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choiceone FINANCIAL SERVICES , INC . News Release CONTACT : EXHIBIT 99.1 TOM LAMPEN , CHOICEONE BANK ( 616 ) 887-2337 TLAMPEN@CHOICEONE.COM CHOICE ONE FINANCIAL REPORTS THIRD QUARTER 2021 RESULTS SPARTA , MICHIGAN - OCTOBER 27 , 2021 - CHOICEONE FINANCIAL SERVICES , INC . ( " CHOICEONE " , NASDAQ : COFS ) , THE PARENT COMPANY FOR CHOICEONE BANK , REPORTED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30 , 2021 . Significant items impacting comparable nine months ended September 30 , 2021 and 2020 results included the following : § § On July 1 , 2020 , ChoiceOne completed the merger of Community Shores Bank Corporation ( " Community Shores " ) , 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 ( the " Bank " ) effective October 16 , 2020. The total assets , loans and deposits acquired in the merger with Community Shores were approximately $ 244.0 million , $ 173.9 million and $ 227.8 million , respectively . There were no merger - related expenses in the first nine months of 2021. ChoiceOne incurred tax - effected merger - related expenses of approximately $ 1.4 million and $ 2.2 million , respectively ( $ 0.18 per diluted share and $ 0.29 per diluted share , respectively ) , for the third quarter and nine months ended September 30 , 2020 . Financial Highlights § § Net income of $ 5,749,000 and $ 17,030,000 for the three and nine months ended September 30 , 2021 compared to $ 3,829,000 and $ 11,513,000 in the same periods in 2020 . Diluted earnings per share of $ 0.75 and $ 2.20 in the three and nine months ended September 30 , 2021 compared to $ 0.49 and $ 1.55 per share in the same periods in the prior year . § Excluding PPP loans forgiven during the quarter , ChoiceOne grew loans organically by $ 32.5 million during the third quarter of 2021 . § § § § § In the third quarter and first nine months of 2021 , $ 48.7 million and $ 164.5 million of Paycheck Protection Program ( " PPP " ) loans were forgiven resulting in $ 1.6 million and $ 4.0 million of fee income , respectively . $ 2.4 million in PPP fee income remains deferred as of September 30 , 2021 . Total deposits grew $ 131.4 million in the third quarter of 2021 and $ 425.8 million since the third quarter of 2020 . In September 2021 , ChoiceOne completed a private placement of $ 32.5 million in aggregate principal amount of 3.25 % fixed - to - floating rate subordinated notes due 2031. ChoiceOne intends to use net proceeds of the private placement for general corporate purposes , including support for organic growth plans , possible redemption of senior debt , common stock repurchases , and support for bank - level capital ratios . ChoiceOne repurchased approximately 223,000 shares for $ 5.6 million , or a weighted average all - in cost per share of $ 24.94 , during the first nine months of 2021. This was part of the common stock repurchase program announced in April 2021 which authorized repurchases of up to 390,114 shares , representing 5 % of the total outstanding shares of common stock as of the date the plan was adopted . This program replaced and superseded all prior repurchase programs for ChoiceOne . During the third quarter of 2021 , ChoiceOne agreed to become a limited partner in Banktech Ventures LP , a venture capital fund that specializes in connecting and accelerating bank technology - focused startups . ChoiceOne reported net income of $ 5,749,000 for the third quarter of 2021 compared to $ 3,829,000 in the same period in 2020. Diluted earnings per share were $ 0.75 in the third quarter of 2021 compared to $ 0.49 per share in the third quarter of the prior year . Excluding $ 1.4 million in tax - effected merger related expenses , net income for the third quarter of 2020 was $ 5,252,000 and $ 0.67 per diluted share . Net income for the first nine months of 2021 was $ 17,030,000 or $ 2.20 per diluted share , compared to $ 11,513,000 or $ 1.55 per diluted share in the first nine months of 2020. Net income for the first nine months of 2020 , excluding $ 2.2 million of tax - effected merger expenses , was $ 13,680,000 or $ 1.84 per diluted share . Total assets grew $ 156.0 million from June 30 , 2021 to September 30 2021 due in part to $ 131.4 million in deposit growth during the third quarter of 2021. Total assets grew $ 447.9 million in the twelve months ended September 30 , 2021 , while deposit growth during the twelve months ended September 30 , 2021 was $ 425.8 million . Despite the large increase in deposits , ChoiceOne has been able to maintain low deposit costs ; interest expense from deposits decreased $ 109,000 in the third quarter of 2021 and $ 673,000 in the first nine months of 2021 compared to the same periods in 2020 . Excluding PPP loans forgiven during the quarter , Choice One grew loans organically by $ 32.5 million during the third quarter of 2021 due in part to new experienced lenders and an emphasis on organic loan growth during 2021. In the third quarter and first nine months of 2021 , $ 48.7 million and $ 164.5 million of Paycheck Protection Program ( " PPP " ) loans were forgiven resulting in $ 1.6 million and $ 4.0 million of fee income , respectively . $ 2.4 million in PPP fee income remains deferred as of September 30 , 2021. During the third quarter and first nine months of 2021 , ChoiceOne recorded accretion income related to paydowns of acquired loans in the amount of $ 253,000 and $ 924,000 , respectively . The remaining credit mark on acquired loans from the recent mergers with County Bank Corp. and Community Shores totaled $ 7.1 million as of September 30 , 2021. ChoiceOne had no provision expense