ChoiceOne Q1 EPS $0.74 (flat YoY); forward swaps add $732K/mo to NII starting May

CHOICEONE FINANCIAL SERVICES INC

2024-Q1 EPS reported $0.74 revenue$32,483,000

Net income $5.6M, essentially flat; diluted EPS $0.74 vs $0.75 in Q1 2023.
Core loan balances up 14.7% YoY to $1.41B; deposits ex-brokered up 3.7% YoY to $2.1B.
Net interest margin (FTE) 2.74%, down from 3.09% YoY but up from 2.72% QoQ.
Noninterest expense down $311K YoY to $13.7M; expects ~$700K annual savings from branch closures.
$200M forward starting pay-fixed swaps (2.75% fixed, receive SOFR) start late Apr; add $432K/mo to NII, plus $300K/mo amortization ends in May.

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 March 31, 2024 results: net income $5,634,000, EPS $0.74.

Period: the quarter ended March 31, 2024
Net income: $5,634,000
EPS: $0.74
Result: reported results

Exact text from the filing

ChoiceOne reported net income of $5,634,000 for the three months ended March 31, 2024, compared to $5,633,000 for the same period in 2023. Diluted earnings per share were $0.74 in the three months ended March 31, 2024, compared to $0.75 per share in the same period in the prior year.

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Source: SEC EDGAR

accession 0000950170-24-047566

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