SPARTA, Mich., July 28, 2021 /PRNewswire/ -- ChoiceOne
Financial Services, Inc. ("ChoiceOne", NASDAQ:COFS), the parent
company for ChoiceOne Bank, reported financial results for the
quarter ended June 30, 2021.
Significant items impacting comparable second quarter
2021 and 2020 results include the following:
- On 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 half of
2021. ChoiceOne incurred tax-effected merger-related
expenses of approximately $462,000
and $744,000, respectively
($0.06 per diluted share and
$0.10 per diluted share,
respectively), for the second quarter and six months ended
June 30, 2020.
Financial Highlights
- Net income of $5,043,000 and
$11,281,000 for the three and
six months ended June 30,
2021 compared to $4,430,000 and $7,684,000 in the same
periods in 2020.
- Diluted earnings per share of $0.65 and $1.45 in the three and six
months ended June 30, 2021 compared to $0.61
and $1.06 per share in the same periods in the prior
year.
- In the second quarter and first half of 2021, $37.7 million and $115.8
million of Paycheck Protection Program ("PPP") loans were
forgiven resulting in $756,000 and
$2.4 million of fee income,
respectively. $3.9 million in
PPP fee income remains deferred as of June
30, 2021.
- Total deposits grew $40.8 million
in the second quarter of 2021 and $556.4
million since the second quarter of 2020. $227.8 million of the year over year growth was
related to the merger with Community Shores which closed on
July 1, 2020.
- ChoiceOne repurchased approximately 116,000 shares for
$2.9 million, or a weighted
average all-in cost per share of $25.04, during the second quarter of 2021. This
was part of the common stock repurchase program announced in
April 2021 which authorized
repurchases of up to 390,114 shares, representing 5% of the
total outstanding shares of common stock as of the date the plan
was adopted. This program replaced and superseded all
prior repurchase programs for ChoiceOne.
- In an effort to deploy deposit growth, ChoiceOne grew its
securities portfolio $137.5 million
in the second quarter of 2021 and $490.1 million in the twelve months
ended June 30, 2021. We believe
our portfolio will provide a natural hedge for floating rate loans
and investments are sufficiently short-term to allow us to
grow loans organically as good credits become available.
- In April 2021, ChoiceOne invested
in the JAM FINTOP Banktech, L.P. fund to strategically develop
partnerships as we build the Bank's digital offerings.
ChoiceOne reported net income of $5,043,000 for
the second quarter of 2021 compared
to $4,430,000 in the same period
in 2020. Diluted earnings per share were $0.65 in
the second quarter of 2021 compared to $0.61 per
share in the second quarter of the prior year.
Excluding $462,000 in tax-effected merger related expenses,
net income for the second quarter of 2020 was
$4,892,000 and $0.67 per diluted share. Net income
for the first six months of 2021 was $11,281,000 or $1.45 per diluted share,
compared to $7,684,000 or
$1.06 per diluted share in the
first half of 2020. Net income for the first half of 2020,
excluding $744,000 of tax-effected
merger expenses, was $8,428,000 or
$1.16 per diluted share.
Total assets grew $50.8 million from March 31, 2021 to June 30, 2021. ChoiceOne experienced
$40.8 million in organic
deposit growth during the second quarter of 2021. Total
assets grew $575.9 million in
the twelve months ended June 30,
2021, $244.0 million of which
was related to the merger with Community Shores. Deposit
growth during the twelve months ended June 30, 2021 was
$556.4 million of which $227.8 million was related to the merger with
Community Shores. Organic deposit growth is partly due
to how individuals and businesses have managed funds received under
the various COVID-19 relief laws and programs. Despite the
large increase in deposits, ChoiceOne has been able to maintain low
deposit costs. Interest expense from deposits decreased
$59,000 in the second quarter of 2021
and $564,000 in the first
half of 2021 compared to the same periods in 2020. Gross
loans have declined $43.7 million in the three months ended
June 30, 2021, which was comprised of
$27.6 million in PPP loans
forgiven net of new originations and $16.1 million of core loans. In an
effort to grow loans ChoiceOne has hired four experienced
commercial lenders and bolstered our credit department in the first
half of 2021. In the second quarter and first half of 2021,
$37.7 million and $115.8 million of Paycheck Protection Program
(PPP) loans were forgiven resulting in $756,000 and $2.4 million of fee income,
respectively. $3.9 million in
PPP fee income remains deferred as of June
30, 2021. During the second quarter and first
half of 2021, ChoiceOne recorded accretion income related to
paydowns of acquired loans in the amount of $320,000 and $671,000, respectively. In an effort
to deploy deposit growth ChoiceOne grew its securities portfolio
$137.5 million in the
second quarter of 2021 and $490.1 million in the twelve months
ended June 30, 2021. We believe
our portfolio will provide a natural hedge for floating rate loans
and investments are sufficiently short-term to allow us to
grow loans organically as good credits become available.
