956
|
|
Other
Liabilities
|
|
|
15,017
|
|
|
|
13,101
|
|
|
|
5,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
2,206,872
|
|
|
|
2,193,745
|
|
|
|
2,052,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock and
paid-in capital, no par value; shares authorized:
12,000,000; shares outstanding: 7,510,036 at September 30,
2022,
7,503,072 at June 30, 2022, and 7,591,221 at September 30,
2021.
|
|
|
171,975
|
|
|
|
171,804
|
|
|
|
173,888
|
|
Retained
earnings
|
|
|
63,664
|
|
|
|
59,728
|
|
|
|
49,198
|
|
Accumulated other
comprehensive income (loss), net
|
|
|
(78,982)
|
|
|
|
(65,072)
|
|
|
|
1,969
|
|
Shareholders'
Equity
|
|
|
156,657
|
|
|
|
166,460
|
|
|
|
225,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
|
$
|
2,363,529
|
|
|
$
|
2,360,205
|
|
|
$
|
2,277,180
|
|
Condensed Statements
of Income
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
(In Thousands, Except
Per Share Data)
|
|
9/30/2022
|
|
|
9/30/2021
|
|
|
9/30/2022
|
|
|
9/30/2021
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
|
13,611
|
|
|
$
|
12,408
|
|
|
$
|
38,432
|
|
|
$
|
36,655
|
|
Securities and
other
|
|
|
5,674
|
|
|
|
4,318
|
|
|
|
15,993
|
|
|
|
11,145
|
|
Total Interest
Income
|
|
|
19,285
|
|
|
|
16,726
|
|
|
|
54,425
|
|
|
|
47,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
1,563
|
|
|
|
837
|
|
|
|
3,342
|
|
|
|
2,556
|
|
Borrowings
|
|
|
384
|
|
|
|
189
|
|
|
|
1,135
|
|
|
|
348
|
|
Total Interest
Expense
|
|
|
1,947
|
|
|
|
1,026
|
|
|
|
4,477
|
|
|
|
2,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income
|
|
|
17,338
|
|
|
|
15,700
|
|
|
|
49,948
|
|
|
|
44,896
|
|
Provision for Loan
Losses
|
|
|
100
|
|
|
|
-
|
|
|
|
100
|
|
|
|
416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
After Provision for Loan Losses
|
|
|
17,238
|
|
|
|
15,700
|
|
|
|
49,848
|
|
|
|
44,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service
charges
|
|
|
2,458
|
|
|
|
2,255
|
|
|
|
7,000
|
|
|
|
6,309
|
|
Insurance and
investment commissions
|
|
|
158
|
|
|
|
153
|
|
|
|
596
|
|
|
|
624
|
|
Gains on sales of
loans
|
|
|
432
|
|
|
|
1,798
|
|
|
|
2,123
|
|
|
|
5,715
|
|
Gains (losses) on sales
of securities
|
|
|
(378)
|
|
|
|
-
|
|
|
|
(805)
|
|
|
|
3
|
|
Gains on sales of other
assets
|
|
|
-
|
|
|
|
-
|
|
|
|
172
|
|
|
|
-
|
|
Trust income
|
|
|
174
|
|
|
|
187
|
|
|
|
528
|
|
|
|
612
|
|
Earnings on life
insurance policies
|
|
|
259
|
|
|
|
194
|
|
|
|
793
|
|
|
|
570
|
|
Change in market value
