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ChoiceOne Financial Services, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net income of $7,348,000 for the third quarter of 2024, up from $5,122,000 in the same period in 2023. The increase in net income is attributed to higher interest income from loans and securities.
Total assets as of September 30, 2024, were $2.7 billion, an increase from $2.6 billion at the end of 2023. This growth is primarily due to increases in core loans and cash held at banks.
Deposits, excluding brokered deposits, increased by $102.1 million in the third quarter of 2024 compared to December 31, 2023. The rise in deposits is attributed to public funds from schools and townships.
ChoiceOne's net interest income on a tax-equivalent basis increased by $4.0 million in the third quarter of 2024 compared to the same period in 2023. The increase is mainly due to higher interest rates on new loans.
The allowance for credit losses was 1.10% of total loans as of September 30, 2024, with net charge-offs of $295,000 during the first nine months of 2024.
Noninterest income increased by $1.2 million in the third quarter of 2024 compared to the same period in 2023, driven by higher customer service charges and changes in the market value of equity securities.
Noninterest expense rose by $1.7 million in the third quarter of 2024 compared to the same period in 2023, partly due to merger-related expenses.
ChoiceOne's shareholders' equity increased to $247.7 million as of September 30, 2024, from $195.6 million at the end of 2023, largely due to proceeds from a common stock offering.
ChoiceOne announced a merger agreement with Fentura Financial, Inc. in July 2024, expected to close in the first quarter of 2025, subject to regulatory approvals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ChoiceOne Financial Services Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.