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 This program replaced and superseded all prior repurchase programs for ChoiceOne.