ChoiceOne incurred $166,000 in
provision for loan losses expense during the
second quarter of 2021 and $416,000 in the first half of 2021. The
remaining credit mark on acquired loans from the
recent mergers with County Bank Corp. and Community Shores
totaled $7.4 million as of June
30, 2021. ChoiceOne has seen declining deferrals and
very few past due loans as the economy recovers from the
COVID-19 pandemic.
Total noninterest income was $4.7 million in the
second quarter of 2021 compared to $6.8 million in the second quarter of 2020
which represented a decrease of $2.1 million. Total noninterest income
in the second quarter of 2020 was elevated by an investment
portfolio restructuring which created $1.3
million in noninterest income. Gains on sales of
loans declined $1.2 million
in the three months ended June 30,
2021 compared to the three months ended June 30, 2020. Although mortgage rates are
still low, ChoiceOne saw fewer refinancing of loans in the three
months ended 2021 than in the same period in the prior year and
housing inventory continues to be less than demand in ChoiceOne's
market areas. The stock market dipped sharply in
March 2020 related to the COVID-19
pandemic which affected securities held by ChoiceOne. Since
that time ChoiceOne has seen the value of equity investments
held climb to pre-pandemic levels. Changes in market value of
equity securities saw a decline in the three months ended
June 30, 2021, and an increase
in the six months ended June 30,
2021, in each case when compared to the same time periods in
2020.
Total noninterest expense increased $979,000 in the second quarter of 2021 and
$3.1 million in the first half of
2021 compared to the same time periods
in 2020. Much of the increase was caused by the
increase in scale related to the merger with Community
Shores.
"We are pleased to see customers showing signs of economic
recovery leading to strong asset quality as we emerge from the
COVID-19 pandemic and finish June 2021 with our strongest
first half income to date," said Chief Executive Officer of
ChoiceOne, Kelly Potes. "We were
also pleased to use our capital to invest further into
ChoiceOne through our stock repurchase program. With
repurchases completed during the second quarter of 2021, we
estimate resulting earnings per share accretion
of approximately $0.04
annually. There are roughly 274,000 shares remaining in the
ChoiceOne stock repurchase program at the end of June 30, 2021."
About ChoiceOne
ChoiceOne Financial Services, Inc. is
a financial holding company headquartered in Sparta, Michigan and the parent corporation of
ChoiceOne Bank. Member FDIC. ChoiceOne Bank operates 34 offices in
parts of Kent, Lapeer, Macomb, Muskegon, Newaygo, Ottawa, and St.
Clair counties. ChoiceOne Bank offers insurance and
investment products through its subsidiary, ChoiceOne Insurance
Agencies, Inc. For more information, please visit Investor
Relations at ChoiceOne's website at choiceone.com.
Non-GAAP Financial Measures
This press release
contains references to certain financial measures that are not
defined in U.S. generally accepted accounting principles ("GAAP").
Management believes these non-GAAP financial measures
provide additional information that is useful to investors in
helping to understand the underlying financial performance of
ChoiceOne.
Non-GAAP financial measures have inherent limitations. Readers
should be aware of these limitations and should be cautious with
respect to the use of such measures. To compensate for these
limitations, we use non-GAAP measures as comparative tools,
together with GAAP measures, to assist in the evaluation of our
operating performance or financial condition. Also, we ensure that
these measures are calculated using the appropriate GAAP or
regulatory components in their entirety and that they are computed
in a manner intended to facilitate consistent period-to-period
comparisons. ChoiceOne's method of calculating these non-GAAP
financial measures may differ from methods used by other companies.
These non-GAAP financial measures should not be considered in
isolation or as a substitute for those financial measures prepared
in accordance with GAAP or in-effect regulatory requirements.
Where non-GAAP financial measures are used, the most directly
comparable GAAP or regulatory financial measure, as well as the
reconciliation to the most directly comparable GAAP or regulatory
financial measure, can be found in this news release. See Non-GAAP
Reconciliation.
