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SPARTA, Mich., Jan. 30, 2021 /PRNewswire/ --ChoiceOne Financial Services, Inc. ("ChoiceOne",NASDAQ:COFS), the parent company for ChoiceOne Bank reported financial results for the quarter and year endedDecember 31, 2020. Significant items impacting comparable fourth quarter and year end2020 and 2019 results include the following: On October 1, 2019, ChoiceOne completed the merger (the "County Merger") of County Bank Corp., the former parent company of Lakestone Bank & Trust, with and into ChoiceOne with ChoiceOne surviving the merger. Lakestone Bank & Trust was consolidated with and into ChoiceOne Bank effective May 15, 2020. The total assets, loans and deposits acquired in the County Merger were approximately $712 million, $424 million and $568 million, respectively. On July 1, 2020, ChoiceOne completed the merger (the "Community Shores Merger") of Community Shores Bank Corporation, the former parent company of Community Shores Bank, with and into ChoiceOne with ChoiceOne surviving the merger. Community Shores Bank was consolidated with and into ChoiceOne Bank effective October 16, 2020. The total assets, loans and deposits acquired in the Community Shores Merger were approximately $244 million, $174 million and $228 million, respectively. ChoiceOne incurred tax-effected merger-related expenses of approximately $547,000 and $2,714,000, respectively ($0.07 per diluted share and $0.36 per diluted share, respectively), for the quarter and year ended December 31, 2020. As the third quarter of 2020 was the first quarter which included the full effect of the County Merger and the Community Shores Merger we have included financial results for the third quarter of 2020 below for comparison. Financial Highlights Net income of $4,100,000 in the fourth quarter of 2020 compared to $3,829,000 in the third quarter of 2020 and 3,027,000 in the fourth quarter of 2019. Diluted earnings per share of $0.52 in the fourth quarter of 2020 compared to $0.49 per share in the third quarter of 2020 and $0.42 in the fourth quarter of 2019. Excluding $547,000 in tax-effected merger-related expenses, net income in the fourth quarter of 2020 was $4,647,000 or $0.59 per diluted share, compared to $3,602,000 in the fourth quarter of 2019 adjusted for tax-effected merger-related expenses. Total deposits grew $88.2 million and $520.0 million in the fourth quarter and year ended December 31, 2020, respectively. Excluding deposits acquired in the Community Shores Merger, total deposits grew $292.0 million for the year ended December 31, 2020. ChoiceOne incurred $1,000,000 in provision for loan losses expense during the fourth quarter of 2020 and $4,000,000 for the year ended December 31, 2020, much of which was related to the impact of the COVID-19 pandemic. ChoiceOnereported net income of$4,100,000for thefourth quarterof2020 compared to $3,829,000 in the third quarter of 2020 and $3,027,000in the fourth quarter of2019. Diluted earnings per share were $0.52 in the fourth quarter of 2020 compared to$0.49per share in thethird quarter of 2020 and $0.42 in the fourth quarter of 2019. Excluding$547,000 and $575,000 in tax-effected merger-related expenses, respectively,net income for the fourth quarter of2020amounted to$4,647,000or$0.59 per diluted share, compared to$3,602,000 or $0.50 per diluted sharein the same period in 2019. Net income for theyear ended December 31,2020was$15,613,000or$2.07 per diluted share, compared to$7,171,000 or $1.58 per diluted share for the year ended December 31, 2019. Excluding $2,714,000 and $1,769,000 in tax-effected merger-related expenses, respectively, net income for theyear ended December 31, 2020 was$18,327,000or$2.43 per diluted share, compared to $8,940,000 or $1.97 per diluted sharein the same period in the prior year. The increases in net income in 2020 as compared to prior periods in 2019 are largely due to the County Merger and the Community Shores Merger. "ChoiceOne is pleased to report continued strong net income for the fourth quarter and the full year of 2020," said ChoiceOne CEO Kelly Potes. "During the fourth quarter, we were able torealize the success and scale of our mergers. Our increased scale, expert teams,technology and our ability to remain nimble during the COVID-19 pandemic, allowed us to meet the demands and opportunities presented during 2020. Total assets grew $90.1 million in the fourth quarter of 2020 and $533.7 million in the year ended December 31, 2020. Grossloans declined slightly in the fourth quarter due to the forgiveness of $23.4 millionin Paycheck Protection Program (PPP) loans during the quarter, which provided $1.2million in fee income for the fourth quarter of 2020. PPP fee income for the year ended December 31, 2020 was $3.0million with $1.9 million remaining in deferred fees from PPP loans originated in 2020. ChoiceOne incurred $1,000,000 in provision for loan losses expense during the fourthquarter and $4,000,000 in the year ended December 31, 2020, much of which was related to