SPARTA, Mich., Jan. 26, 2022 /PRNewswire/ -- ChoiceOne Financial
Services, Inc. ("ChoiceOne", NASDAQ: COFS), the parent company for
ChoiceOne Bank reported financial results for the quarter and year
ended December 31, 2021.
Significant items impacting comparable fourth quarter and
year end 2021 and 2020 results include the following:
- On July 1, 2020, ChoiceOne
completed the merger of Community Shores Bank Corporation, the
former parent company of Community Shores Bank, with and into
ChoiceOne with ChoiceOne surviving the merger (the "Community
Shores Merger"). Community Shores Bank was consolidated with and
into ChoiceOne Bank effective October 16,
2020. The total assets, loans and deposits acquired in the
Community Shores Merger were $244.0
million, $174.0 million and
$227.8 million, respectively.
- ChoiceOne incurred tax-effected merger-related expenses
of $547,000 and $2,714,000,
respectively ($0.07 per diluted
share and $0.36 per diluted share,
respectively), for the quarter and year ended December 31, 2020. No merger-related
expenses were incurred in the year ended December 31, 2021.
Financial Highlights
- Net income of $5,012,000 and
$22,042,000 for the three and
twelve months ended December 31,
2021, compared to $4,100,000 and $15,613,000 during the
same periods in 2020.
- Diluted earnings per share of $0.66 and $2.86 during the three and twelve
months ended December 31, 2021, compared to $0.52
and $2.07 per share in the same periods in 2020.
- Excluding Paycheck Protection Program ("PPP") loans forgiven
during the quarter, held for sale loans, and loans held at other
financial institutions, ChoiceOne grew loans organically by
$56.6 million during the fourth
quarter of 2021.
- During the three and twelve months ended December 31, 2021, $28.1
million and $192.5 million of
PPP loans were forgiven resulting in $1.2
million and $5.2 million of
fee income, respectively. $33.1
million in PPP loans and $1.2
million in deferred PPP fee income remains as of
December 31, 2021.
- Total deposits grew by $40.1
million in the fourth quarter of 2021 and $377.7 million during the year ended December 31, 2021.
- ChoiceOne repurchased approximately 85,000 shares for
$2.2 million, or a weighted average
cost per share of $25.78, during the
fourth quarter of 2021. ChoiceOne repurchased approximately 309,000
shares for $7.8 million, or a
weighted average cost per share of $25.17 during the year ended December 31, 2021. These repurchases were 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 program was adopted. This
program replaced and superseded all prior repurchase programs for
ChoiceOne. Approximately 81,000 shares remain authorized to
be repurchased under the program.
- ChoiceOne Bank was named "Best Small Bank" in Michigan by Newsweek for 2022 – the second
year in a row ChoiceOne has received this honor.
- ChoiceOne became a limited partner in BankTech Ventures, LP, a
venture capital fund focused on emerging financial technology
companies. This investment will help connect us with innovative
technology companies focused on community banks.
ChoiceOne reported net income of $5,012,000 and $22,042,000 during the three
and twelve months ended December 31,
2021, compared to $4,100,000 and $15,613,000 in the same
periods in 2020. Diluted earnings per share
were $0.66 and $2.86 during the three and twelve
months ended December 31, 2021, compared to $0.52
and $2.07 per share in the same periods in the prior
year. Excluding $547,000 in tax-effected merger related
expenses, net income for the fourth quarter
of 2020 was $4,647,000 and
$0.59 per diluted share. Net
income for the year ended December 31,
2020, excluding $2.7 million
of tax-effected merger expenses, was $18,327,000 or $2.43 per diluted share.
Total assets grew $89.5 million
and total deposits grew $40.1 million
from September 30, 2021 to
December 31, 2021. Total assets grew $447.3 million in the twelve months
ended December 31, 2021, while
deposit growth during the twelve months ended December
31, 2021 was $377.7 million. Despite the large
increase in deposits, ChoiceOne has been able to maintain low
deposit costs; interest expense from deposits decreased
$873,000 during the year ended 2021
compared to the same period in 2020. Excluding PPP loans
forgiven during the quarter, held for sale loans, and loans held at
other financial institutions, ChoiceOne grew loans organically
by $56.6 million during the fourth quarter of 2021.
