, /PRNewswire/ -- ChoiceOne Financial Services, Inc. ("ChoiceOne", NASDAQ:COFS), the parent company for ChoiceOne Bank, reported financial results for the quarter ended September 30, 2025.

/PRNewswire/ -- ChoiceOne Financial Services, Inc.（"ChoiceOne"，NASDAQ:COFS），ChoiceOne Bank 的母公司，公布了截至2025年9月30日的季度财务业绩。

Significant items impacting comparable first nine month period of 2024 and 2025 results include the following:

影响 2024 年和 2025 年可比前九个月业绩的重大事项包括：

On March 1, 2025, ChoiceOne completed the merger (the "Merger") of Fentura Financial, Inc. ("Fentura"), the former parent company of The State Bank, with and into ChoiceOne with ChoiceOne surviving the merger. On March 14, 2025, the consolidation of The State Bank with and into ChoiceOne Bank with ChoiceOne Bank surviving the consolidation was completed.
The total assets, loans and deposits acquired in the Merger were approximately $1.8 billion, $1.4 billion and $1.4 billion, respectively.
Merger related expenses, net of taxes, of $13.9 million or $1.02 per diluted share for the nine months ended September 30, 2025. There were no merger expenses in the third quarter of 2025 and management does not anticipate additional material merger expenses.
Merger related provision for credit losses, net of taxes, of $9.5 million during the first quarter ended March 31, 2025, or $0.69 per diluted share as of September 30, 2025.

-2025年3月1日，ChoiceOne 完成了与 Fentura Financial, Inc.（"Fentura"）的合并（"合并"），Fentura 是 The State Bank 的前母公司，合并后 ChoiceOne 存续。2025年3月14日，The State Bank 与 ChoiceOne Bank 的合并完成，ChoiceOne Bank 存续。

合并中获得的总资产、贷款和存款分别约为 18 亿美元、14 亿美元和 14 亿美元。
截至2025年9月30日的九个月中，合并相关费用（税后）为 1390 万美元，或每股摊薄收益 1.02 美元。2025 年第三季度没有合并费用，管理层预计不会有额外的重大合并费用。
截至2025年3月31日的第一季度，合并相关的信用损失准备（税后）为 950 万美元，或截至2025年9月30日每股摊薄收益 0.69 美元。

Highlights

亮点

ChoiceOne reported net income of $14,681,000 and $14,309,000 for the three and nine months ended September 30, 2025, compared to net income of $7,348,000 and $19,568,000 for the same periods in the prior year, respectively. Net income excluding merger expenses, net of taxes, and merger related provision for credit losses, net of taxes, was $14,681,000 and $37,657,000 for the three and nine months ended September 30, 2025, respectively.
Diluted earnings per share were $0.97 and $1.05 for the three and nine months ended September 30, 2025, compared to diluted earnings per share of $0.85 and $2.46 in the same periods in the prior year. Diluted earnings per share excluding merger expenses, net of taxes, and merger related provision for credit losses, net of taxes, were $0.97 and $2.76 for the three and nine months ended September 30, 2025.
In the third quarter of 2025, ChoiceOne's GAAP net interest margin increased to 3.73%, compared to 3.17% in the same period of 2024. GAAP net interest income also saw a substantial increase, reaching $37.6 million compared to $20.2 million in the third quarter of 2024. This growth was primarily due to the additional net interest income attributable to the Merger beginning on March 1, 2025. Interest income due to accretion from purchased loans increased GAAP net interest margin by 36 basis points for the third quarter of 2025.
Core loans, which exclude held for sale loans and loans to other financial institutions, declined by $10.3 million or 1.4% on an annualized basis during the third quarter of 2025 and grew organically by $65.3 million or 4.5% during the twelve months ended September 30, 2025. Core loans grew by $1.4 billion due to the Merger on March 1, 2025. Loan interest income increased $23.9 million in the third quarter of 2025 compared to the same period in 2024. Interest income for the three months ended September 30, 2025, includes $3.6 million of interest income due to accretion from purchased loans.
Asset quality continues to remain strong, with annualized net loan charge-offs to average loans of 0.03% and nonperforming loans to total loans (excluding loans held for sale) of 0.69% as of September 30, 2025. Notably, 0.39% of the nonperforming loans to total loans (excluding loans held for sale) is attributed to loans purchased with credit deterioration through the Merger.

