Business
ChoiceOne Financial Reports Third Quarter 2021 Results
SPARTA, Mich., Oct. 27, 2021 /PRNewswire/ -- ChoiceOne Financial Services, Inc. ("ChoiceOne", NASDAQ:COFS), the parent company for ChoiceOne Bank, reported
About this update from Choiceone Financial Services, Inc.
[{"type":"text","content":"SPARTA, Mich., Oct. 27, 2021 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (\"ChoiceOne\", NASDAQ:COFS), the parent company for ChoiceOne Bank, reported financial results for the quarter ended September 30, 2021.\n\n \n \n \n \n \n \n\n \nSignificant items impacting comparable nine months ended September 30, 2021 and 2020 results included the following:\nOn July 1, 2020, ChoiceOne completed the merger of Community Shores Bank Corporation (\"Community Shores\"), the former parent company of Community Shores Bank, with and into ChoiceOne with ChoiceOne surviving the merger. Community Shores Bank was consolidated with and into ChoiceOne Bank (the \"Bank\") effective October 16, 2020. The total assets, loans and deposits acquired in the merger with Community Shores were approximately $244.0 million, $173.9 million and $227.8 million, respectively. There were no merger-related expenses in the first nine months of 2021. ChoiceOne incurred tax-effected merger-related expenses of approximately $1.4 million and $2.2 million, respectively ($0.18 per diluted share and $0.29 per diluted share, respectively), for the third quarter and nine months ended September 30, 2020. Financial Highlights\nNet income of $5,749,000 and $17,030,000 for the three and nine months ended September 30, 2021 compared to $3,829,000 and $11,513,000 in the same periods in 2020. Diluted earnings per share of $0.75 and $2.20 in the three and nine months ended September 30, 2021 compared to $0.49 and $1.55 per share in the same periods in the prior year. Excluding PPP loans forgiven during the quarter, ChoiceOne grew loans organically by $32.5 million during the third quarter of 2021. In the third quarter and first nine months of 2021, $48.7 million and $164.5 million of Paycheck Protection Program (\"PPP\") loans were forgiven resulting in $1.6 million and $4.0 million of fee income, respectively. $2.4 million in PPP fee income remains deferred as of September 30, 2021. Total deposits grew $131.4 million in the third quarter of 2021 and $425.8 million since the third quarter of 2020. In September 2021, ChoiceOne completed a private placement of $32.5 million in aggregate principal amount of 3.25% fixed-to-floating rate subordinated notes due 2031. ChoiceOne intends to use net proceeds of the private placement for general corporate purposes, including support for...