During the three and twelve months ended December 31, 2021, $28.1
million and $192.5 million
of PPP loans were forgiven resulting in $1.2 million and $5.2
million of fee income, respectively. $33.1 million in PPP loans and $1.2 million in deferred PPP fee income remains
as of December 31, 2021.
Management expects the remaining PPP loans to be forgiven in the
first half of 2022.
During the fourth quarter and year ended December 31, 2021, ChoiceOne recorded
accretion income related to acquired loans in the amount of
$203,000 and $1.1 million, respectively. The remaining
credit mark on acquired loans from the mergers with County
Bank Corp. and Community Shores Bank Corporation totaled
$6.8 million as of December
31, 2021. ChoiceOne had no provision expense for the
three months ended December 31, 2021,
as management has seen declining deferrals and very few
past due loans as the economy gradually recovers from the COVID-19
pandemic.
In an effort to deploy deposit growth, ChoiceOne grew its
securities portfolio $71.7 million in
the fourth quarter of 2021 and $530.6
million in the year ended December 31, 2021. Management believes
ChoiceOne's investments are sufficiently short-term to
allow for sufficient liquidity to fund continued organic loan
growth.
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
used a portion of net proceeds of the private placement to
redeem senior debt, fund common stock repurchases, and support
bank-level capital ratios.
Total noninterest income declined $1.5 million and $3.5
million in the three and twelve months ended
December 31, 2021, respectively, compared to the same periods
in the prior year. Total noninterest income in 2020 was
bolstered by heightened levels of refinancing activity within
ChoiceOne's mortgage portfolio, with gains on sales of
loans $3.7 million larger than in 2021. Customer service
charges increased $373,000 and
$1.4 million in the three and
twelve months ended December 31,
2021, respectively, compared to the same periods in the
prior year. Prior year service charges were depressed by
stay-at-home orders during the COVID 19 pandemic. Current
year service charges also included the effect from the merger with
Community Shores, which closed on July
1, 2020.
Total noninterest expense increased $2.0 million in the year ended December 31, 2021, compared to the same time
period in 2020. Much of the increase in 2021 was
caused by the increase in scale related to the merger with
Community Shores. During 2021, ChoiceOne hired
six experienced commercial lenders, opened a loan production
office in Wyoming Michigan, and added four experienced members
to our wealth management team focused on growing the wealth
management and trust business.
"I am very pleased to report our strong results for the fourth
quarter and record results for the year ended December 31, 2021," said Kelly Potes, Chief Executive Officer of
ChoiceOne. "During 2021, we realized cost benefits of
our new scale following our mergers in 2019 and 2020. In
addition, we added experienced lenders to our team which has helped
us achieve loan growth and have momentum heading into 2022 to
further deploy our outstanding local deposit base.
We continue to invest in growing our fee income with
recent experienced additions to our wealth management team and
technology investments in our online mortgage application.
Our capital position is strong, bolstered by our subordinated
debt offering completed in September
2021 and positions us well to continue to grow the franchise
and deliver shareholder value. I am thankful and blessed
to be part of the talented team at ChoiceOne and particularly
pleased that we were named 'Best Small Bank' in Michigan by Newsweek for a second year in a
row. This is a testament to our employees and the service
they provide to our customers and communities."
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
35 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. 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.