ChoiceOne 报告截至2025年9月30日的三个月和九个月的净收入分别为 1468.1 万美元和 1430.9 万美元，而去年同期的净收入分别为 734.8 万美元和 1956.8 万美元。扣除合并费用（税后）和合并相关的信用损失准备（税后）后的净收入分别为 1468.1 万美元和 3765.7 万美元。
截至2025年9月30日的三个月和九个月的摊薄每股收益分别为 0.97 美元和 1.05 美元，而去年同期的摊薄每股收益分别为 0.85 美元和 2.46 美元。扣除合并费用（税后）和合并相关的信用损失准备（税后）后的摊薄每股收益分别为 0.97 美元和 2.76 美元。
在 2025 年第三季度，ChoiceOne 的 GAAP 净利差增加至 3.73%，而 2024 年同期为 3.17%。GAAP 净利息收入也大幅增加，达到 3760 万美元，而 2024 年第三季度为 2020 万美元。这一增长主要归因于自2025年3月1日起合并带来的额外净利息收入。由于购买贷款的增值，2025 年第三季度的 GAAP 净利差增加了 36 个基点。
核心贷款（不包括待售贷款和对其他金融机构的贷款）在 2025 年第三季度同比下降 1030 万美元，年化降幅为 1.4%，但在截至2025年9月30日的十二个月中有机增长 6530 万美元，增幅为 4.5%。由于2025年3月1日的合并，核心贷款增长了 14 亿美元。2025 年第三季度的贷款利息收入较 2024 年同期增加 2390 万美元。截止2025年9月30日的三个月中，贷款利息收入包括 360 万美元的购买贷款增值利息收入。
截至2025年9月30日，资产质量持续保持强劲，年化净贷款损失率为 0.03%，不良贷款占总贷款（不包括待售贷款）的比例为 0.69%。值得注意的是，不良贷款占总贷款（不包括待售贷款）的比例中，有 0.39% 是由于合并中购买的信用恶化贷款所致。

"ChoiceOne continues to deliver exceptional results, driven by the strength of our strategic merger with Fentura and a focus on serving our communities," said Kelly Potes, Chief Executive Officer. "We are proud of the momentum we have built and remain committed to creating lasting value for our customers, employees, and shareholders."

"ChoiceOne 继续交出卓越的业绩，这得益于我们与 Fentura 的战略合并的强大实力，以及我们对服务社区的关注，"首席执行官 Kelly Potes 表示。"我们为所取得的势头感到自豪，并将继续致力于为我们的客户、员工和股东创造持久的价值。"

ChoiceOne reported net income of $14,681,000 and $14,309,000 for the three and nine months ended September 30, 2025, compared to net income of $7,348,000 and $19,568,000 for the same periods in the prior year, respectively. Net income excluding merger expenses, net of taxes, and merger related provision for credit losses, net of taxes, was $14,681,000 and $37,657,000 for the three and nine months ended September 30, 2025, respectively. Diluted earnings per share was $0.97 and $1.05 for the three and nine months ended September 30, 2025, compared to diluted earnings per share of $0.85 and $2.46 in the same periods in the prior year. Diluted earnings per share excluding merger expenses, net of taxes, and merger related provision for credit losses, net of taxes, were $0.97 and $2.76 for the three and nine months ended September 30, 2025.

ChoiceOne 报告截至2025年9月30日的三个月和九个月的净收入分别为 1468.1 万美元和 1430.9 万美元，而去年同期的净收入分别为 734.8 万美元和 1956.8 万美元。扣除合并费用（税后）和合并相关的信用损失准备（税后）后的净收入分别为 1468.1 万美元和 3765.7 万美元。截止2025年9月30日的三个月和九个月的摊薄每股收益分别为 0.97 美元和 1.05 美元，而去年同期的摊薄每股收益分别为 0.85 美元和 2.46 美元。扣除合并费用（税后）和合并相关的信用损失准备（税后）后的摊薄每股收益分别为 0.97 美元和 2.76 美元。

As of September 30, 2025, total assets were $4.3 billion, an increase of $1.6 billion compared to September 30, 2024. The growth in total assets is primarily attributed to the Merger. The growth in total assets was offset by a $36.0 million reduction in loans to other financial institutions and a $47.0 million reduction in cash and cash equivalents on September 30, 2025 compared to September 30, 2024. Loans to other financial institutions consist of a warehouse line of credit to a bank used to facilitate mortgage loan originations, with interest rates and balances that fluctuate in line with the national mortgage market. The reduction in cash balances is primarily due to purchases of agency mortgage backed securities during the third quarter of 2025.

