ChoiceOne Financial Services, Inc. · NASDAQ:COFS
ChoiceOne Financial Services — Q3 2026 Earnings Presentation
26 slides from ChoiceOne Financial Services's earnings presentation, Nov 5, 2026
Slide 1: Investor Presentation Third Quarter 2026
INVESTOR PRESENTATION THIRD QUARTER 2026
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and ChoiceOne. Words such as “anticipates,” “believes,” “estimates
Slide 3: Mission and Vision
Our mission is to provide superior service, quality advice, and show utmost respect to everyone we meet. Our vision is to be the best bank in Michigan. 3
Slide 4: Company Overview and Summary Financials
COMPANY OVERVIEW SUMMARY FINANCIALS ChoiceOne Bank maintains the community feel of a small-town bank with the technological capabilities and product offerings of a larger bank. (9/30/2026) Founded in 1898, ChoiceOne is a Michigan-based community bank combining local decision-making with modern digit
Slide 5: Management Team
MANAGEMENT TEAM KELLY J. POTES | CEO MICHAEL J. BURKE, JR. | PRESIDENT Mr. Kelly J. Potes, CFP, joined ChoiceOne Bank in 1984 and has held Mr. Michael J. Burke Jr. has served as President at ChoiceOne since May 2020 and oversees lending and operations. Previously, he served as President, CEO, COO an
Slide 6: Awards & Accomplishments
AWARDS & ACCOMPLISHMENTS ChoiceOne Bank has been recognized as a top-tier community bank in Michigan and in the banking industry. Other Awards & Accomplishments Newsweek Best Small Bank in Michigan Michigan Certified Development Corporation - MCDC Community Bank Lender of the Year Award Web Marketin
Slide 7: M&A History
M&A HISTORY COFS M&A HISTORY Deal Profile (Announcement) Target Operating Metrics (Quarter Before Transaction Overview Target City, Announced Deal Metrics Announcement) Gross Loans Target Announcement Date Deal Value Consideration Total Assets LTM ROAA Earn back Price / Tangible book State 100.0% St
Slide 8: ChoiceOne Bank Footprint
CHOICEONE BANK FOOTPRINT 8
Slide 9: Recent Statewide Market Consolidation
RECENT STATEWIDE MARKET CONSOLIDATION In 2015, there were 135 banks with a presence in Michigan; today, there are only 92. 2015 Market Data Deposits 2025 Market Data State Deposits in Market ($MM) 62,949 55,760 37,449 31,281 21,416 21,197 6,652 # of Market Share (%) # of Branches Market Share (%) Ra
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Slide 11: Q3 2026 Financial Highlights
Q3 2026 FINANCIAL HIGHLIGHTS NET INCOME EPS COST OF DEPOSITS ROA $14.5M $0.97 1.54% 1.30% $0.97 diluted EPS; $40.7M / $2.71 YTD annualized Q3 2026 annualized Q3 2026 TCE / TANGIBLE ASSETS CORE LOAN GROWTH DEPOSIT GROWTH GAAP NIM 7.29% +$33.6M 10.9% 3.67% 3.71% FTE NIM; accretion from acquired loans
Slide 12: Net Interest Margin Bridge: Q2 2026 to Q3 2026
NET INTEREST MARGIN (NIM) BRIDGE: Q2 2026 TO Q3 2026 2bps 3.71% 4bps ▪ ▪ Interest income due to accretion from purchased loans increased GAAP net interest margin by 25 and 23 basis points in the third quarter of 2026 and the second quarter of 2025, respectively 2bps Estimated interest income due to
Slide 13: Deposit Mix – ChoiceOne Bank
DEPOSIT MIX – CHOICEONE BANK Deposit Mix and Detail (9/30/2026) Checking and Savings Deposit Mix (9/30/2026) (1) Commentary Best-in-Class Deposit & Treasury Solutions Providing businesses with advanced digital cash management, payment, and reporting capabilities, including: a) Enhanced fraud prevent
Slide 14: Deposit Mix – ChoiceOne Bank (Cont.)
