ChoiceOne Q4 net income $7.2M, up 35% YoY; EPS $0.79; core loans grow 11% annualized

CHOICEONE FINANCIAL SERVICES INC

2024-FY EPS reported $3.25 revenue$139,099,000

Net income $7.159M in Q4, up 35.3% YoY; adjusted net income $7.532M; diluted EPS $0.79 ($0.83 adjusted).
Core loans grew $40.3M (annualized 11.0%) in Q4; full-year 2024 organic loan growth $114.5M (8.2%).
Deposits (ex-brokered) declined $24M in Q4 due to seasonal public fund outflows; up $79M in 2024.
Asset quality strong: nonperforming loans to total loans 0.27%; annualized net charge-offs 0.04%.
Pending merger with Fentura Financial and State Bank expected to close in Q1 2025.

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