截至2025年9月30日，总资产为 43 亿美元，比2024年9月30日增加了 16 亿美元。总资产的增长主要归因于合并。总资产的增长被2025年9月30日对其他金融机构贷款减少 3600 万美元和现金及现金等价物减少 4700 万美元所抵消。对其他金融机构的贷款包括用于促进抵押贷款发放的银行仓库信用额度，其利率和余额随全国抵押贷款市场波动。现金余额的减少主要是由于在 2025 年第三季度购买了机构抵押贷款支持证券。

Core loans, which exclude held for sale loans and loans to other financial institutions, declined by $10.3 million or 1.4% on an annualized basis during the third quarter of 2025 and grew organically by $65.3 million or 4.5% during the twelve months ended September 30, 2025. Core loans grew by $1.4 billion due to the Merger on March 1, 2025. Loan interest income increased $23.9 million in the third quarter of 2025 compared to the same period in 2024. Interest income for the three months ended September 30, 2025, includes $3.6 million of interest income due to accretion from purchased loans. Of this amount,$1.8 millionwas calculated using the effective interest rate method of amortization, while the remaining$1.8 millionresulted from accretion through unexpected payoffs and paydowns of loans with an associated fair value mark. Estimated interest income due to accretion from purchased loans for the remainder of 2025 and 2026 using the effective interest method of amortization is$2.3 million and $8.2 million, respectively; however, actual results will be dependent on prepayment speeds and other factors. It is estimated that a total of $51.1 million remains to be recognized as interest income due to accretion from purchased loans over the life of the loan portfolio.

核心贷款（不包括待售贷款和对其他金融机构的贷款）在 2025 年第三季度减少了 1030 万美元，年化下降幅度为 1.4%，而在截至2025年9月30日的 12 个月内有机增长了 6530 万美元，增幅为 4.5%。由于2025年3月1日的合并，核心贷款增长了 14 亿美元。与 2024 年同期相比，2025 年第三季度的贷款利息收入增加了 2390 万美元。截至2025年9月30日的三个月内，利息收入包括 360 万美元来自购买贷款的增值收入。其中，180 万美元是使用有效利率摊销法计算的，而剩余的 180 万美元则是由于意外还款和与公允价值标记相关的贷款偿还所产生的增值收入。预计 2025 年和 2026 年剩余时间内，使用有效利率摊销法计算的购买贷款增值收入分别为 230 万美元和 820 万美元；然而，实际结果将取决于提前还款速度和其他因素。预计在贷款组合的生命周期内，仍有 5110 万美元的增值收入待确认。

Deposits, excluding brokered deposits, increased by $8.0 million as of September 30, 2025, compared to June 30, 2025. During the third quarter of 2025 non-interest bearing deposits declined by $39.9 million while interest bearing demand deposits increased by $73.4 million. The shift from non-interest-bearing to interest-bearing demand deposits was partly due to quarter-end timing and fluctuations in business and municipal activity. The growth in interest-bearing demand deposits was primarily concentrated in non-maturity interest-bearing checking and money market accounts. The average balance of non-interest-bearing deposits rose to $930.3 million in the third quarter of 2025, up from $915.6 million in the second quarter of 2025. Deposits, excluding brokered deposits, increased by $1.3 billionas of September 30, 2025, compared to September 30, 2024 largely as a result of the Merger. ChoiceOne continues to be proactive in managing its liquidity position by using brokered deposits and FHLB advances to ensure ample liquidity. At September 30, 2025, total available borrowing capacity secured by pledged assets was $1.2 billion. ChoiceOne can increase its borrowing capacity by utilizing unsecured federal fund lines and pledging additional assets.Uninsured deposits totaled $1.2 billion or 33.2% of deposits at September 30, 2025.

