ChoiceOne Q3 net income $7.3M (+43% YoY), EPS $0.85, NIM expands to 3.17%

CHOICEONE FINANCIAL SERVICES INC

2024-Q3 EPS reported $2.46 revenue$103,067,000

Net income $7.348M vs $5.122M YoY (+43.5%); diluted EPS $0.85 ($0.93 adjusted for merger costs).
GAAP NIM 3.17% (up from 2.95% Q2 2024, 2.64% Q3 2023); net interest income $20.2M.
Core loan organic growth $64.5M (18.4% annualized); deposits ex-brokered up $102.1M (19.5% annualized).
Nonperforming loans 0.19% of total loans; net charge-offs 0.02% annualized.
Completed $34.5M capital raise (1.38M shares at $25) and announced merger with Fentura ($1.8B assets).

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