of equity securities
|
|
|
(323)
|
|
|
|
(28)
|
|
|
|
(1,006)
|
|
|
|
461
|
|
Other income
|
|
|
267
|
|
|
|
159
|
|
|
|
922
|
|
|
|
756
|
|
Total Noninterest
Income
|
|
|
3,047
|
|
|
|
4,718
|
|
|
|
10,323
|
|
|
|
15,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits
|
|
|
7,668
|
|
|
|
7,552
|
|
|
|
22,811
|
|
|
|
21,719
|
|
Occupancy and
equipment
|
|
|
1,545
|
|
|
|
1,538
|
|
|
|
4,688
|
|
|
|
4,591
|
|
Data
processing
|
|
|
1,734
|
|
|
|
1,471
|
|
|
|
5,056
|
|
|
|
4,573
|
|
Professional
fees
|
|
|
559
|
|
|
|
754
|
|
|
|
1,628
|
|
|
|
2,426
|
|
Core deposit intangible
amortization
|
|
|
297
|
|
|
|
346
|
|
|
|
901
|
|
|
|
1,005
|
|
Other
expenses
|
|
|
1,613
|
|
|
|
1,845
|
|
|
|
5,179
|
|
|
|
4,849
|
|
Total Noninterest
Expense
|
|
|
13,416
|
|
|
|
13,506
|
|
|
|
40,263
|
|
|
|
39,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Tax
|
|
|
6,869
|
|
|
|
6,912
|
|
|
|
19,908
|
|
|
|
20,367
|
|
Income Tax
Expense
|
|
|
1,056
|
|
|
|
1,163
|
|
|
|
2,952
|
|
|
|
3,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
5,813
|
|
|
$
|
5,749
|
|
|
$
|
16,956
|
|
|
$
|
17,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Share
|
|
$
|
0.77
|
|
|
$
|
0.75
|
|
|
$
|
2.26
|
|
|
$
|
2.20
|
|
Diluted Earnings Per
Share
|
|
$
|
0.77
|
|
|
$
|
0.75
|
|
|
$
|
2.26
|
|
|
$
|
2.20
|
|
Other Selected
Financial Highlights
(Unaudited)
|
|
|
|
|
|
Quarterly
|
|
Earnings
|
|
2022 3rd
Qtr.
|
|
|
2022 2nd
Qtr.
|
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
(in thousands except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
17,338
|
|
|
$
|
16,289
|
|
|
$
|
16,321
|
|
|
$
|
15,745
|
|
|
$
|
15,700
|
|
Provision for loan
losses
|
|
|
100
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Noninterest
income
|
|
|
3,047
|
|
|
|
3,430
|
|
|
|
3,845
|
|
|
|
4,144
|
|
|
|
4,718
|
|
Noninterest
expense
|
|
|
13,416
|
|
|
|
13,157
|
|
|
|
13,690
|
|
|
|
13,758
|
|
|
|
13,506
|
|
Net income before
federal income tax expense
|
|
|
6,869
|
|
|
|
6,562
|
|
|
|
6,476
|
|
|
|
6,131
|
|
|
|
6,912
|
|
Income tax
expense
|
|
|
1,056
|
|
|
|
947
|
|
|
|
948
|
|
|
|
1,119
|
|
|
|
1,163
|
|
Net income
|
|
|
5,813
|
|
|
|
5,615
|
|
|
|
5,528
|
|
|
|
5,012
|
|
|
|
5,749
|
|
Basic earnings per
share
|
|
|
0.77
|
|
|
|
0.75
|
|
|
|
0.74
|
|
|
|
0.67
|
|
|
|
0.75
|
|
Diluted earnings per
share
|
|
|
0.77
|
|
|
|
0.75
|
|
|
|
0.74
|
|
|
|
0.66
|
|
|
|
0.75
|
|
End of period
balances
|
|
2022 3rd
Qtr.
|
|
|
2022 2nd
Qtr.