Condensed Balance
Sheets
(Unaudited)
|
|
|
|
(In
thousands)
|
|
12/31/2021
|
|
|
12/31/2020
|
|
Cash and cash
equivalents
|
|
$
|
31,887
|
|
|
$
|
79,519
|
|
Securities
|
|
|
1,116,264
|
|
|
|
585,687
|
|
Loans held for
sale
|
|
|
9,351
|
|
|
|
12,921
|
|
Loans to other
financial institutions
|
|
|
42,632
|
|
|
|
35,209
|
|
Loans, net of
allowance for loan losses
|
|
|
1,009,161
|
|
|
|
1,062,075
|
|
Premises and
equipment
|
|
|
29,880
|
|
|
|
29,489
|
|
Cash surrender value
of life insurance policies
|
|
|
43,356
|
|
|
|
32,751
|
|
Goodwill
|
|
|
59,946
|
|
|
|
60,506
|
|
Core deposit
intangible
|
|
|
3,962
|
|
|
|
5,269
|
|
Other
assets
|
|
|
20,243
|
|
|
|
15,916
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
2,366,682
|
|
|
$
|
1,919,342
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
560,931
|
|
|
$
|
477,654
|
|
Interest-bearing
deposits
|
|
|
1,491,363
|
|
|
|
1,196,924
|
|
Borrowings
|
|
|
50,000
|
|
|
|
9,327
|
|
Subordinated
debentures
|
|
|
35,017
|
|
|
|
3,089
|
|
Other
liabilities
|
|
|
7,702
|
|
|
|
5,080
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
2,145,013
|
|
|
|
1,692,074
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
221,669
|
|
|
|
227,268
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
|
$
|
2,366,682
|
|
|
$
|
1,919,342
|
|
|
Condensed
Statements of Income
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
(In thousands, except
per share data)
|
|
12/31/2021
|
|
|
12/31/2020
|
|
|
12/31/2021
|
|
|
12/31/2020
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
|
12,002
|
|
|
$
|
12,764
|
|
|
$
|
48,657
|
|
|
$
|
46,874
|
|
Securities and
other
|
|
|
4,816
|
|
|
|
2,276
|
|
|
|
15,961
|
|
|
|
8,841
|
|
Total Interest
Income
|
|
|
16,818
|
|
|
|
15,040
|
|
|
|
64,618
|
|
|
|
55,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
749
|
|
|
|
949
|
|
|
|
3,305
|
|
|
|
4,178
|
|
Borrowings
|
|
|
324
|
|
|
|
99
|
|
|
|
672
|
|
|
|
466
|
|
Total Interest
Expense
|
|
|
1,073
|
|
|
|
1,048
|
|
|
|
3,977
|
|
|
|
4,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
15,745
|
|
|
|
13,992
|
|
|
|
60,641
|
|
|
|
51,071
|
|
Provision for loan
losses
|
|
|
-
|
|
|
|
1,000
|
|
|
|
416
|
|
|
|
4,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
After Provision for Loan Losses
|
|
|
15,745
|
|
|
|
12,992
|
|
|
|
60,225
|
|
|
|
47,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service
charges
|
|
|
2,319
|
|
|
|
1,946
|
|
|
|
8,628
|
|
|
|
7,252
|
|
Insurance and
investment commissions
|
|
|
141
|
|
|
|
125
|
|
|
|
765
|
|
|
|
541
|
|
Gains on sales of
loans
|
|
|
554
|
|
|
|
1,673
|
|
|
|
4,441
|
|
|
|
8,133
|
|
Gains (loss) on sales
of securities
|
|
|
(43)
|
|
|
|
-
|
|
|
|
(40)
|
|
|
|
1,308
|
|
Trust
income
|
|
|
178
|
|
|
|
169
|
|
|
|
790
|
|
|
|
739
|
|
Earnings on life
insurance policies
|
|
|
239
|
|
|
|
195
|
|
|
|
809
|
|
