Business
ChoiceOne Financial Reports Fourth Quarter and Year End 2019 Results
SPARTA, Mich., Feb. 6, 2020 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (OTC: COFS) ("ChoiceOne"), the parent company for ChoiceOne Bank and, as of
About this update from Choiceone Financial Services, Inc.
[{"type":"text","content":"SPARTA, Mich., Feb. 6, 2020 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (OTC: COFS) (\"ChoiceOne\"), the parent company for ChoiceOne Bank and, as of October 1, 2019, Lakestone Bank & Trust, reported financial results for the fourth quarter and year ended December 31, 2019. On October 1, 2019, ChoiceOne completed the merger (the \"Merger\") of County Bank Corp, the former parent company of Lakestone Bank & Trust, with and into ChoiceOne with ChoiceOne surviving the merger. Accordingly, the reported consolidated financial results for the fourth quarter and year ended December 31, 2019 include financial results for ChoiceOne Bank and, from and after October 1, 2019, Lakestone Bank & Trust.\n\n \n \n\n \nSignificant items impacting comparable fourth quarter and full year 2019 and 2018 results include the following:\nThe total assets, loans and deposits acquired in the Merger were approximately $712 million, $424 million and $568 million, respectively. Tax effected merger related expenses of approximately $575,000 and $1,769,000, respectively ($0.06 per diluted share and $0.39 per diluted share, respectively) for the fourth quarter and year ended Dec. 31, 2019. Fourth Quarter 2019 Financial Highlights\nNet income of $3,027,000 in the fourth quarter of 2019 compared to net income of $1,828,000 in the same period in 2018. Diluted earnings per share of $0.44 in the fourth quarter of 2019 compared to $0.50 per share in the fourth quarter of the prior year. Excluding $575,000 in merger expenses, after tax, net income in the fourth quarter of 2019 was $3,602,000 or $0.50 per diluted share.Full Year 2019 Financial Highlights\nNet income of $7,171,000 for the year ended December 31, 2019 compared to net income of $7,333,000 in the same period in 2018. Diluted earnings per share of $1.58 for the year ended December 31, 2019 compared to $2.02 per share for the twelve months ended December 31, 2018. Excluding $1,769,000 in merger expenses, after tax, net income for the year ended 2019 amounted to $8,940,000 or $1.97 per diluted share. Total loan interest income grew 33.7% for the year ended December 31, 2019 compared to the same period in 2018. Total deposits grew 6.2% for the year ended December 31, 2019 excluding merger deposits acquired in the Merger and brokered deposits compared to the same period in 2018. In connection with the Me...