ChoiceOne Q3 net income down 12% to $0.68 EPS; core loans grow 19.8%

CHOICEONE FINANCIAL SERVICES INC

2023-Q3 EPS reported $2.12 revenue$8,514,000

Net income $5.1M ($0.68 diluted EPS) vs $5.8M ($0.77) in Q3 2022.
Net interest margin (FTE) fell to 2.70% from 2.86% in Q2 2023.
Core loans grew organically $60.6M or 19.8% annualized during Q3.
Deposits (ex-brokered) increased $48.9M or 9.6% annualized in Q3.
Asset quality strong: nonperforming loans 0.14%, annualized charge-offs 0.05%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CHOICEONE FINANCIAL SERVICES INC reported the quarter ended September 30, 2023 results: net income $5,122,000, EPS $0.68.

Period: the quarter ended September 30, 2023
Net income: $5,122,000
EPS: $0.68
Result: reported results

Exact text from the filing

ChoiceOne reported net income of $5,122,000 and $15,968,000 for the three and nine months ended September 30, 2023, compared to $5,813,000 and $16,956,000 for the same periods in 2022. Diluted earnings per share were $0.68 and $2.12 in the three and nine months ended September 30, 2023, compared to $0.77 and $2.26 per share in the same periods in the prior year.

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Source: SEC EDGAR

accession 0000950170-23-055008

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