Choiceone Financial Services, Inc. · NASDAQ:COFS
Choiceone Financial Services — Q3 2025 Earnings Presentation
29 slides from Choiceone Financial Services's earnings presentation, Nov 6, 2025
Slide 1: Investor Presentation Third Quarter 2025
INVESTOR PRESENTATION THIRD QUARTER 2025
Slide 2: Forward-Looking Statements
2 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,” “es
Slide 3: Vision and mission
3 Our vision is to be the best bank in Michigan. Our mission is to provide superior service, quality advice, and show utmost respect to everyone we meet.
Slide 4: Company Profile
4 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified Note: All dollars in millions COMPANY PROFILE ChoiceOne Bank maintains the community feel of a small - town bank with the technological capabilities and product offerings of a larger bank ChoiceOn
Slide 5: Management Team
5 MANAGEMENT TEAM 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 and Director at Lakestone Bank & Trust which was merged into ChoiceOne . Mr . Burke is highly involved in organizations
Slide 6: Awards & Accomplishments
6 AWARDS & ACCOMPLISHMENTS With an abundance of accolades & awards, ChoiceOne Bank has been recognized as a top - tier community bank in Michigan and in the banking industry. Michigan Certified Development Corporation - MCDC Community Bank Lender of the Year Award 2025 Web Marketing Association - WM
Slide 7: M&A History
7 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified Note: All dollars in millions, unless otherwise noted; deals sorted by announcement date M&A HISTORY COFS has completed four whole bank M&A deals, most recently, the Merger with Fentura in March o
Slide 8: Branch footprint map
@ Legacy ChoiceOne Branches jiously NeWAYGO. ens no = bec. SHIAWASSEE aS,
Slide 9: Financial Summary
FINANCIAL SUMMARY
Slide 10: Historic Balance Sheet Growth – COFS
10 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified; Note: All dollars in thousands 1. For Q3 2025, Includes impact of Merger of Fentura Financial Inc. of $1.8 billion in assets, $1.4 billion in loans, 1.4 billio n i s Deposits and $193 million of
Slide 11: Attractive Deposit Mix – ChoiceOne Bank
11 Business - Transactional 24% Business - Savings 13% Retail - Transactional 18% Retail - Savings 23% Public Funds - Transactional 10% Public Funds - Savings 12% ▪ Diverse local deposit franchise of retail, business, and municipal accounts ▪ Launched new treasury management platform in 2023 with be
Slide 12: Attractive Deposit Mix – ChoiceOne Bank (Cont.)
12 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Brokered Deposits Certificate of Deposit IB Deposits NIB Deposits Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified Note: All dollars in thousands; costs are annualized on a quarterly basis ATTRACTIVE DEPO
Slide 13: Attractive Loan Mix – ChoiceOne Bank
13 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified Note: All dollars in thousands; yields are annualized on a quarterly basis (1) Detail by types per call report codes ATTRACTIVE LOAN MIX – CHOICEONE BANK ▪ Strong commercial real estate portfolio
Slide 14: Non-Owner Occupied Commercial Real Estate per Regulatory Call Codes
14 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified (1) Detail by types per purpose code for call report codes 1E2, 1A1,1A2 and 1D loans (2) Construction and land development contains all 1A1 and 1A2 loans NON - OWNER OCCUPIED COMMERCIAL REAL ESTA
Slide 15: Investment Portfolio – COFS
15 Commercial Mortgage Backed 25% Mortgage - Backed 12% Asset - Backed Securities 1% Corporate 2% State and MUNI - Tax Exempt 31% State and MUNI - Taxable 19% US Treasury Bonds and Agency 10% Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified (1) Se
Slide 16: Interest Rate Swaps
16 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified Note: All dollars in thousands (1) For each 25 - basis point increase or decrease in SOFR rate projected quarterly net interest income will increase or decrease, res pectively, by approximately $
Slide 17: Financial Performance Metrics – COFS
17 3.14% 3.09% 2.83% 3.01% 3.77% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 2021 2022 2023 2024 Q3 2025 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified (1) Net interest margin (tax - equivalent basis). See Non - GAAP reconciliation (2)
Slide 18: Non-Interest Income – COFS
18 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified Note: Non - interest Income amounts exclude gains (losses) on sales of securities, other assets, and changes in value of equity se curities NON - INTEREST INCOME – COFS Diversified sources of non
Slide 19: Asset Quality – COFS
19 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified (1) Excluding held for sale loans ASSET QUALITY – COFS Strong credit metrics Net Charge - Offs / Average Loans NPLs / Loans (1) Texas Ratio NPAs / Total Assets 39 basis points of increase due to
Slide 20: Capital
20 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified (1) See Non - GAAP Reconciliation 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
Slide 21: COFS Trades on NASDAQ
21 C OF S T R ADES ON NAS D A Q ® ChoiceOne trades on the NASDAQ S t ock E x change under its s ymbol, “COFS” Market Makers in ChoiceOne D. A. Davidson & Co. Nick Bicking 800.394.9230 Janney Montgomery Scott, LLC O 215.665.6566, M 610.766.0015 Eugene Bodo Managing Director, Institutional Equity Sale
Slide 22: Other Selected Highlights – COFS
22 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified (1) See Non - GAAP Reconciliation OTHER SELECTED HIGHLIGHTS – COFS Performance Ratios 2023 3rd Qtr. 2023 4th Qtr. 2024 1st Qtr. 2024 2nd Qtr. 2024 3rd Qtr. 2024 4th Qtr. 2025 1st Qtr. 2025 2nd Qt
Slide 23: Appendix Non-GAAP Reconciliation
23 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified * Adjusted non - interest expense adjusted for certain non - cash items. ** Adjusted total income is the sum of net interest income and adjusted non - interest expense. . nome adjusted for certai
Slide 24: Appendix Non-GAAP Reconciliation
24 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified APPENDIX NON - GAAP RECONCILIATION (1) Adjusted to a fully tax - equivalent basis to facilitate comparison to the taxable interest - earning assets. The adjustment use s an incremental tax rate o
Slide 25: Appendix Non-GAAP Reconciliation
25 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified APPENDIX NON - GAAP RECONCILIATION (1) Adjusted to a fully tax - equivalent basis to facilitate comparison to the taxable interest - earning assets. The adjustment use s an incremental tax rate o
Slide 26: Appendix Non-GAAP Reconciliation
26 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified APPENDIX NON - GAAP RECONCILIATION (dollars in thousands) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Shareholders' equity 181,161$ 195,634$ 206,756$ 214,519$ 247,746$
Slide 27: Appendix Quarterly Average Balances and Tax-Equivalent Interest Rates
27 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified APPENDIX QUARTERLY AVERAGE BALANCES AND TAX - EQUIVALENT INTEREST RATES (1) Adjusted to a fully tax - equivalent basis to facilitate comparison to the taxable interest - earning assets. The adjus
Slide 28: Appendix Loans by Loan Category
28 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified Note: Excludes loans held for sale APPENDIX LOANS BY LOAN CATEGORY (Dollars in thousands) Loans: Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Agricultural $ 43,290 $ 49
Slide 29: Appendix Business Combination
29 Source: Numbers based on ChoiceOne internal data as of 9/30/2025 except where specifically identified APPENDIX BUSINESS COMBINATION Purchase Price Consideration $ 192,992 Net assets acquired: Cash and cash equivalents 173,082 Securities available for sale 90,696 Federal Home Loan Bank and Federal
Choiceone Financial Services — Q3 2025 Earnings Presentation on 6ix