ChoiceOne Q2 net income $5.6M, EPS $0.75; core loans grow 23.8% annualized

CHOICEONE FINANCIAL SERVICES INC

2022-Q2 EPS reported $1.49 revenue$5,608,000

Net income $5.615M ($0.75 diluted EPS) vs $5.043M ($0.65) in Q2 2021.
Core loans grew organically $60.7M (23.8% annualized) in Q2; commercial loans drove $42.0M.
Total deposits up 13.7% YoY to $257.8M; interest expense rose only 3.5% in H1.
No provision for loan losses; allowance 0.69% of total loans.
Expanding into Oakland County with a new loan production office.

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