the impact of the COVID-19 pandemic. The remaining credit mark on loans acquired from Lakestone Bank & Trust and Community Shores Bank totaled $9.5 million as of December 31, 2020. Although ChoiceOne has not seen significant increases incharge-offs or delinquencies as a result of the COVID-19 pandemic, management iscontinuing to monitor deferrals and economic indicators which may signify the need for increased provision for loan losses expense. ChoiceOne grew the securities balance $182.9 million or 45.4% during the fourth quarter of 2020, most of which was purchased in December. This led to an increase in securities interest income of $173,000 in the fourth quarter or 8.2% compared to the third quarter in 2020, with the growth in the securities balance expected to have a larger impact in 2021. Deposits grew by 5.6% or $88.2 million during the fourth quarter of 2020. Excluding deposits acquired in the Community Shores Merger, deposits grew by $292.0 million for the year ended December 31, 2020. A portion of this growth wasrelated to the stimulus package included in the CARES Act as well as funds on deposit from PPP loans that were not fully utilized as ofDecember 31, 2020. Total noninterest income decreased$638,000in the fourth quarter of 2020 compared to the third quarter of 2020 but increased $13.5million in the year ended December 31, 2020 compared to the year ended December 31, 2019. This was largely due to gains on sales of loans which increased $9.4 million during 2020. Gains on sales of securities were $1.3 millionhigher in 2020 compared to 2019as a resultof a restructuring of ChoiceOne's securities portfolio in the second quarter of 2020. Although customer service charges increased overall, they declined as a percentage of depositsdue to the effect of the COVID-19 pandemic on customer activity levels. Total noninterest expense declined by $781,000 in the fourth quarter of 2020 compared to the third quarter of 2020 but increased $22.4million for the year ended December 31, 2020 compared to the year ended December 31, 2019.Much of the increase wasdue to growthandexpenses related to the consolidation of ChoiceOne Bank and Lakestone Bank &Trust in May 2020, the Community Shores Merger in July 2020, and the consolidation of ChoiceOne Bank and Community Shores Bank in October 2020. Other contributing factors to the higher level of noninterest expense in 2020 were amortization of the core deposit intangible and increased costs related to higher mortgage volume levels in 2020 compared to the prior year. "ChoiceOne is well positioned to grow our community bank franchise across our expanded network," said Potes. "We continue to keep the safety and security of our customers, employees and those in our communities at the forefront of our growth." About ChoiceOneChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan and the parent corporation of ChoiceOne Bank. Member FDIC. ChoiceOne Bank operates 34offices in parts of Kent, Lapeer, Macomb, Muskegon, Newaygo, Ottawa, and St. Clair counties. ChoiceOne Bank offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies, Inc. For more information, please visit Investor Relations at ChoiceOne's website at choiceone.com. Non-GAAP Financial MeasuresThis press release contains references to net income and net income per diluted share, eachexcluding tax-effected merger expenses, which are financial measures that arenot defined in U.S. generally accepted accounting principles ("GAAP"). Management believes thesenon-GAAP financial measures provideadditional information that is useful to investors in helping to understand the underlying financial performance of ChoiceOne. Non-GAAP financial measures have inherent limitations. Readers should be aware of these limitations and should be cautious with respect to the use of such measures. To compensate for these limitations, we use non-GAAP measures as comparative tools, together with GAAP measures, to assist in the evaluation of our operating performance or financial condition. Also, we ensure that these measures are calculated using the appropriate GAAP or regulatory components in their entirety and that they are computed in a manner intended to facilitate consistent period-to-period comparisons. ChoiceOne's method of calculating these non-GAAP financial measures may differ from methods used by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for those financial measures prepared in accordance with GAAP or in-effect regulatory requirements. Where non-GAAP financial measures are used, the most directly comparable GAAP or regulatory financial measure, as well as the reconciliation to the most directly comparable GAAP or regulatory financial measure, can be found in this news release. See Non-GAAP Reconciliation. Forward-Looking StatementsThis release may contain forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "is likely," "plans," "predicts," "projects," "may," "could," "look forward," "continue", "future" and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements reflect