ChoiceOne Reports Third Quarter 2024 Results

Core Financial Performance - ChoiceOne reported net income of $7,348,000 for Q3 2024, a 43.5% increase from $5,122,000 in Q3 2023, and $19,568,000 for the nine months ended September 30, 2024, up 22.6% from $15,968,000 in the same period last year [2][7] - Diluted earnings per share were $0.85 for Q3 2024, compared to $0.68 in Q3 2023, and $2.46 for the nine months ended September 30, 2024, up from $2.12 in the prior year [3][7] Loan and Deposit Growth - Core loans grew by $64.5 million or 18.4% on an annualized basis in Q3 2024, and by $179.4 million or 14.0% since September 30, 2023 [4] - Deposits, excluding brokered deposits, increased by $102.1 million or an annualized 19.5% in Q3 2024, and by $117.6 million or 5.7% over the past year [5][9] Asset Quality and Credit Metrics - Nonperforming loans to total loans stood at 0.19% as of September 30, 2024, indicating strong asset quality [5][11] - The provision for credit losses expense on loans was $425,000 in Q3 2024, with the allowance for credit losses to total loans ratio at 1.10% [11] Capital and Equity - Total assets reached $2.7 billion as of September 30, 2024, an increase of $151.8 million from the previous year [8] - Shareholders' equity totaled $247.7 million, up from $181.2 million a year earlier, largely due to a $34.5 million capital raise [13] Interest Income and Margin - GAAP net interest margin increased to 3.17% in Q3 2024, compared to 2.64% in Q3 2023 [4] - Net interest income was $20.2 million in Q3 2024, up from $16.2 million in Q3 2023 [4] Merger Activity - ChoiceOne entered into a definitive merger agreement with Fentura Financial, Inc. on July 25, 2024, which is expected to enhance its market presence [2][16]