Forward-Looking Statements
This release may contain
forward-looking statements. Words such as "anticipates,"
"believes," "estimates," "expects," "forecasts," "intends," "is
likely," "plans," "predicts," "projects," "may," "could," "look
forward," "continue", "future" and variations of such words and
similar expressions are intended to identify such forward looking
statements. These statements reflect current beliefs as to the
expected outcomes of future events and are not guarantees of future
performance. These statements involve certain risks, uncertainties
and assumptions ("risk factors") that are difficult to predict with
regard to timing, extent, likelihood and degree of occurrence.
Therefore, actual results and outcomes may materially differ from
what may be expressed, implied or forecasted in such
forward-looking statements. Furthermore, ChoiceOne undertakes no
obligation to update, amend, or clarify forward-looking statements,
whether as a result of new information, future events, or
otherwise.
The COVID-19 pandemic is adversely affecting us and our
customers, counterparties, and third-party service providers.
The ultimate extent of the impacts on our business, financial
position, results of operations, liquidity, and prospects is
uncertain. Additional risk factors include, but are not limited to,
the risk factors described in Item 1A in ChoiceOne Financial
Services, Inc.'s Annual Report on Form 10-K for the year ended
December 31, 2020.
EDITORS NOTE: Media interviews with ChoiceOne Bank
executives are available by calling Tom
Lampen at (616) 887-7366 or tlampen@choiceone.com.
Electronic versions of bank official headshots are also
available.
Condensed Balance
Sheets
|
(Unaudited)
|
|
(In
thousands)
|
|
6/30/2021
|
|
|
3/31/2021
|
|
|
6/30/2020
|
|
Cash and Cash
Equivalents
|
|
$
|
95,318
|
|
|
$
|
135,328
|
|
|
$
|
66,791
|
|
Securities
|
|
|
871,964
|
|
|
|
734,435
|
|
|
|
381,901
|
|
Loans Held For
Sale
|
|
|
12,884
|
|
|
|
18,736
|
|
|
|
10,860
|
|
Loans to Other
Financial Institutions
|
|
|
-
|
|
|
|
7,312
|
|
|
|
49,895
|
|
Loans, Net of
Allowance For Loan Losses
|
|
|
996,638
|
|
|
|
1,027,343
|
|
|
|
902,243
|
|
Premises and
Equipment
|
|
|
29,978
|
|
|
|
29,870
|
|
|
|
23,779
|
|
Cash Surrender Value
of Life Insurance Policies
|
|
|
33,128
|
|
|
|
32,938
|
|
|
|
32,363
|
|
Goodwill
|
|
|
59,946
|
|
|
|
59,946
|
|
|
|
52,593
|
|
Core Deposit
Intangible
|
|
|
4,610
|
|
|
|
4,961
|
|
|
|
5,299
|
|
Other
Assets
|
|
|
16,465
|
|
|
|
19,234
|
|
|
|
19,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
2,120,931
|
|
|
$
|
2,070,103
|
|
|
$
|
1,545,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
Deposits
|
|
$
|
527,964
|
|
|
$
|
515,552
|
|
|
$
|
392,086
|
|
Interest-bearing
Deposits
|
|
|
1,352,771
|
|
|
|
1,324,412
|
|
|
|
932,222
|
|
Borrowings
|
|
|
5,781
|
|
|
|
6,599
|
|
|
|
10,179
|
|
Other
Liabilities
|
|
|
5,894
|
|
|
|
4,901
|
|
|
|
7,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
1,892,410
|
|
|
|
1,851,464
|
|
|
|
1,342,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
228,521
|
|
|
|
218,639
|
|
|
|
202,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
|
$
|
2,120,931
|
|
|
$
|
2,070,103
|
|
|
$
|
1,545,079
|
|
Condensed
Statements of Income