current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, including without limitation the impact of the global coronavirus outbreak (COVID-19). Therefore, actual results and outcomes may materially differ from what may be expressed, implied or forecasted in such forward-looking statements. Furthermore, ChoiceOne undertakes no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise. The COVID-19 pandemic is adversely affecting us and our customers, counterparties, employees, and third-party service providers. The ultimate extent of the impacts on our business, financial position, results of operations, liquidity, and prospects is uncertain. Additional risk factors include, but are not limited to, the risk factors described in Item 1A in ChoiceOne Financial Services, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2019 and in Item 1A in ChoiceOne Financial Services, Inc.'s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020. Condensed Balance Sheets (Unaudited) (In thousands) 12/31/2020 09/30/2020 12/31/2019 Cash and Cash Equivalents $ 79,519 $ 117,883 $ 59,558 Securities 585,714 402,777 348,888 Loans Held For Sale 12,921 35,826 3,095 Loans to Other Financial Institutions 35,209 55,064 51,048 Loans, Net of Allowance For Loan Losses 1,062,076 1,072,111 797,991 Premises and Equipment 29,913 29,927 24,265 Cash Surrender Value of Life Insurance Policies 32,751 32,557 31,979 Goodwill 60,506 60,506 52,870 Core Deposit Intangible 5,269 5,664 6,006 Other Assets 15,967 16,669 10,428 Total Assets $ 1,919,845 $ 1,828,984 $ 1,386,128 Noninterest-bearing Deposits $ 477,688 $ 447,548 $ 287,460 Interest-bearing Deposits 1,196,924 1,138,822 867,142 Borrowings 12,417 13,234 33,198 Other Liabilities 5,524 6,454 6,189 Total Liabilities 1,692,553 1,606,058 1,193,989 Shareholders' Equity 227,292 222,926 192,139 Total Liabilities and Shareholders' Equity $ 1,919,845 $ 1,828,984 $ 1,386,128 Condensed Statements of Income (Unaudited) Three Months Ended Twelve Months Ended (In Thousands, Except Per Share Data) 12/31/2020 9/30/2020 12/31/2019 12/31/2020 12/31/2019 Interest Income Loans, including fees $ 12,764 $ 13,047 $ 10,713 $ 46,874 $ 26,777 Securities and other 2,277 2,103 2,168 8,841 5,696 Total Interest Income 15,041 15,150 12,881 55,715 32,473 Interest Expense Deposits 949 946 1,440 4,178 4,188 Borrowings 100 143 235 466 512 Total Interest Expense 1,049 1,089 1,675 4,644 4,700 Net Interest Income 13,992 14,062 11,206 51,071 27,773 Provision for Loan Losses 1,000 1,225 - 4,000 - Net Interest Income After Provision for Loan Losses 12,992 12,837 11,206 47,071 27,773 Noninterest Income Customer service charges 1,817 2,059 2,002 7,123 5,277 Insurance and investment commissions 125 137 85 541 310 Gains on sales of loans 2,958 3,617 578 11,314 1,951 Gains on sales of securities (0) (35) - 1,308 22 Trust income 169 197 162 738 162 Earnings on life insurance policies 195 193 483 772 773 Change in market value of equity securities 29 (238) (119) (155) - Other income 395 396 209 1,056 626 Total Noninterest Income 5,688 6,326 3,400 22,697 9,121 Noninterest Expense Salaries and benefits 6,994 8,058 5,486 26,539 14,401 Occupancy and equipment 1,598 1,556 1,290 5,783 3,557 Data processing 2,128 1,585 1,396 6,765 3,210 Professional fees 819 1,221 1,081 3,716 3,112 Core deposit intangible amortization 396 395 277 1,498 277 Other expenses 1,833 1,734 1,426 6,582 3,872 Total Noninterest Expense 13,768 14,549 10,956 50,883 28,429 Income Before Income Tax 4,912 4,614 3,650 18,885 8,465 Income Tax Expense 812 785 623 3,272 1,294 Net Income $ 4,100 $ 3,829 $ 3,027 $ 15,613 $ 7,171 Basic Earnings Per Share $ 0.53 $ 0.49 $ 0.44 $ 2.08 $ 1.58 Diluted Earnings Per Share $ 0.52 $ 0.49 $ 0.44 $ 2.07 $ 1.58 Non-GAAP Reconciliation(Unaudited) In addition to analyzing the Company's results on a reported basis, management reviews the Company's results and the results on an adjusted basis. The non-GAAP measures presented in the table below reflect the adjustments of the reported U.S. GAAP results for significant items that management does not believe are reflective of the Company's current and ongoing operations. Three Months Ended Year Ended (In Thousands, Except Per Share Data) 12/31/2020 12/31/2019 12/31/2020 12/31/2019 Income before income tax $ 4,912 $ 3,650 $ 18,885 $ 8,465 Adjustment for merger-related expenses 692 650 3,219 2,001 Adjusted income before income tax $ 5,604 $ 4,300 $ 22,104 $ 10,466 Income tax expense $ 812 $ 623 $ 3,272 $ 1,294 Tax impact on adjustment for merger-related expenses 145 58 505 232 Adjusted income tax expense $ 957 $ 681 $ 3,777 $ 1,526 Net income $ 4,100 $ 3,027 $ 15,613 $ 7,171 Adjusted net income $ 4,647 $ 3,619 $ 18,327 $ 8,940 Basic earnings per share $ 0.53 $ 0.44 $ 2.08 $ 1.58 Diluted earnings per share $ 0.52 $ 0.44 $ 2.07 $ 1.58 Adjusted basic earnings per share $ 0.60 $ 0.50 $ 2.44 $ 1.97 Adjusted diluted earnings per share $ 0.59 $ 0.50 $ 2.43 $ 1.97 SOURCE ChoiceOne Financial Services, Inc.

Answer: ChoiceOne Financial Reports Fourth Quarter And Year End 2020 Results