ChoiceOne Financial Services Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2011
January 30, 2012 at 04:39 pm
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ChoiceOne Financial Services Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net interest income of $4,582,000 against $4,436,000 a year ago. Income before income tax was $1,355,000 against $801,000 a year ago. Net income was $1,019,000 or $0.31 per diluted share against $659,000 or $0.20 per diluted share a year ago. The increase in net income was due to higher net interest income, lower provisions for loan losses, and higher noninterest income.
For the full year, the company reported net interest income of $17,922,000 against $16,995,000 a year ago. Income before income tax was $4,573,000 against $3,365,000 a year ago. Net income was $3,513,000 or $1.07 per diluted share against $2,711,000 or $0.83 per diluted share a year ago. Return on average assets (annualized) was 0.72% against 0.58% a year ago. Return on average equity (annualized) was 6.26% against 5.02% a year ago.
For the fourth quarter of 2011, the company recorded net charge-offs were $521,000 compared to $1,112,000 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.
ChoiceOne Financial Services Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2011