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
(In Thousands, Except
Per Share Data)
|
|
6/30/2021
|
|
|
6/30/2020
|
|
|
6/30/2021
|
|
|
6/30/2020
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
|
11,565
|
|
|
$
|
10,821
|
|
|
$
|
24,247
|
|
|
$
|
21,063
|
|
Securities and
other
|
|
|
3,854
|
|
|
|
2,042
|
|
|
|
6,827
|
|
|
|
4,461
|
|
Total Interest
Income
|
|
|
15,419
|
|
|
|
12,863
|
|
|
|
31,074
|
|
|
|
25,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
839
|
|
|
|
898
|
|
|
|
1,719
|
|
|
|
2,283
|
|
Borrowings
|
|
|
72
|
|
|
|
86
|
|
|
|
159
|
|
|
|
224
|
|
Total Interest
Expense
|
|
|
911
|
|
|
|
984
|
|
|
|
1,878
|
|
|
|
2,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income
|
|
|
14,508
|
|
|
|
11,879
|
|
|
|
29,196
|
|
|
|
23,017
|
|
Provision for Loan
Losses
|
|
|
166
|
|
|
|
1,000
|
|
|
|
416
|
|
|
|
1,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
After Provision for Loan Losses
|
|
|
14,342
|
|
|
|
10,879
|
|
|
|
28,780
|
|
|
|
21,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service
charges
|
|
|
2,134
|
|
|
|
1,402
|
|
|
|
4,054
|
|
|
|
3,247
|
|
Insurance and
investment commissions
|
|
|
198
|
|
|
|
153
|
|
|
|
471
|
|
|
|
279
|
|
Gains on sales of
loans
|
|
|
1,771
|
|
|
|
2,996
|
|
|
|
3,917
|
|
|
|
4,739
|
|
Gains on sales of
securities
|
|
|
2
|
|
|
|
1,341
|
|
|
|
3
|
|
|
|
1,343
|
|
Trust
income
|
|
|
253
|
|
|
|
202
|
|
|
|
425
|
|
|
|
372
|
|
Earnings on life
insurance policies
|
|
|
191
|
|
|
|
192
|
|
|
|
377
|
|
|
|
384
|
|
Change in market
value of equity securities
|
|
|
(119)
|
|
|
|
443
|
|
|
|
489
|
|
|
|
54
|
|
Other
income
|
|
|
302
|
|
|
|
22
|
|
|
|
596
|
|
|
|
265
|
|
Total Noninterest
Income
|
|
|
4,732
|
|
|
|
6,751
|
|
|
|
10,332
|
|
|
|
10,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits
|
|
|
6,999
|
|
|
|
6,359
|
|
|
|
14,167
|
|
|
|
11,487
|
|
Occupancy and
equipment
|
|
|
1,498
|
|
|
|
1,359
|
|
|
|
3,053
|
|
|
|
2,629
|
|
Data
processing
|
|
|
1,673
|
|
|
|
1,568
|
|
|
|
3,102
|
|
|
|
3,052
|
|
Professional
fees
|
|
|
943
|
|
|
|
914
|
|
|
|
1,672
|
|
|
|
1,676
|
|
Core deposit
intangible amortization
|
|
|
352
|
|
|
|
354
|
|
|
|
659
|
|
|
|
707
|
|
Other
expenses
|
|
|
1,664
|
|
|
|
1,596
|
|
|
|
3,004
|
|
|
|
3,015
|
|
Total Noninterest
Expense
|
|
|
13,129
|
|
|
|
12,150
|
|
|
|
25,657
|
|
|
|
22,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Tax
|
|
|
5,945
|
|
|
|
5,480
|
|
|
|
13,455
|
|
|
|
9,359
|
|
Income Tax
Expense
|
|
|
902
|
|
|
|
1,050
|
|
|
|
2,174
|
|
|
|
1,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
5,043
|
|
|
$
|
4,430
|
|
|
$
|
11,281
|
|
|
$
|
7,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Share
|
|
$
|
0.65
|
|
|
$
|
0.61
|
|
|
$
|
1.45
|
|
|
$
|
1.06
|
|
Diluted Earnings Per
Share
|
|
$
|
0.65
|
|
|
$
|
0.61
|
|
|
$
|
1.45
|
|
|
$
|
1.06
|
|
Non-GAAP
Reconciliation
|
(Unaudited)
|
|
In addition to
analyzing ChoiceOne's results on a reported basis, management
reviews ChoiceOne's results and the results on an adjusted basis.
The non-GAAP measures presented in the table below reflect the
adjustments of the reported U.S. GAAP results for significant items
that management does not believe are reflective of ChoiceOne's
current and ongoing operations.
