ChoiceOne Financial Services, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2022
January 25, 2023 at 09:02 pm
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ChoiceOne Financial Services, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2022. For the fourth quarter, the company reported net interest income was USD 17.37 million compared to USD 15.75 million a year ago. Net income was USD 6.68 million compared to USD 5.01 million a year ago. Basic earnings per share from continuing operations was USD 0.89 compared to USD 0.67 a year ago. Diluted earnings per share from continuing operations was USD 0.89 compared to USD 0.66 a year ago.
For the full year, net interest income was USD 67.31 million compared to USD 60.64 million a year ago. Net income was USD 23.64 million compared to USD 22.04 million a year ago. Basic earnings per share from continuing operations was USD 3.15 compared to USD 2.87 a year ago. Diluted earnings per share from continuing operations was USD 3.15 compared to USD 2.86 a year ago.
ChoiceOne Financial Services, Inc. is a financial holding company of ChoiceOne Bank (the Bank). The Company's subsidiary, ChoiceOne Bank is a full-service banking institution that offers a range of deposit, payment, credit, and other financial services to all types of customers. Its services include time, savings, demand deposits, safe deposit services and automated transaction machine services. The Bank offers both commercial and consumer loans to corporations, partnerships, and individuals. Its commercial lending covers categories, such as business, industry, agricultural, construction, inventory, and real estate. The Bank's consumer loan department makes direct and indirect loans to consumers and purchasers of residential and real property. In addition, the Bank offers trust and wealth management services. The Bank's primary market area lies within Kent, Muskegon, Newaygo and Ottawa counties in western Michigan and Lapeer, Macomb, and St. Clair counties in southeastern Michigan.