Fentura Financial, Inc. announces net income increase and merger with ChoiceOne Financial Services, Inc.

From GlobeNewswire: 2025-01-23 11:11:26

Fentura Financial, Inc. announces net income of $3,730 and $9,367 for the quarter and year ended December 31, 2024, respectively, with a decline in gross loans by $5,487 due to liquidity and capital focus. The all-stock merger with ChoiceOne Financial Services, Inc. will create Michigan’s third-largest bank with $4 billion in assets and 56 offices. Financial performance for the quarter and year ended December 31, 2024, shows an increase in net interest income and adjusted net income compared to the same periods in 2023.
The income statement data for the quarter ending December 31, 2024, shows an increase in net interest income and adjusted net income, with improved asset quality and reduced expenses. Noninterest income for the quarter includes service charges, gains on sales, and fair value changes. Balance sheet data shows stability in total assets, deposits, and shareholders’ equity from September to December 2024.
Total investment securities declined by $5,725, and gross loans decreased by $5,487 from September to December 2024, impacting total assets. The State Bank is a 5-Star Bauer Financial rated bank with 20 full-service offices serving multiple counties. Forward-looking statements are cautious due to economic, competitive, and technological factors affecting operations and services. For more information, visit www.thestatebank.com or www.fentura.com.



Read more at GlobeNewswire: Fentura Financial, Inc. Announces Fourth Quarter 2024