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
(In Thousands, Except
Per Share Data)
|
|
6/30/2021
|
|
|
6/30/2020
|
|
|
6/30/2021
|
|
|
6/30/2020
|
|
Income before income
tax
|
|
$
|
5,945
|
|
|
$
|
5,480
|
|
|
$
|
13,455
|
|
|
$
|
9,359
|
|
Adjustment for
merger-related expenses
|
|
|
-
|
|
|
|
517
|
|
|
|
-
|
|
|
|
819
|
|
Adjusted income
before income tax
|
|
$
|
5,945
|
|
|
$
|
5,997
|
|
|
$
|
13,455
|
|
|
$
|
10,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
$
|
902
|
|
|
$
|
1,050
|
|
|
$
|
2,174
|
|
|
$
|
1,675
|
|
Tax impact on
adjustment for merger-related expenses
|
|
|
-
|
|
|
|
55
|
|
|
|
-
|
|
|
|
75
|
|
Adjusted income
tax expense
|
|
$
|
902
|
|
|
$
|
1,105
|
|
|
$
|
2,174
|
|
|
$
|
1,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
5,043
|
|
|
$
|
4,430
|
|
|
$
|
11,281
|
|
|
$
|
7,684
|
|
Adjusted net
income
|
|
$
|
5,043
|
|
|
$
|
4,892
|
|
|
$
|
11,281
|
|
|
$
|
8,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
$
|
0.65
|
|
|
$
|
0.61
|
|
|
$
|
1.45
|
|
|
$
|
1.06
|
|
Diluted earnings per
share
|
|
$
|
0.65
|
|
|
$
|
0.61
|
|
|
$
|
1.45
|
|
|
$
|
1.06
|
|
Adjusted basic
earnings per share
|
|
$
|
0.65
|
|
|
$
|
0.67
|
|
|
$
|
1.45
|
|
|
$
|
1.16
|
|
Adjusted diluted
earnings per share
|
|
$
|
0.65
|
|
|
$
|
0.67
|
|
|
$
|
1.45
|
|
|
$
|
1.16
|
|
Other Selected
Financial Highlights
|
(Unaudited)
|
|
|
|
Quarterly
|
|
Earnings
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
|
2020 4th
Qtr.
|
|
|
2020 3rd
Qtr.
|
|
|
2020 2nd
Qtr.
|
|
(in thousands except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
14,508
|
|
|
$
|
14,688
|
|
|
$
|
13,992
|
|
|
$
|
14,062
|
|
|
$
|
11,879
|
|
Provision for loan
losses
|
|
|
166
|
|
|
|
250
|
|
|
|
1,000
|
|
|
|
1,225
|
|
|
|
1,000
|
|
Noninterest
income
|
|
|
4,732
|
|
|
|
5,600
|
|
|
|
5,689
|
|
|
|
6,326
|
|
|
|
6,751
|
|
Noninterest
expense
|
|
|
13,129
|
|
|
|
12,528
|
|
|
|
13,769
|
|
|
|
14,549
|
|
|
|
12,150
|
|
Net income before
federal income tax expense
|
|
|
5,945
|
|
|
|
7,510
|
|
|
|
4,912
|
|
|
|
4,614
|
|
|
|
5,480
|
|
Income tax
expense
|
|
|
902
|
|
|
|
1,272
|
|
|
|
812
|
|
|
|
785
|
|
|
|
1,050
|
|
Net income
|
|
|
5,043
|
|
|
|
6,238
|
|
|
|
4,100
|
|
|
|
3,829
|
|
|
|
4,430
|
|
Basic earnings per
share
|
|
|
0.65
|
|
|
|
0.80
|
|
|
|
0.53
|
|
|
|
0.49
|
|
|
|
0.61
|
|
Diluted earnings per
share
|
|
|
0.65
|
|
|
|
0.80
|
|
|
|
0.52
|
|
|
|
0.49
|
|
|
|
0.61
|
|
End of period
balances
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
|
2020 4th
Qtr.
|
|
|
2020 3rd
Qtr.
|
|
|
2020 2nd
Qtr.
