Choiceone Financial Services, Inc. · NASDAQ:COFS
Choiceone Financial Services — Q4 2025 Earnings Presentation
30 slides from Choiceone Financial Services's earnings presentation, Feb 4, 2026
Slide 1: Investor Presentation Fourth Quarter 2025
INVESTOR PRESENTATION FOURTH QUARTER 2025 EXHIBIT 99.1
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 12/31/2025 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 ChoiceO
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 12/31/2025 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
Slide 8: Legacy ChoiceOne Branches
@ Legacy ChoiceOne Branches Newarco INGHAM JACKSON LIVINGSTON
Slide 9: Financial Summary
FINANCIAL SUMMARY
Slide 10: Historic Balance Sheet Growth
10 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 except where specifically identified; Note: All dollars in thousands 1. For 2025 includes the impact of the Merger of Fentura of $1.8 billion in assets, $1.4 billion in loans, 1.4 billion is Deposi ts and $193 million of equity. 2.
Slide 11: Deposit Mix
11 Business - Transactional 24% Business - Savings 12% Retail - Transactional 19% Retail - Savings 24% Public Funds - Transactional 10% Public Funds - Savings 11% ▪ Diverse local deposit franchise of retail, business, and municipal accounts ▪ Launched new treasury management platform in 2023 with be
Slide 12: Deposit Mix - ChoiceOne Bank (cont.)
12 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Brokered Deposits Certificate of Deposit IB Deposits NIB Deposits Source: Numbers based on ChoiceOne internal data as of 12/31/2025 except where specifically identified Note: All dollars in thousands; costs are annualized on a quarterly basis DEPOSIT MIX –
Slide 13: Loan Mix - ChoiceOne Bank
13 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 except where specifically identified Note: All dollars in thousands; yields are annualized on a quarterly basis (1) Detail by types per call report codes LOAN MIX – CHOICEONE BANK ▪ Strong commercial real estate portfolio – 37.6% o
Slide 14: Non-Owner Occupied Commercial Real Estate
14 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 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 EST
Slide 15: Investment Portfolio - COFS
15 Commercial Mortgage Backed 23% Mortgage - Backed 18% Asset - Backed Securities 1% Corporate 2% State and MUNI - Tax Exempt 29% State and MUNI - Taxable 17% US Treasury Bonds and Agency 10% Source: Numbers based on ChoiceOne internal data as of 12/31/2025 except where specifically identified (1) S
Slide 16: Interest Rate Swaps
16 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 except where specifically identified Note: All dollars in thousands INTEREST RATE SWAPS ChoiceOne uses interest rate swaps as part of our interest rate risk management strategy. Excluding back - to - back swaps on loans, ChoiceOne
Slide 17: Financial Performance Metrics - COFS
17 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 except where specifically identified (1) Net interest margin (tax - equivalent basis). See Non - GAAP reconciliation (2) 2024 and 2025 Adjusted for Merger related expenses. See Non - GAAP reconciliation FINANCIAL PERFORMANCE METRIC
Slide 18: Non-Interest Income - COFS
18 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 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 no
Slide 19: Asset Quality - COFS
19 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 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 63 basis points of increase due to
Slide 20: Capital
20 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 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 Raymond James & Associates Anthony LanFranca 312.655.296
Slide 22: Other Selected Highlights - COFS
22 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 except where specifically identified (1) See Non - GAAP Reconciliation OTHER SELECTED HIGHLIGHTS – COFS Performance Ratios 2023 4th Qtr. 2024 1st Qtr. 2024 2nd Qtr. 2024 3rd Qtr. 2024 4th Qtr. 2025 1st Qtr. 2025 2nd Qtr. 2025 3rd Q
Slide 23: Appendix Non-GAAP Reconciliation
23 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 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 income adjusted for certain non -
Slide 24: Appendix Non-GAAP Reconciliation
24 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 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
Slide 25: Appendix Non-GAAP Reconciliation
25 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 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
Slide 26: Appendix Non-GAAP Reconciliation
26 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 except where specifically identified APPENDIX NON - GAAP RECONCILIATION (dollars in thousands) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Shareholders' equity 168,874$ 206,756$ 214,519$ 247,746$ 260,415
Slide 27: Appendix Non-GAAP Reconciliation
27 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 except where specifically identified APPENDIX NON - GAAP RECONCILIATION Twelve Months Ended December 31, (In Thousands, Except Per Share Data) 2025 Net income (loss) $ 28,176 Merger related expenses net of tax 13,885 Merger related
Slide 28: Appendix Quarterly Average Balances and Tax-Equivalent Interest Rates
28 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 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 adju
Slide 29: Appendix Loans by Loan Category
29 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 except where specifically identified Note: Excludes loans held for sale APPENDIX LOANS BY LOAN CATEGORY (Dollars in thousands) Loans: Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Agricultural $ 41,950 $ 45,274 $
Slide 30: Appendix Business Combination
30 Source: Numbers based on ChoiceOne internal data as of 12/31/2025 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 Federa
Choiceone Financial Services — Q4 2025 Earnings Presentation on 6ix