|
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans
|
|
$
|
1,141,319
|
|
|
$
|
1,129,439
|
|
|
$
|
1,040,856
|
|
|
$
|
1,068,832
|
|
|
$
|
1,034,590
|
|
Loans held for sale
(1)
|
|
|
8,848
|
|
|
|
10,628
|
|
|
|
13,450
|
|
|
|
9,351
|
|
|
|
7,505
|
|
Loans to other
financial institutions (2)
|
|
|
70
|
|
|
|
37,422
|
|
|
|
-
|
|
|
|
42,632
|
|
|
|
38,728
|
|
PPP loans
(3)
|
|
|
-
|
|
|
|
1,758
|
|
|
|
8,476
|
|
|
|
33,129
|
|
|
|
61,192
|
|
Core loans (gross loans
excluding 1, 2, and 3 above)
|
|
|
1,132,401
|
|
|
|
1,079,631
|
|
|
|
1,018,930
|
|
|
|
983,720
|
|
|
|
927,165
|
|
Allowance for loan
losses
|
|
|
7,457
|
|
|
|
7,416
|
|
|
|
7,601
|
|
|
|
7,688
|
|
|
|
7,755
|
|
Securities available
for sale
|
|
|
546,627
|
|
|
|
582,987
|
|
|
|
657,887
|
|
|
|
1,116,264
|
|
|
|
1,044,538
|
|
Securities held to
maturity
|
|
|
428,205
|
|
|
|
429,675
|
|
|
|
429,918
|
|
|
|
-
|
|
|
|
-
|
|
Other interest-earning
assets
|
|
|
21,744
|
|
|
|
9,532
|
|
|
|
62,945
|
|
|
|
9,751
|
|
|
|
30,383
|
|
Total earning assets
(before allowance)
|
|
|
2,137,895
|
|
|
|
2,151,633
|
|
|
|
2,191,606
|
|
|
|
2,194,847
|
|
|
|
2,109,511
|
|
Total assets
|
|
|
2,363,529
|
|
|
|
2,360,205
|
|
|
|
2,376,778
|
|
|
|
2,366,682
|
|
|
|
2,277,180
|
|
Noninterest-bearing
deposits
|
|
|
599,360
|
|
|
|
578,927
|
|
|
|
565,657
|
|
|
|
560,931
|
|
|
|
543,165
|
|
Interest-bearing
deposits
|
|
|
1,557,294
|
|
|
|
1,559,577
|
|
|
|
1,579,944
|
|
|
|
1,491,363
|
|
|
|
1,468,985
|
|
Total
deposits
|
|
|
2,156,654
|
|
|
|
2,138,504
|
|
|
|
2,145,601
|
|
|
|
2,052,294
|
|
|
|
2,012,150
|
|
Total subordinated
debt
|
|
|
35,201
|
|
|
|
35,140
|
|
|
|
35,078
|
|
|
|
35,017
|
|
|
|
34,956
|
|
Total borrowed
funds
|
|
|
-
|
|
|
|
7,000
|
|
|
|
-
|
|
|
|
50,000
|
|
|
|
-
|
|
Total interest-bearing
liabilities
|
|
|
1,592,495
|
|
|
|
1,601,717
|
|
|
|
1,615,022
|
|
|
|
1,576,380
|
|
|
|
1,503,941
|
|
Shareholders'
equity
|
|
|
156,657
|
|
|
|
166,460
|
|
|
|
191,118
|
|
|
|
221,669
|
|
|
|
225,055
|
|
Average
Balances
|
|
2022 3rd
Qtr.
|
|
|
2022 2nd
Qtr.
|
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
1,128,679
|
|
|
$
|
1,076,934
|
|
|
$
|
1,037,646
|
|
|
$
|
1,019,966
|
|
|
$
|
1,021,326
|
|
Securities
|
|
|
1,079,584
|
|
|
|
1,098,419
|
|
|
|
1,130,681
|
|
|
|
1,079,616
|
|
|
|
922,653
|
|
Other interest-earning
assets
|
|
|
45,210
|
|
|
|
40,728
|
|
|
|
36,460
|
|
|
|
29,999
|
|
|
|
106,831
|
|
Total earning assets
(before allowance)
|
|
|
2,253,473
|
|
|
|
2,216,081
|
|
|
|
2,204,787
|
|
|
|
2,129,581
|
|
|
|
2,050,810
|
|
Total assets
|
|
|
2,389,550
|
|
|
|
2,361,479
|
|
|
|
2,375,864
|
|
|
|
2,298,579
|
|
|
|
2,234,228
|
|
Noninterest-bearing
deposits
|
|
|
593,793
|
|
|
|
578,943
|
|
|
|
553,267
|
|
|
|
556,214
|
|
|
|
545,251
|
|
Interest-bearing
deposits
|
|
|
1,576,240
|
|
|
|
1,555,721
|
|
|
|
1,548,685
|
|
|
|
1,472,022
|
|
|
|
1,441,831
|
|
Total
deposits
|
|
|
2,170,033
|
|
|
|
2,134,664
|
|
|
|
2,101,952
|
|
|
|
2,028,236
|
|
|
|
1,987,082
|
|
Total subordinated
debt
|
|
|
35,168
|
|
|
|
35,095
|
|
|
|
35,342
|
|
|
|
35,674
|
|
|
|
9,154
|
|
Total borrowed
funds
|
|
|
2,414
|
|
|
|
5,765
|
|
|
|
10,239
|
|
|
|
8,010
|
|
|
|
2,667
|
|
Total interest-bearing
liabilities
|
|
|
1,613,822
|
|
|
|
1,596,581
|
|
|
|
1,594,266
|
|
|
|
1,515,706
|
|
|
|
1,453,652
|
|
Shareholders'
equity
|
|
|
164,758
|
|
|
|
177,085
|
|
|
|
206,280
|
|
|
|
221,076
|
|
|
|
229,369
|
|
Performance
Ratios
|
|
2022 3rd
Qtr.
