ChoiceOne Financial Services Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2012
January 28, 2013 at 04:32 pm
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ChoiceOne Financial Services Inc. reported unaudited earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net income of $1,104,000 or $0.33 per diluted share compared to $1,019,000 or $0.31 per diluted share in the same quarter in 2011. The increase in net income in both the fourth quarter and the year of 2012 compared to the same periods in 2011 was due to a lower provision for loan losses and higher noninterest income. These were partially offset by lower net interest income and higher noninterest expense in the fourth quarter and the year of 2012 compared to the same periods in 2011. Net interest income was $4,454,000 compared to $4,582,000 for the same period a year ago. Income before income tax was $1,498,000 compared to $1,355,000 for the same period a year ago.
For the full year, the company reported net income of $4,262,000 or $1.29 per diluted share, compared to $3,513,000 or $0.07 per diluted share in the same quarter in 2011. Net interest income was $17,675,000 compared to $17,992,000 for the same period a year ago. Income before income tax was $5,605,000 compared to $4,573,000 for the same period a year ago. Return on average assets (annualized) was 0.85% compared to 0.72% for the same period a year ago. Return on average equity (annualized) was 7.21% compared to 6.26% for the same period a year ago.
Net charge-offs were $461,000 in the fourth quarter of 2012, compared to $521,000 for the same period 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 Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2012