DEPOSIT MIX – CHOICEONE BANK (CONT.) Deposit Mix and Detail $3,671,769 16% $3,667,391 17% $3,601,832 17% $3,567,031 18% $3,600,025 17% 3% 2% 3% 2% 3% 55% 25% 53% 26% 56% 25% 55% 25% 56% 25% Deposit Cost and Detail 14 Source: Numbers based on ChoiceOne internal data as of 9/30/2026 except where speci
Slide 15: Loan Mix – ChoiceOne Bank
LOAN MIX – CHOICEONE BANK Commentary Loan Mix and Detail (9/30/2026) (1) ▪ ▪ ▪ Strong commercial real estate portfolio – 39.9% of CRE loans are owner occupied at September 30 2026. Yield on loans of 6.24% for the third quarter of 2026, including interest income due to accretion from purchased loans
Slide 16: Non-Owner Occupied Commercial Real Estate
NON-OWNER OCCUPIED COMMERCIAL REAL ESTATE PER REGULATORY CALL CODES Non-Owner Occupied Commercial Real Estate NOO CRE COMPOSITION (9/30/2026) ▪ ▪ Diversified local NOO CRE portfolio with average loan size of $1.1 million. Office-non medical loans are located in our local suburban markets with an ave
Slide 17: Investment Portfolio – COFS
INVESTMENT PORTFOLIO – COFS Securities Portfolio Breakdown AFS(1) Securities Portfolio Breakdown HTM (1) $527.3 $376.6 Million Million (2) (2) SECURITIES PORTFOLIO HIGHLIGHTS •Total securities portfolio of $904 million consists of high-quality securities to be used for liquidity and cash flow • 82%
Slide 18: Non-Interest Income – COFS
NON-INTEREST INCOME – COFS Diversified sources of non-interest income with multiple lines of business including Trust and Wealth Management 9/30/2026 Quarterly 8% Gain on Sale of Loans 55% Service Charges & Interchange $6.7 Million Trust and Wealth Management 20% 9% BOLI Revenue Other Income and Fee
Slide 19: Credit Quality
CREDIT QUALITY NET CHARGE-OFFS 0.08% ALLOWANCE TO LOANS ALLOWANCE TO NPAs TEXAS RATIO 1.16% 93% 10.49% Annualized NCOs / average loans Excludes loans held for sale Nonperforming loans (includes OREO) Percent of Nonperforming Loans with Guarantee NON-ACCRUING LOANS NPAs / TOTAL ASSETS NPLs / LOANS $3
Slide 20: Capital
CAPITAL Regulatory Ratios On July 26, 2024, ChoiceOne completed an underwritten public offering of 1,380,000 shares of its common stock at a price to the public of $25.00 per share for aggregate gross proceeds of approximately $34.5 million before deducting underwriting discounts and estimated offer
Slide 21: COFS Trades on NASDAQ
COFS TRADES ON NASDAQ® ChoiceOne trades on the NASDAQ Stock Exchange under its symbol, “COFS” Analyst Coverage of ChoiceOne Market Makers in ChoiceOne Brean Capital, LLC Daniel Cardenas dcardenas@breancapital.com Brean Capital, LLC Nick Bicking 614.634.4584 D. A. Davidson & Co. Jeff Rulis jrulis@dad
Slide 22: Other Selected Highlights – COFS
OTHER SELECTED HIGHLIGHTS – COFS 22 Source: Numbers based on ChoiceOne internal data as of 9/30/2026 except where specifically identified (1) See Non-GAAP Reconciliation
Slide 23: Appendix: Non-GAAP Reconciliation
APPENDIX NON-GAAP RECONCILIATION (1) Adjusted to a fully tax-equivalent basis to facilitate comparison to taxable interest-earning assets. The adjustment uses an incremental tax rate of 21%. The presentation of these measures on a tax- equivalent basis is not in accordance with GAAP but is customary
Slide 24: Appendix: Non-GAAP Reconciliation (dollars in thousands)
APPENDIX NON-GAAP RECONCILIATION (dollars in thousands) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Shareholders' equity Less: goodwill Less: core deposit intangible Tangible common equity Common stock shares outstanding Tangible book value per share $ 449,615 126,730 31,694 291,191 15,018 19.39 $ 465,3
Slide 25: Appendix: Quarterly Average Balances and Tax-Equivalent Interest Rates
APPENDIX QUARTERLY AVERAGE BALANCES AND TAX-EQUIVALENT INTEREST RATES Three Months Ended September 30, 2025 Average Three Months Ended June 30, 2026 Average Change from Q226 to Q326 Average Three Months Ended September 30, 2026 Average (Dollars in thousands) Balance Interest Rate Balance Interest Ra
Slide 26: Appendix: Loans by Loan Category
APPENDIX LOANS BY LOAN CATEGORY 26 Source: Numbers based on ChoiceOne internal data as of 9/30/2026 except where specifically identified Note: Excludes loans held for sale
Choiceone Financial Services — Q3 2026 Earnings Presentation on 6ix