Choiceone Financial Services, Inc. · NASDAQ:COFS
Choiceone Financial Services — Shareholder Meeting (May 2025)
27 slides from Choiceone Financial Services's shareholder meeting presentation, May 21, 2025
Slide 1: 2025 Annual Meeting
EXHIBIT 99.1 choice 2025 nnua en e Meeting FINANCIAL SERVICES, INC. Si ah
Slide 2: Agenda: 38th Annual Shareholder Meeting
2 AGENDA 38 th Annual Shareholder Meeting INTRODUCTIONS • Jack Hendon, Chairman of the Board CALL TO ORDER & PRESENTATION OF PROPOSALS IN PROXY STATEMENT • Election of Directors • Advisory approval of ChoiceOne’s Executive Compensation • An advisory vote to determine whether future advisory votes to
Slide 3: Forward-Looking Statements
3 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 Financial Services, Inc . (ChoiceOne) . Words
Slide 4: Vision and Mission
4 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 5: Company Profile
5 Source: Numbers based on ChoiceOne internal data as of 3/31/2025 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 6: Welcome Fentura Shareholders and The State Bank Customers and Employees
6 Welcome Fentura Shareholders and The State Bank Customers and Employees
Slide 7: Slide 7
Slide 8: Legacy ChoiceOne Branches
@ Legacy ChoiceOne Branches Newavco 3 @)
Slide 9: Board of Directors
9 ChoiceOne Financial Services, Inc. and ChoiceOne Bank BOARD OF DIRECTORS (AS OF 12/31/24) FRONT ROW (L - R) ERIC (RICK) E. BURROUGH CEO, Jams Media, LLC President, Web Press of Michigan, Inc. GREGORY A. MCCONNELL Vice Chairman of the Board, Retired Insurance Agent JACK G. HENDON Chairman of the Bo
Slide 10: Welcome New Directors from Fentura and The State Bank
WELCOME NEW DIRECTORS FROM FENTURA AND THE STATE BANK BRIAN PETTY Director of ChoiceOne Financial Services Inc. and ChoiceOne Bank Boards STEVE KRAUSE Director of ChoiceOne Bank Board KELLY MYERS Director of ChoiceOne Bank Board DR. RANDY HICKS Director of ChoiceOne Financial Services Inc. and Choic
Slide 11: Chairman Retirement, New Chairman and Vice Chairwoman
CHAIRMAN JACK HENDON RETIREMENT, NEW CHAIRMAN AND VICE CHAIRWOMA N JACK HENDON Retiring on July 5, 2025 Chairman of the Board GREGORY MCCONNELL To be named New Chairman of the Board on July 5, 2025 ROXANNE PAGE To be named New Vice - Chairwoman of the Board on July 5, 2025
Slide 12: Executive Management Team
12 EXECUTIVE 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 currently serves as the
Slide 13: Senior Leadership Retirements
HEATHER BROLICK EVP Human Resources Officer LEE BRAFORD SVP Chief Credit Officer ROBERT MICHEL SVP Operations Officer SHELLY CHILDERS SVP Chief Information Officer STEVE DEVOLDER SVP Senior Trust Officer SENIOR LEADERSHIP RETIREMENTS
Slide 14: Welcome New Senior Leadership from The State Bank
WELCOME NEW SENIOR LEADERSHIP FROM THE STATE BANK KRISTY SCHAFFER Chief Human Resources Officer JOHN SCOTT Chief Technology Officer JEANNE RICHTER Chief Risk Officer STACEY WEBB Marketing, Innovation & Treasury Sales CRAIG JOHNSON Senior Lender Southeast Michigan & GLBR TOM HUFTON Wealth Management
Slide 15: Awards & Accomplishments
15 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.
Slide 16: ae RUB DENA
ae RUB DENA Sset Management Gr se ent 9 HGA NONPROFIT HOMES INCORPORATED $ | 10,000 Ten Thousand Dollars 00, Donation
Slide 17: Community Donations and Volunteer Hours
$ 420,000 COMMUNITY DONATIONS 6,000 VOLUNTEER HOURS
Slide 18: Financial Summary
FINANCIAL SUMMARY
Slide 19: Adjusted Net Income and Adjusted Earnings Per Share
19 $15,613 $22,042 $23,640 $21,261 $26,727 ($13,906) $2,714 $1,006 $9,310 $2.08 $2.87 $3.15 $2.82 $3.27 $2.44 $2.87 $3.15 $2.82 $3.40 $(1.35) $(0.35) $0.65 $1.65 $2.65 $3.65 -$20,000 -$15,000 -$10,000 -$5,000 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 2020 2021 2022 2023 2024 Q1 2025 ADJUSTED
Slide 20: Cash Dividends Per Share
20 $0.82 $0.94 $1.01 $1.05 $1.09 $0.28 $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 2020 2021 2022 2023 2024 Q1 2025 CASH DIVIDENDS PER SHARE Ordinary dividends 3.9% Annualized dividend yield as of 3/31/25
Slide 21: Financial Summary: Condensed Balance Sheets
21 Source: Numbers based on ChoiceOne internal data as of 3/31/2025 exc. where spec. identified; Note: All dollars in thousands FINANCIAL SUMMARY Condensed Balance Sheets (Unaudited) March 31, 2024 December 31, 2024 March 31, 2025 $ 150,129 $ 96,751 $ 139,421 Cash and cash equivalents 919,692 896,12
Slide 22: Financial Summary: Condensed Income Statement
22 Source: Numbers based on ChoiceOne internal data as of 3/31/2025 exc. where spec. identified; Note: All dollars in thousands , e xcept per share data) FINANCIAL SUMMARY Condensed Income Statement (Unaudited) Three Months Ended March 31, 2024 December 31, 2024 March 31, 2025 $ 28,432 $ 31,038 $ 39
Slide 23: Non-GAAP Reconciliation
23 Source: Numbers based on ChoiceOne internal data as of 3/31/2025 exc. where spec. identified; Note: All dollars in thousands , e xcept per share data) income adjusted for certain non - cash items. NON - GAAP RECONCILIATION Three Months Ended March 31, 2024 December 31, 2024 March 31, 2025 $ 5,634
Slide 24: Appendix: Non-GAAP Reconciliation
24 APPENDIX NON - GAAP RECONCILIATION Source: Numbers based on ChoiceOne internal data as of 3/31/2025 exc. where spec. identified; Note: All dollars in thousands 2020 2021 2022 2023 2024 Income before income tax $ 18,885 $ 26,498 $ 27,658 $ 25,567 $ 33,089 Adjustment for pre-tax merger expenses 3,2
Slide 25: ChoiceOne Trades on NASDAQ
25 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 Eugene Bodo Managing Director, Institutional Equity Sales Janney Montgomery Scott, LLC O 215.665.6566, M 610.766.001
Slide 26: Thank You
SERVICE • INNOVATION • RESPECT thank you
Slide 27: Questions
SERVICE • INNOVATION • RESPECT questions
Choiceone Financial Services — Shareholder Meeting (May 2025) on 6ix