According to ChoiceOne, the change in net income in the second quarter and first half was higher primarily due to a higher provision for loan losses. The provision was $450,000 in the just passed quarter, compared with in the same quarter in the prior year and was $1 million in the first half of 2008, versus $370,000 in the first half of 2007.
Total assets declined by $2.2 million in the 12 months ended June 30, totaling $466 million at the end of the second quarter. Net loans decreased $4.5 million in the 12 months ended June 30, totaling $324 million. The company indicated that the decrease was caused by a decline in residential mortgage loans. Net loans have decrease less than $1 million since the end or 2007. Local deposits have grown $3.1 million since the end of 2007 and $9.5 million in the last 12 months while $20.3 million of higher-cost brokered deposits were paid off in the last four quarters.