|
|
772
|
|
Change in market
value of equity securities
|
|
|
18
|
|
|
|
29
|
|
|
|
479
|
|
|
|
(155)
|
|
Other
income
|
|
|
738
|
|
|
|
1,551
|
|
|
|
3,322
|
|
|
|
4,108
|
|
Total Noninterest
Income
|
|
|
4,144
|
|
|
|
5,688
|
|
|
|
19,194
|
|
|
|
22,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits
|
|
|
7,581
|
|
|
|
6,994
|
|
|
|
29,300
|
|
|
|
26,539
|
|
Occupancy and
equipment
|
|
|
1,577
|
|
|
|
1,598
|
|
|
|
6,168
|
|
|
|
5,783
|
|
Data
processing
|
|
|
1,616
|
|
|
|
2,128
|
|
|
|
6,189
|
|
|
|
6,765
|
|
Professional
fees
|
|
|
583
|
|
|
|
819
|
|
|
|
3,009
|
|
|
|
3,716
|
|
Core deposit
intangible amortization
|
|
|
302
|
|
|
|
396
|
|
|
|
1,307
|
|
|
|
1,498
|
|
Other
expenses
|
|
|
2,099
|
|
|
|
1,833
|
|
|
|
6,948
|
|
|
|
6,583
|
|
Total Noninterest
Expense
|
|
|
13,758
|
|
|
|
13,768
|
|
|
|
52,921
|
|
|
|
50,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Tax
|
|
|
6,131
|
|
|
|
4,912
|
|
|
|
26,498
|
|
|
|
18,885
|
|
Income Tax
Expense
|
|
|
1,119
|
|
|
|
812
|
|
|
|
4,456
|
|
|
|
3,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
5,012
|
|
|
$
|
4,100
|
|
|
$
|
22,042
|
|
|
$
|
15,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Share
|
|
$
|
0.67
|
|
|
$
|
0.53
|
|
|
$
|
2.87
|
|
|
$
|
2.08
|
|
Diluted Earnings Per
Share
|
|
$
|
0.66
|
|
|
$
|
0.52
|
|
|
$
|
2.86
|
|
|
$
|
2.07
|
|
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
|
|
|
Twelve Months
Ended
|
|
(In thousands, except
per share data)
|
|
12/31/2021
|
|
|
12/31/2020
|
|
|
12/31/2021
|
|
|
12/31/2020
|
|
Income before income
tax
|
|
$
|
6,131
|
|
|
$
|
4,912
|
|
|
$
|
26,498
|
|
|
$
|
18,885
|
|
Adjustment for
merger-related expenses
|
|
|
-
|
|
|
|
692
|
|
|
|
-
|
|
|
|
3,219
|
|
Adjusted income
before income tax
|
|
$
|
6,131
|
|
|
$
|
5,604
|
|
|
$
|
26,498
|
|
|
$
|
22,104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
$
|
1,119
|
|
|
$
|
812
|
|
|
$
|
4,456
|
|
|
$
|
3,272
|
|
Tax impact on
adjustment for merger-related expenses
|
|
|
-
|
|
|
|
145
|
|
|
|
-
|
|
|
|
505
|
|
Adjusted income
tax expense
|
|
$
|
1,119
|
|
|
$
|
957
|
|
|
$
|
4,456
|
|
|
$
|
3,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
5,012
|
|
|
$
|
4,100
|
|
|
$
|
22,042
|
|
|
$
|
15,613
|
|
Adjusted net
income
|
|
$
|
5,012
|
|
|
$
|
4,647
|
|
|
$
|
22,042
|
|
|
$
|
18,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
$
|
0.67
|
|
|
$
|
0.53
|
|
|
$
|
2.87
|
|
|
$
|
2.08
|
|
Diluted earnings per
share
|
|
$
|
0.66
|
|
|
$
|
0.52
|
|
|
$
|
2.86
|
|
|
$
|
2.07
|
|
Adjusted basic
earnings per share
|
|
$
|
0.67
|
|
|
$
|
0.60
|
|
|
$
|
2.87
|
|
|
$
|
2.44
|
|
Adjusted diluted
earnings per share
|
|
$
|
0.66
|
|
|
$
|
0.59
|
|
|
$
|
2.86
|
|
|
$
|
2.43
|
|
Other Selected
Financial Highlights
(Unaudited)
|
|
|
Quarterly
|
|
Earnings
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
|
2020 4th
Qtr.
