ChoiceOne Financial Services, Inc. reported significant growth in its financial performance for the third quarter and the first nine months of 2024, as detailed in its 10-Q filing. As of September 30, 2024, total assets reached $2,726 million, an increase from $2,577 million at the end of 2023. This growth was driven by a rise in cash and due from banks, which increased to $146 million from $55 million, and total loans held for investment, which rose to $1,504 million from $1,411 million.

Total deposits also saw an increase, climbing to $2,208 million from $2,122 million, while total shareholders’ equity grew to $248 million from $196 million, primarily due to a public offering of 1,380,000 shares at $25.00 per share, raising approximately $34.5 million in gross proceeds. Retained earnings improved to $(45.4 million) from $(62.5 million), reflecting a positive shift in profitability.

For the three months ended September 30, 2024, net income was reported at $7,348 million, a 43.5% increase from $5,122 million in the same period of 2023. For the nine months, net income rose to $19,568 million from $15,968 million, marking a 22.5% increase. Basic earnings per share for the third quarter increased to $0.86 from $0.68, while diluted earnings per share rose to $0.85 from $0.68.

Interest income from loans, including fees, increased to $23,252 million for the third quarter, compared to $17,774 million in 2023. Total interest income for the same period rose to $31,690 million from $26,304 million. Net interest income after provision remained stable at $19,823 million, consistent with the previous year.

The company also announced a definitive merger agreement with Fentura Financial, Inc., expected to close in the first quarter of 2025, which will create the third-largest publicly traded bank in Michigan with approximately $4.3 billion in consolidated total assets. Merger-related expenses of $645,000 were incurred during the quarter.

Noninterest income increased to $4,867 million from $3,704 million, driven by higher customer service charges and interchange income. However, noninterest expenses rose by 12.3% for the quarter, attributed to inflationary pressures and merger-related costs.

Overall, ChoiceOne Financial Services demonstrated robust growth in assets, profitability, and strategic positioning through its merger plans and capital-raising efforts, reflecting a strong operational performance in a competitive banking environment.