截至2025年9月30日，存款（不包括经纪存款）较2025年6月30日增加了 800 万美元。在 2025 年第三季度，非利息存款减少了 3990 万美元，而有息活期存款增加了 7340 万美元。非利息存款向有息活期存款的转变部分是由于季度末的时机和商业及市政活动的波动。有息活期存款的增长主要集中在非到期的有息支票和货币市场账户。2025 年第三季度，非利息存款的平均余额上升至 9.303 亿美元，较 2025 年第二季度的 9.156 亿美元有所增加。截止2025年9月30日，存款（不包括经纪存款）较2024年9月30日增加了 13 亿美元，主要是由于合并的结果。ChoiceOne 继续积极管理其流动性，通过使用经纪存款和 FHLB 贷款确保充足的流动性。截至2025年9月30日，抵押资产担保的可用借款总额为 12 亿美元。ChoiceOne 可以通过利用无担保的联邦基金额度和抵押额外资产来增加其借款能力。截至2025年9月30日，无保险存款总额为 12 亿美元，占存款的 33.2%。

In the three months ended September 30, 2025, compared to the same period in the prior year, ChoiceOne's cost of deposits to average total deposits increased by 4 basis points, rising from 1.53% to 1.57%, primarily due to higher-cost deposits acquired through the Merger. This increase was partially offset by a decline in CD costs and a reduction in wholesale funding costs. The annualized cost of funds decreased by 10 basis points, from 1.87% to 1.77% in the three months ended September 30, 2025 compared to the same period in the prior year. In the three months ended September 30, 2025, compared to the three months ended June 30, 2025, annualized cost of funds decreased to 1.77% from 1.84%, primarily due to a decrease in higher cost local and brokered CDs. Interest expense on borrowings for the three months ended September 30, 2025, declined by $489,000 compared to the same period in the prior year. As of September 30, 2025, the total balance of borrowed funds from the FHLB was $198.0 million at a weighted average fixed rate of 4.23%, with $158.0 million due within 12 months.

截至2025年9月30日的三个月内，与去年同期相比，ChoiceOne 的存款成本与平均总存款的比率增加了 4 个基点，从 1.53% 上升至 1.57%，主要是由于通过合并获得的高成本存款。这一增长部分被 CD 成本的下降和批发融资成本的减少所抵消。与去年同期相比，截至2025年9月30日的三个月内，年化资金成本下降了 10 个基点，从 1.87% 降至 1.77%。与2025年6月30日的三个月相比，截至2025年9月30日的三个月内，年化资金成本从 1.84% 降至 1.77%，主要是由于高成本的本地和经纪 CD 的减少。截至2025年9月30日的三个月内，借款的利息支出较去年同期减少了 489,000 美元。截至2025年9月30日，从 FHLB 借入的资金总额为 1.98 亿美元，平均固定利率为 4.23%，其中 1.58 亿美元将在 12 个月内到期。

The provision for credit losses on loans was $200,000 in the third quarter of 2025, due to $244,000 in net charge offs, as well as small adjustments to qualitative and quantitative factors. The ratio of the allowance for credit losses to total loans (excluding loans held for sale) was 1.19% on September 30, 2025 compared to 1.19% on June 30, 2025, and 1.07% on December 31, 2024. Asset quality continues to remain strong, with annualized net loan charge-offs to average loans of 0.03% and nonperforming loans to total loans (excluding loans held for sale) of 0.69% as of September 30, 2025. Notably, 0.39% of the nonperforming loans to total loans (excluding loans held for sale) is attributed to loans purchased with credit deterioration through the Merger.