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
1,017,472
|
|
|
$
|
1,061,131
|
|
|
$
|
1,117,798
|
|
|
$
|
1,169,686
|
|
|
$
|
968,748
|
|
Securities
|
|
|
871,964
|
|
|
|
734,435
|
|
|
|
585,687
|
|
|
|
402,776
|
|
|
|
381,901
|
|
Other
interest-earning assets
|
|
|
64,407
|
|
|
|
106,279
|
|
|
|
40,614
|
|
|
|
85,957
|
|
|
|
34,139
|
|
Total earning assets
(before allowance)
|
|
|
1,953,843
|
|
|
|
1,901,845
|
|
|
|
1,744,099
|
|
|
|
1,658,419
|
|
|
|
1,384,788
|
|
Total
assets
|
|
|
2,120,931
|
|
|
|
2,070,103
|
|
|
|
1,919,342
|
|
|
|
1,828,984
|
|
|
|
1,545,079
|
|
Noninterest-bearing
deposits
|
|
|
527,964
|
|
|
|
515,552
|
|
|
|
477,654
|
|
|
|
447,548
|
|
|
|
392,086
|
|
Interest-bearing
deposits
|
|
|
1,352,771
|
|
|
|
1,324,412
|
|
|
|
1,196,924
|
|
|
|
1,138,822
|
|
|
|
932,222
|
|
Total
deposits
|
|
|
1,880,735
|
|
|
|
1,839,964
|
|
|
|
1,674,578
|
|
|
|
1,586,370
|
|
|
|
1,324,308
|
|
Total borrowed
funds
|
|
|
5,781
|
|
|
|
6,599
|
|
|
|
12,416
|
|
|
|
13,234
|
|
|
|
10,179
|
|
Total
interest-bearing liabilities
|
|
|
1,358,552
|
|
|
|
1,331,011
|
|
|
|
1,209,340
|
|
|
|
1,152,056
|
|
|
|
942,401
|
|
Shareholders'
equity
|
|
|
228,521
|
|
|
|
218,639
|
|
|
|
227,268
|
|
|
|
222,926
|
|
|
|
202,623
|
|
Average
Balances
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
|
2020 4th
Qtr.
|
|
|
2020 3rd
Qtr.
|
|
|
2020 2nd
Qtr.
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
1,041,118
|
|
|
$
|
1,080,181
|
|
|
$
|
1,132,711
|
|
|
$
|
1,139,634
|
|
|
$
|
942,558
|
|
Securities
|
|
|
824,753
|
|
|
|
639,803
|
|
|
|
458,350
|
|
|
|
373,364
|
|
|
|
368,505
|
|
Other
interest-earning assets
|
|
|
57,782
|
|
|
|
84,822
|
|
|
|
67,241
|
|
|
|
125,991
|
|
|
|
27,395
|
|
Total earning assets
(before allowance)
|
|
|
1,923,653
|
|
|
|
1,804,806
|
|
|
|
1,658,302
|
|
|
|
1,638,989
|
|
|
|
1,338,458
|
|
Total
assets
|
|
|
2,091,900
|
|
|
|
1,989,760
|
|
|
|
1,870,136
|
|
|
|
1,839,051
|
|
|
|
1,515,327
|
|
Noninterest-bearing
deposits
|
|
|
533,877
|
|
|
|
479,649
|
|
|
|
482,271
|
|
|
|
467,709
|
|
|
|
365,936
|
|
Interest-bearing
deposits
|
|
|
1,327,836
|
|
|
|
1,266,356
|
|
|
|
1,153,337
|
|
|
|
1,128,085
|
|
|
|
914,459
|
|
Total
deposits
|
|
|
1,861,713
|
|
|
|
1,746,005
|
|
|
|
1,635,608
|
|
|
|
1,595,794
|
|
|
|
1,280,395
|
|
Total borrowed
funds
|
|
|
5,881
|
|
|
|
11,561
|
|
|
|
6,561
|
|
|
|
13,240
|
|
|
|
20,368
|
|
Total
interest-bearing liabilities
|
|
|
1,333,717
|
|
|
|
1,277,917
|
|
|
|
1,159,898
|
|
|
|
1,141,325
|
|
|
|
934,827
|
|
Shareholders'
equity
|
|
|
224,993
|
|
|
|
224,257
|
|
|
|
224,340
|
|
|
|
222,602
|
|
|
|
197,972
|
|
Performance
Ratios
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
|
2020 4th
Qtr.
|
|
|
2020 3rd
Qtr.
|
|
|
2020 2nd
Qtr.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.96
|
%
|
|
|
1.25
|
%
|
|
|
0.88
|
%
|
|
|
0.83
|
%
|
|
|
1.17
|
%
|
Return on average
equity
|
|
|
8.97
|
%
|
|
|
11.13
|
%
|
|
|
7.31
|
%
|
|
|
6.88
|
%
|
|
|
8.95
|
%
|
Net interest margin
(fully tax-equivalent)
|
|
|
3.05
|
%
|
|
|
3.15
|
%
|
|
|
3.27
|
%
|
|
|
3.45
|
%
|
|
|
3.47
|
%
|
Efficiency
ratio
|
|
|
64.70
|
%
|
|
|
61.20
|
%
|
|
|
67.17
|
%
|
|
|
67.71
|
%
|
|
|
69.49
|
%
|
Full-time equivalent
employees
|
|
|
362
|
|
|
|
355
|
|
|
|
369
|
|
|
|
369
|
|
|
|
369
|
|
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SOURCE ChoiceOne Financial Services, Inc.