Business
ChoiceOne Reports Second Quarter 2024 Results
SPARTA, Mich., July 25, 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., July 25, 2024 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (\"ChoiceOne\", NASDAQ: COFS), the parent company for ChoiceOne Bank, reported financial results for the quarter ended June 30, 2024.\n\n \n \n \n \n \n \n\n \n Financial Highlights\nChoiceOne reported net income of $6,586,000 and $12,220,000 for the three and six months ended June 30, 2024, compared to $5,213,000 and $10,846,000 for the same periods in 2023, representing annualized growth of 26.3% and 12.7%, respectively.Diluted earnings per share were $0.87 and $1.61 in the three and six months ended June 30, 2024, compared to $0.69 and $1.44 per share in the same periods in the prior year.GAAP Net interest margin in the second quarter of 2024 increased to 2.95%, compared to 2.67% in the first quarter of 2024, and 2.79% in the second quarter of 2023. GAAP net interest income was $18.4 million in the second quarter of 2024 compared to $16.1 million in the second quarter of 2023. Net interest income was aided by cash settlements from pay-fixed interest rate swaps which started paying in April 2024.Core loans, which exclude held for sale loans and loans to other financial institutions, grew organically by $12.4 million or 3.6% on an annualized basis during the second quarter of 2024 and $175.6 million or 14.3% since June 30, 2023. Loan interest income increased $6.0 million in the second quarter of 2024 compared to the same period in 2023.Deposits, excluding brokered deposits, decreased $44.4 million or an annualized 8.3% in the second quarter of 2024 and increased $64.5 million or 3.2% during the twelve months since June 30, 2023. The decrease in deposits in the second quarter was largely public funds including schools and townships which historically fluctuate with summer tax bill collection in July. The increase in deposits in the trailing twelve months is a combination of new business and recapture of deposit losses from the prior year.Asset quality remains strong with only 0.16% of nonperforming loans to total loans (excluding held for sale) as of June 30, 2024.\"As we navigate through the evolving economic landscape, our bank has achieved consistent growth due to our strong team, technology, and relationships we have with our customers. Our strategic efforts have improved our net interest margin, bolstered by the use of derivative instruments wh...