ChoiceOne Financial Services, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company achieved a net income of $13.5 million for the three months ended June 30, 2025, compared to $6.6 million for the same period in 2024. However, for the six months ended June 30, 2025, ChoiceOne recorded a net loss of $372,000, a decline from a net income of $12.2 million in the prior year. The diluted earnings per share for the second quarter was $0.90, up from $0.87 in the previous year, while the diluted loss per share for the first half of 2025 was $(0.03), compared to $1.61 in the same period of 2024.
The company's total assets surged to $4.3 billion as of June 30, 2025, a substantial increase from $2.7 billion at the end of 2024, primarily driven by the merger with Fentura Financial, Inc. on March 1, 2025. This merger added approximately $1.8 billion in assets, including $1.4 billion in loans and $1.4 billion in deposits. Core loans, which exclude loans held for sale, grew organically by $140.1 million or 10% year-over-year, although they experienced a slight decline of $4.8 million on an annualized basis during the second quarter.
In terms of operational metrics, ChoiceOne's total deposits reached $3.6 billion, with noninterest-bearing deposits increasing to $943.9 million. The company reported a loan-to-deposit ratio of 81.5% as of June 30, 2025. The allowance for credit losses increased to $34.8 million, representing 1.19% of total loans, compared to 1.07% at the end of 2024. The company also noted a rise in nonperforming loans to total loans, which stood at 0.66% as of June 30, 2025, with a significant portion attributed to loans acquired through the merger.
Looking ahead, ChoiceOne's management expressed optimism about the company's growth trajectory, particularly in light of the merger's contributions to its market presence and financial strength. The company anticipates continued organic loan growth and is focused on managing its balance sheet effectively to support this growth. Additionally, the management is committed to maintaining a strong capital position, with a total risk-based capital ratio of 12.4% as of June 30, 2025, ensuring compliance with regulatory requirements.
About CHOICEONE FINANCIAL SERVICES INC
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