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ChoiceOne Bank's Profit Soars Amid Loan Growth
30 Oct
Summary
- Net income reached $14.5 million in Q3 2026.
- Core loans grew 4.4% annualized in the third quarter.
- Deposits, excluding brokered, rose 10.9% annualized in Q3.
ChoiceOne Financial Services announced strong third-quarter 2026 financial results, with net income reaching $14.5 million. Core loans saw a substantial increase of 4.4% annualized during the quarter, reaching $145.4 million over the twelve months ended September 30, 2026. Deposits, excluding brokered deposits, also experienced significant growth, rising 10.9% annualized in the third quarter.
The bank's net interest margin expanded by 8 basis points to 3.67% in the third quarter of 2026, driven by loan growth and steady funding costs. Asset quality remained strong, with annualized net charge-offs at 0.08% of average loans. Total assets reached $4.5 billion as of September 30, 2026.
ChoiceOne Bank operates 54 offices across West, Central, and Southeast Michigan. The company's CEO, Kelly Potes, expressed confidence in the bank's performance and future growth prospects, citing strong loan production and deposit growth as key drivers.
