ChoiceOne Q1 net income $5.63M ($0.75 EPS) down 15.7% sequentially; core loans grow 7% annualized

CHOICEONE FINANCIAL SERVICES INC

2023-Q1 EPS reported $0.75 revenue$2,784,000

Net income $5.63M ($0.75 diluted EPS) vs $6.68M ($0.89) in Q4 2022 and $5.53M ($0.74) in Q1 2022.
Core loans grew $20.8M (7.0% annualized) in Q1 and $191.7M (18.8%) YoY, driven by new Michigan relationships.
Deposits ex-brokered fell $77.5M (3.6% YoY); $33.6M moved to ChoiceOne Wealth due to rate competition.
Adopted CECL Jan 1, increasing allowance for credit losses by $7.2M and adding $3.3M liability for unfunded loans.
Shareholders' equity dropped to $168.7M from $191.1M YoY; bank remains well-capitalized at 13.0% risk-based capital.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CHOICEONE FINANCIAL SERVICES INC reported the three months ended March 31, 2023 results: net income $5,633,000, EPS $0.75.

Period: the three months ended March 31, 2023
Net income: $5,633,000
EPS: $0.75
Result: reported results

Exact text from the filing

ChoiceOne reported net income of $5,633,000 for the three months ended March 31, 2023, compared to $6,684,000 and $5,528,000 for the three months ended December 31, 2022 and March 31, 2022, respectively. Diluted earnings per share were $0.75 in the three months ended March 31, 2023, compared to $0.89 and $0.74 for the three months ended December 31, 2022 and March 31, 2022, respectively.

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Source: SEC EDGAR

accession 0000950170-23-014797

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