ChoiceOne Financial Services, Inc. reported a consolidated net income of $26.7 million for the fiscal year ending December 31, 2024, reflecting a 25.5% increase from the previous year's net income of $21.3 million. The company's diluted earnings per share rose to $3.25, up from $2.82 in 2023. Total assets increased to $2.7 billion, a growth of $146.5 million compared to the prior year, primarily driven by an increase in core loans, which grew by $114.5 million or 8.2%. The company’s net interest income also saw an increase, reaching $74.4 million, compared to $65.9 million in 2023.
In terms of operational changes, ChoiceOne completed a public offering of 1,380,000 shares of common stock at $25.00 per share in July 2024, generating approximately $34.5 million in gross proceeds. Additionally, the company announced a merger with Fentura Financial, Inc., effective March 1, 2025, which is expected to enhance its market presence and operational capabilities. The merger will consolidate The State Bank, a subsidiary of Fentura, into ChoiceOne Bank, further expanding its footprint in Michigan.
The company reported a total deposit increase of $79 million, or 3.8%, during 2024, with total deposits reaching $2.2 billion. This growth was attributed to new business and the recapture of deposit losses from the previous year. However, the cost of deposits increased from 1.14% in 2023 to 1.58% in 2024, reflecting the rising interest rate environment. ChoiceOne's allowance for credit losses stood at $16.6 million, representing 1.07% of total loans, which totaled $1.5 billion at year-end.
As of December 31, 2024, the company employed 392 individuals, with 336 in full-time positions. The company continues to focus on enhancing its customer engagement and expanding its product offerings, particularly in the fintech space, as evidenced by the establishment of its subsidiary, 109 Technologies, LLC, in July 2023. Looking ahead, ChoiceOne anticipates continued growth driven by strategic initiatives, including the integration of Fentura Financial and ongoing efforts to optimize its balance sheet amid changing market conditions.
About CHOICEONE FINANCIAL SERVICES INC
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