Business
ChoiceOne Financial Reports Second Quarter 2020 Results
SPARTA, Mich., July 28, 2020 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (NASDAQ:COFS), the parent company for ChoiceOne Bank and, as of July 1, 2020,
About this update from Choiceone Financial Services, Inc.
[{"type":"text","content":"SPARTA, Mich., July 28, 2020 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (NASDAQ:COFS), the parent company for ChoiceOne Bank and, as of July 1, 2020, Community Shores Bank, reported financial results for the quarter ended June 30, 2020. The reported results for the second quarter of 2020 do not include the financial results for Community Shores Bank Corporation, which was merged with and into ChoiceOne on July 1, 2020. \n\n \n \n \n \n \n \n\n \nAs we continue to work through the challenges that many of our Michigan families, businesses and communities face due to the coronavirus pandemic, we have serious measures in place to keep our customers and employees safe,\" said ChoiceOne CEO Kelly Potes. \"Our branch offices are open, but we are continuing to emphasize using our online and mobile banking options. We are encouraging any of our customers who are facing a hardship to contact us immediately. ChoiceOne has deferred numerous mortgage and consumer loan and commercial loan payments. As an SBA lender, we continue to proactively work with our small business customers across West and Southeast Michigan to process their Paycheck Protection Program loans. Our strong capital and liquidity – along with our increased size and scale – continue to be valuable assets as we move forward during these challenging times for our customers.\"\nFinancial Highlights\nNet income of $4,431,000 in the second quarter of 2020 compared to $1,487,000 in the same period in 2019. Diluted earnings per share of $0.61 compared to $0.41 per share in the second quarter of the prior year. Excluding $462,000 in tax-effected merger expenses, net income in the second quarter of 2020 was $4,893,000 or $0.67 per diluted share. Loans, net of allowance for loan losses grew $100.0 million and interest income related to loans grew 5.7% in the second quarter of 2020 compared to the first quarter of 2020. Growth in loans and related fee income were boosted by loans originated as part of the Paycheck Protection Program. ChoiceOne added $1,000,000 in provision for loan losses expense during the second quarter of 2020 and $1,775,000 in the first six months of 2020, much of which was related to the impact of COVID-19. Total deposits grew $155.4 million or 13.2% in the second quarter of 2020.ChoiceOne reported net income of $4,431,000 for the second quarter of 2020 co...