Business
ChoiceOne Reports First Quarter 2024 Results
SPARTA, Mich., April 24, 2024 /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., April 24, 2024 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (\"ChoiceOne\", NASDAQ:COFS), the parent company for ChoiceOne Bank, reported financial results for the quarter ended March 31, 2024.\n\n \n \n \n \n \n \n\n \n Financial Highlights\nChoiceOne reported net income of $5,634,000 for the three months ended March 31, 2024, compared to $5,633,000 for the same period in 2023.Diluted earnings per share were $0.74 in the three months ended March 31, 2024, compared to $0.75 per share in the same period in the prior year.Starting in May 2024, net interest income will be aided by forward starting pay-fixed swaps and the completion of amortization expense related to previously terminated swaps. The increase to net interest income will be approximately $732,000 per month using the March 31, 2024 SOFR rate of 5.34%.Average total loan balances increased to $1.41 billion in the first quarter of 2024 compared to $1.36 billion in the fourth quarter of 2023 and $1.20 billion in the first quarter of 2023. Core loans, which exclude held for sale loans, loans to other financial institutions, and Paycheck Protection Program (\"PPP\") loans, declined by $2.7 million or an annualized 0.8% during the first quarter of 2024 and increased by $178.0 million or 14.7% since March 31, 2023.Deposits, excluding brokered deposits, increased by $45.3 million or an annualized 8.6% in the first quarter of 2024. The increase in deposits in the first quarter is a combination of new business, recapture of deposit losses from the prior year, and some seasonality of municipal balances. Deposits as of March 31, 2024, excluding brokered deposits, increased $75.8 million or 3.7%, compared to deposits, excluding brokered deposits, as of March 31, 2023.Net interest margin (fully tax-equivalent) in the first quarter of 2024 increased to 2.74%, compared to 2.72% in the fourth quarter of 2023, and declined from 3.09% in the first quarter of 2023. Fully tax-equivalent net interest income was $16.9 million in the first quarter of 2024 compared to $17.4 million in the first quarter of 2023.Expenses are well managed, with $13.7 million of noninterest expense in the first quarter of 2024, a decrease from $13.8 million and $14.0 million in the fourth quarter of 2023 and the first quarter of 2023, respectively.Asset quality remains strong with only 0.1% of ...