|
|
(in thousands except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
15,745
|
|
|
$
|
15,700
|
|
|
$
|
14,508
|
|
|
$
|
14,688
|
|
|
$
|
13,992
|
|
Provision for loan
losses
|
|
|
-
|
|
|
|
-
|
|
|
|
166
|
|
|
|
250
|
|
|
|
1,000
|
|
Noninterest
income
|
|
|
4,144
|
|
|
|
4,718
|
|
|
|
4,732
|
|
|
|
5,600
|
|
|
|
5,689
|
|
Noninterest
expense
|
|
|
13,758
|
|
|
|
13,506
|
|
|
|
13,129
|
|
|
|
12,528
|
|
|
|
13,769
|
|
Net income before
federal income tax expense
|
|
|
6,131
|
|
|
|
6,912
|
|
|
|
5,945
|
|
|
|
7,510
|
|
|
|
4,912
|
|
Income tax
expense
|
|
|
1,119
|
|
|
|
1,163
|
|
|
|
902
|
|
|
|
1,272
|
|
|
|
812
|
|
Net income
|
|
|
5,012
|
|
|
|
5,749
|
|
|
|
5,043
|
|
|
|
6,238
|
|
|
|
4,100
|
|
Basic earnings per
share
|
|
|
0.67
|
|
|
|
0.75
|
|
|
|
0.65
|
|
|
|
0.80
|
|
|
|
0.53
|
|
Diluted earnings per
share
|
|
|
0.66
|
|
|
|
0.75
|
|
|
|
0.65
|
|
|
|
0.80
|
|
|
|
0.52
|
|
|
End of period
balances
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
|
2020 4th
Qtr.
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
loans
|
|
$
|
1,068,832
|
|
|
$
|
1,034,590
|
|
|
$
|
1,017,472
|
|
|
$
|
1,061,131
|
|
|
$
|
1,117,798
|
|
Loans held for sale
(1)
|
|
|
9,351
|
|
|
|
7,505
|
|
|
|
12,884
|
|
|
|
18,736
|
|
|
|
12,921
|
|
Loans to other
financial institutions (2)
|
|
|
42,632
|
|
|
|
38,728
|
|
|
|
-
|
|
|
|
7,312
|
|
|
|
35,209
|
|
PPP loans
(3)
|
|
|
33,129
|
|
|
|
61,192
|
|
|
|
109,898
|
|
|
|
137,458
|
|
|
|
138,028
|
|
Core loans (gross
loans excluding 1, 2, and 3 above)
|
|
|
983,720
|
|
|
|
927,165
|
|
|
|
894,690
|
|
|
|
897,625
|
|
|
|
931,640
|
|
Allowance for loan
losses
|
|
|
7,688
|
|
|
|
7,755
|
|
|
|
7,950
|
|
|
|
7,740
|
|
|
|
7,593
|
|
Securities
|
|
|
1,116,264
|
|
|
|
1,044,538
|
|
|
|
871,964
|
|
|
|
734,435
|
|
|
|
585,687
|
|
Other
interest-earning assets
|
|
|
9,751
|
|
|
|
30,383
|
|
|
|
64,407
|
|
|
|
106,279
|
|
|
|
40,614
|
|
Total earning assets
(before allowance)
|
|
|
2,194,847
|
|
|
|
2,109,511
|
|
|
|
1,953,843
|
|
|
|
1,901,845
|
|
|
|
1,744,099
|
|
Total
assets
|
|
|
2,366,682
|
|
|
|
2,277,180
|
|
|
|
2,120,931
|
|
|
|
2,070,103
|
|
|
|
1,919,342
|
|
Noninterest-bearing
deposits
|
|
|
560,931
|
|
|
|
543,165
|
|
|
|
527,964
|
|
|
|
515,552
|
|
|
|
477,654
|
|
Interest-bearing
deposits
|
|
|
1,491,363
|
|
|
|
1,468,985
|
|
|
|
1,352,771
|
|
|
|
1,324,412
|
|
|
|
1,196,924
|
|
Total
deposits
|
|
|
2,052,294
|
|
|
|
2,012,150
|
|
|
|
1,880,735
|
|
|
|
1,839,964
|
|
|
|
1,674,578
|
|
Total subordinated
debt
|
|
|
35,017
|
|
|
|
34,956
|
|
|
|
3,140
|
|
|
|
3,115
|
|
|
|
3,089
|
|
Total borrowed
funds
|
|
|
50,000
|
|
|
|
-
|
|
|
|
2,642
|
|
|
|
3,484
|
|
|
|
9,327
|
|
Total
interest-bearing liabilities
|
|
|
1,576,380
|
|
|
|
1,503,941
|
|
|
|
1,358,553
|
|
|
|
1,331,011
|
|
|
|
1,209,340
|
|
Shareholders'
equity
|
|
|
221,669
|
|
|
|
225,055
|
|
|
|
228,521
|
|
|
|
218,639
|
|
|
|
227,268
|
|
|
Average
Balances
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
|
2020 4th
Qtr.
