Choiceone Financial Services, Inc. · NASDAQ:COFS
Choiceone Financial Services — Q1 2026 Earnings Presentation
29 slides from Choiceone Financial Services's earnings presentation, May 5, 2026
Slide 1: Investor Presentation First Quarter 2026
INVESTOR PRESENTATION FIRST QUARTER 2026
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 Overview
4 Source: Numbers based on ChoiceOne internal data as of 3/31/2026 except where specifically identified COMPANY OVERVIEW ChoiceOne Bank maintains the community feel of a small - town bank with the technological capabilities and product offerings of a larger bank. Founded in 1898, ChoiceOne is a Mich
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 3/31/2026 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: Legacy ChoiceOne Branches
@ Legacy ChoiceOne Branches INGHAM IACKSON
Slide 9: Financial Summary
FINANCIAL SUMMARY
Slide 10: Historic Balance Sheet Growth
10 Source: Numbers based on ChoiceOne internal data as of 3/31/2026 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 Deposits and $193 million of equity. 2. C
Slide 11: Deposit Mix and Liquidity
11 Business - Transactional 23% Business - Savings 13% Retail - Transactional 18% Retail - Savings 24% Public Funds - Transactional 9% Public Funds - Savings 13% ▪ Diverse local deposit franchise of retail, business, and municipal accounts ▪ Launched new treasury management platform in 2023 with bes
Slide 12: Deposit Mix – ChoiceOne Bank (Cont.)
12 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Brokered Deposits Certificate of Deposit IB Deposits NIB Deposits Source: Numbers based on ChoiceOne internal data as of 3/31/2026 except where specifically identified Note: All dollars in thousands; costs are annualized on a quarterly basis DEPOSIT MIX – C
Slide 13: Loan Mix – ChoiceOne Bank
13 Source: Numbers based on ChoiceOne internal data as of 3/31/2026 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 – 38.7% of
Slide 14: Non-Owner Occupied Commercial Real Estate
14 Assisted Living , 2% Construction and land Development (2) , 4% Hotel , 5% Industrial , 3% Multifamily , 5% Office - Medical , 2% Office - Non Medical , 3% Retail , 8% Net Lease Loans , 4% Self Storage , 3% Other NOO CRE , 1% Remainder to gross Loans , 62% Source: Numbers based on ChoiceOne inter
Slide 15: Investment Portfolio – COFS
15 Commercial Mortgage Backed 23% Mortgage - Backed 20% Asset - Backed Securities 1% Corporate 2% State and MUNI - Tax Exempt 27% State and MUNI - Taxable 17% US Treasury Bonds and Agency 10% Source: Numbers based on ChoiceOne internal data as of 3/31/2026 except where specifically identified (1) Se
Slide 16: Financial Performance Metrics – COFS
16 Source: Numbers based on ChoiceOne internal data as of 3/31/2026 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 METRICS
Slide 17: Non-Interest Income – COFS
17 Source: Numbers based on ChoiceOne internal data as of 3/31/2026 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 18: Asset Quality – COFS
18 Source: Numbers based on ChoiceOne internal data as of 3/31/2026 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 61 basis points of increase due to
Slide 19: Capital
19 Source: Numbers based on ChoiceOne internal data as of 3/31/2026 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 20: COFS Trades on NASDAQ
20 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 Brean Capital, LLC Eugene Bodo 212.655.1114 Raymond James & Associates Anthony LanFranca 312.655.2961 Stock Registra
Slide 21: Other Selected Highlights – COFS
21 Source: Numbers based on ChoiceOne internal data as of 3/31/2026 except where specifically identified (1) See Non - GAAP Reconciliation OTHER SELECTED HIGHLIGHTS – COFS Performance Ratios 2024 1st Qtr. 2024 2nd Qtr. 2024 3rd Qtr. 2024 4th Qtr. 2025 1st Qtr. 2025 2nd Qtr. 2025 3rd Qtr. 2025 4th Qt
Slide 22: Appendix Non-GAAP Reconciliation
22 Source: Numbers based on ChoiceOne internal data as of 3/31/2026 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 - c
Slide 23: Appendix Non-GAAP Reconciliation
23 Source: Numbers based on ChoiceOne internal data as of 3/31/2026 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 24: Appendix Non-GAAP Reconciliation
24 Source: Numbers based on ChoiceOne internal data as of 3/31/2026 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 3/31/2026 except where specifically identified APPENDIX NON - GAAP RECONCILIATION (dollars in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Shareholders' equity 206,756$ 214,519$ 247,746$ 260,415$ 427,068$
Slide 26: Appendix Non-GAAP Reconciliation
26 Source: Numbers based on ChoiceOne internal data as of 3/31/2026 except where specifically identified ( 1) Merger related provision for credit loss represents the calculated credit loss on Non - PCD loans acquired during the Merger on March 1, 2025. APPENDIX NON - GAAP RECONCILIATION March 31, Ju
Slide 27: Appendix Quarterly Average Balances and Tax-Equivalent Interest Rates
27 Source: Numbers based on ChoiceOne internal data as of 3/31/2026 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 3/31/2026 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 Q1 2026 Agricultural $ 41,950 $ 45
Slide 29: Appendix Business Combination
29 Source: Numbers based on ChoiceOne internal data as of 3/31/2026 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 — Q1 2026 Earnings Presentation on 6ix