|
|
|
2022 2nd
Qtr.
|
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.97
|
%
|
|
|
0.95
|
%
|
|
|
0.93
|
%
|
|
|
0.87
|
%
|
|
|
1.03
|
%
|
Return on average
equity
|
|
|
14.11
|
%
|
|
|
12.68
|
%
|
|
|
10.72
|
%
|
|
|
9.07
|
%
|
|
|
10.03
|
%
|
Return on average
tangible common equity
|
|
|
21.96
|
%
|
|
|
18.87
|
%
|
|
|
14.85
|
%
|
|
|
12.16
|
%
|
|
|
13.28
|
%
|
Net interest margin
(fully tax-equivalent)
|
|
|
3.15
|
%
|
|
|
3.02
|
%
|
|
|
3.04
|
%
|
|
|
3.04
|
%
|
|
|
3.06
|
%
|
Efficiency
ratio
|
|
|
61.06
|
%
|
|
|
61.43
|
%
|
|
|
64.37
|
%
|
|
|
66.15
|
%
|
|
|
63.16
|
%
|
Cost of
funds
|
|
|
0.35
|
%
|
|
|
0.25
|
%
|
|
|
0.21
|
%
|
|
|
0.21
|
%
|
|
|
0.21
|
%
|
Cost of
deposits
|
|
|
0.29
|
%
|
|
|
0.19
|
%
|
|
|
0.15
|
%
|
|
|
0.15
|
%
|
|
|
0.17
|
%
|
Full-time equivalent
employees
|
|
|
383
|
|
|
|
380
|
|
|
|
376
|
|
|
|
374
|
|
|
|
358
|
|
Capital Ratios
ChoiceOne Financial Services Inc.
|
|
2022 3rd
Qtr.
|
|
|
2022 2nd
Qtr.
|
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital (to risk
weighted assets)
|
|
|
13.7
|
%
|
|
|
13.8
|
%
|
|
|
14.6
|
%
|
|
|
14.4
|
%
|
|
|
15.4
|
%
|
Common equity Tier 1
capital (to risk weighted
assets)
|
|
|
10.9
|
%
|
|
|
11.0
|
%
|
|
|
11.5
|
%
|
|
|
11.3
|
%
|
|
|
12.0
|
%
|
Tier 1 capital (to risk
weighted assets)
|
|
|
11.2
|
%
|
|
|
11.3
|
%
|
|
|
11.9
|
%
|
|
|
11.6
|
%
|
|
|
12.3
|
%
|
Tier 1 capital (to
average assets)
|
|
|
7.6
|
%
|
|
|
7.5
|
%
|
|
|
7.3
|
%
|
|
|
7.4
|
%
|
|
|
7.5
|
%
|
Capital Ratios
ChoiceOne Bank
|
|
2022 3rd
Qtr.
|
|
|
2022 2nd
Qtr.
|
|
|
2022 1st
Qtr.
|
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital (to risk
weighted assets)
|
|
|
12.8
|
%
|
|
|
12.7
|
%
|
|
|
13.3
|
%
|
|
|
12.9
|
%
|
|
|
13.4
|
%
|
Common equity Tier 1
capital (to risk weighted
assets)
|
|
|
12.3
|
%
|
|
|
12.2
|
%
|
|
|
12.8
|
%
|
|
|
12.3
|
%
|
|
|
12.8
|
%
|
Tier 1 capital (to risk
weighted assets)
|
|
|
12.3
|
%
|
|
|
12.2
|
%
|
|
|
12.8
|
%
|
|
|
12.3
|
%
|
|
|
12.8
|
%
|
Tier 1 capital (to
average assets)
|
|
|
8.3
|
%
|
|
|
8.1
|
%
|
|
|
7.9
|
%
|
|
|
7.8
|
%
|
|
|
7.8
|
%
|
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SOURCE ChoiceOne Financial Services, Inc.