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
1,019,966
|
|
|
$
|
1,021,326
|
|
|
$
|
1,041,118
|
|
|
$
|
1,080,181
|
|
|
$
|
1,132,711
|
|
Securities
|
|
|
1,079,616
|
|
|
|
922,653
|
|
|
|
824,753
|
|
|
|
639,803
|
|
|
|
458,350
|
|
Other
interest-earning assets
|
|
|
29,999
|
|
|
|
106,831
|
|
|
|
57,782
|
|
|
|
84,822
|
|
|
|
67,241
|
|
Total earning assets
(before allowance)
|
|
|
2,129,581
|
|
|
|
2,050,810
|
|
|
|
1,923,653
|
|
|
|
1,804,806
|
|
|
|
1,658,302
|
|
Total
assets
|
|
|
2,298,579
|
|
|
|
2,234,228
|
|
|
|
2,091,900
|
|
|
|
1,989,760
|
|
|
|
1,870,136
|
|
Noninterest-bearing
deposits
|
|
|
556,214
|
|
|
|
545,251
|
|
|
|
533,877
|
|
|
|
479,649
|
|
|
|
482,271
|
|
Interest-bearing
deposits
|
|
|
1,472,022
|
|
|
|
1,441,831
|
|
|
|
1,327,836
|
|
|
|
1,266,356
|
|
|
|
1,153,337
|
|
Total
deposits
|
|
|
2,028,236
|
|
|
|
1,987,082
|
|
|
|
1,861,713
|
|
|
|
1,746,005
|
|
|
|
1,635,608
|
|
Total subordinated
debt
|
|
|
35,674
|
|
|
|
9,154
|
|
|
|
3,123
|
|
|
|
3,099
|
|
|
|
3,077
|
|
Total borrowed
funds
|
|
|
8,010
|
|
|
|
2,667
|
|
|
|
2,758
|
|
|
|
8,462
|
|
|
|
3,484
|
|
Total
interest-bearing liabilities
|
|
|
1,515,706
|
|
|
|
1,453,652
|
|
|
|
1,333,717
|
|
|
|
1,277,917
|
|
|
|
1,159,898
|
|
Shareholders'
equity
|
|
|
221,076
|
|
|
|
229,369
|
|
|
|
224,993
|
|
|
|
224,257
|
|
|
|
224,340
|
|
|
Performance
Ratios
|
|
2021 4th
Qtr.
|
|
|
2021 3rd
Qtr.
|
|
|
2021 2nd
Qtr.
|
|
|
2021 1st
Qtr.
|
|
|
2020 4th
Qtr.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
0.87
|
%
|
|
|
1.03
|
%
|
|
|
0.96
|
%
|
|
|
1.25
|
%
|
|
|
0.88
|
%
|
Return on average
equity
|
|
|
9.07
|
%
|
|
|
10.03
|
%
|
|
|
8.97
|
%
|
|
|
11.13
|
%
|
|
|
7.31
|
%
|
Return on average
tangible common equity
|
|
|
12.16
|
%
|
|
|
13.28
|
%
|
|
|
11.89
|
%
|
|
|
16.31
|
%
|
|
|
11.15
|
%
|
Net interest margin
(fully tax-equivalent)
|
|
|
3.04
|
%
|
|
|
3.06
|
%
|
|
|
3.02
|
%
|
|
|
3.23
|
%
|
|
|
3.44
|
%
|
Efficiency
ratio
|
|
|
66.15
|
%
|
|
|
63.16
|
%
|
|
|
64.70
|
%
|
|
|
61.20
|
%
|
|
|
67.17
|
%
|
Full-time equivalent
employees
|
|
|
374
|
|
|
|
358
|
|
|
|
362
|
|
|
|
355
|
|
|
|
369
|
|
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SOURCE ChoiceOne Financial Services, Inc.