ChoiceOne Financial Services Inc (COFS) has reported a 38.13 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $1.69 million, or $0.51 a share in the quarter, compared with $1.22 million, or $0.37 a share for the same period last year. Revenue during the quarter grew 9.51 percent to $6.86 million from $6.27 million in the previous year period. Net interest income for the quarter rose 5.85 percent over the prior year period to $4.94 million. Non-interest income for the quarter rose 20.21 percent over the last year period to $1.92 million.
“Following ChoiceOne’s highest quarterly net income to date in the third quarter of 2016, we are proud to announce that we have exceeded this mark in the fourth quarter of 2016.” said Kelly Potes, president and chief executive officer of ChoiceOne Financial Services, Inc. “Consecutive record quarters are a great way to end 2016 and we look forward to continued growth and success in 2017.”
Liabilities outpace assets growth
Total assets stood at $607.37 million as on Dec. 31, 2016, up 6.98 percent compared with $567.75 million on Dec. 31, 2015. On the other hand, total liabilities stood at $535.67 million as on Dec. 31, 2016, up 7.59 percent from $497.90 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $364.72 million as on Dec. 31, 2016, up 5.68 percent compared with $345.11 million on Dec. 31, 2015. Deposits stood at $512.39 million as on Dec. 31, 2016, up 7.94 percent compared with $474.70 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $127.61 million or 24.91 percent of total deposits on Dec. 31, 2016, compared with $122.94 million or 25.90 percent of total deposits on Dec. 31, 2015.
Investments stood at $177.96 million as on Dec. 31, 2016, up 8.96 percent or $14.63 million from year-ago. Shareholders equity stood at $71.70 million as on Dec. 31, 2016, up 2.66 percent or $1.86 million from year-ago.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
