ChoiceOne reports Q2 net income $6.6M, EPS $0.87, NIM expands to 2.95%

CHOICEONE FINANCIAL SERVICES INC

2024-06-30 EPS reported $1.61 revenue$66,510,000

Net income $6.586M ($0.87 diluted EPS) for Q2 2024 vs $5.213M ($0.69) YoY, up 26.3%.
GAAP net interest margin 2.95% in Q2 vs 2.67% prior quarter and 2.79% YoY; NII $18.4M aided by swap settlements of $974k.
Core loans grew organically $12.4M annualized 3.6%; deposits ex-brokered decreased $44.4M due to seasonal public funds.
Nonperforming loans only 0.16% of total loans; allowance for credit losses 1.12% of loans.
Bank well-capitalized with risk-based capital ratio 13.2% at June 30, 2024; shareholders' equity $214.5M.

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