2025 年第三季度，贷款的信用损失准备金为 20 万美元，原因是净冲销为 24.4 万美元，以及对定性和定量因素的小幅调整。截至2025年9月30日，信用损失准备金与总贷款（不包括待售贷款）的比率为 1.19%，与2025年6月30日的 1.19% 持平，而2024年12月31日为 1.07%。资产质量继续保持强劲，截至2025年9月30日，年化净贷款冲销与平均贷款的比率为 0.03%，不良贷款与总贷款（不包括待售贷款）的比率为 0.69%。值得注意的是，不良贷款中有 0.39% 是由于合并过程中购买的信用恶化贷款所致。

ChoiceOne uses interest rate swaps to manage interest rate exposure to certain fixed rate assets and variable rate liabilities. During the third quarter of 2025, ChoiceOne entered into $30.4 million in amortizing pay fix swaps to hedge interest rate risk on approximately $40.6 million of newly purchased agency mortgage backed securities. The swaps are designed to amortize with the expected cash flow of the bonds and hold a coupon of 3.52% and a contractual term ending in 2040. On September 30, 2025, ChoiceOne held pay-fixed interest rate swaps with a total notional value of $381.3 million, a weighted average coupon of 3.15%, a fair value of $6.8 million and an average remaining contract length of 7.2 years. These derivative instruments are designed to change in value as interest rates rise or fall inverse to the change in unrealized losses on the securities available for sale portfolio due to changes in interest rates. Settlements from swaps amounted to $1.3 million for the third quarter of 2025 compared to $1.3 million for the second quarter of 2025. In addition to the pay-fixed interest rate swaps, ChoiceOne also employs back-to-back swaps on select commercial loans, with the impact reflected in interest income.

ChoiceOne 使用利率互换来管理对某些固定利率资产和浮动利率负债的利率风险。在 2025 年第三季度，ChoiceOne 签订了 3040 万美元的摊销固定利率互换，以对冲约 4060 万美元新购买的机构抵押贷款支持证券的利率风险。这些互换旨在与债券的预期现金流一起摊销，持有的票息为 3.52%，合同期限至 2040 年。截止2025年9月30日，ChoiceOne 持有的固定利率互换的名义总值为 3.813 亿美元，平均票息为 3.15%，公允价值为 680 万美元，平均剩余合同期限为 7.2 年。这些衍生工具的价值设计为随着利率的上升或下降而变化，与由于利率变化而导致的可供出售证券组合的未实现损失变化相反。2025 年第三季度的互换结算金额为 130 万美元，与 2025 年第二季度的 130 万美元持平。除了固定利率互换外，ChoiceOne 还在部分商业贷款上采用了背靠背互换，其影响反映在利息收入中。

As of September 30, 2025, shareholders' equity was $449.6 million, a significant increase from $247.7 million on September 30, 2024. This growth was primarily driven by the Merger, in which ChoiceOne issued 6,070,836 shares of common stock on March 1, 2025, valued at $193.0 million. Additionally, the sale of 1,380,000 shares of common stock at $25.00 per share on July 26, 2024, generated $34.5 million in aggregate gross proceeds (before deducting discounts and estimated offering expenses). ChoiceOne Bank continues to be "well-capitalized," with a total risk-based capital ratio of 12.8% as of September 30, 2025, compared to 13.1% on September 30, 2024, with the decrease primarily due to the impact of the Merger.

截至2025年9月30日，股东权益为 4.496 亿美元，较2024年9月30日的 2.477 亿美元显著增加。这一增长主要是由于合并，ChoiceOne 于2025年3月1日发行了 6,070,836 股普通股，估值为 1.93 亿美元。此外，ChoiceOne 在2024年7月26日以每股 25.00 美元出售了 1,380,000 股普通股，产生了 3450 万美元的总毛收入（未扣除折扣和预计发行费用）。截至2025年9月30日，ChoiceOne Bank 继续保持 “资本充足”，其风险基础资本比率为 12.8%，而2024年9月30日为 13.1%，下降主要是由于合并的影响。

Noninterest income increased by $2.3 million and $5.6 million for the three and nine months ended September 30, 2025, compared to the same periods in the prior year. This increase was partly driven by higher interchange income, which rose due to increased volume from the Merger. Trust income also increased as a result of higher estate settlement fees and customers obtained from the Merger. Additionally, ChoiceOne recognized income from two death benefit claims under bank-owned life insurance policies during the second quarter for an additional $299,000.

截至2025年9月30日的三个月和九个月，非利息收入分别增加了 230 万美元和 560 万美元，较去年同期有所上升。这一增长部分是由于合并带来的交易收入增加。由于遗产结算费用的增加以及合并带来的客户，信托收入也有所上升。此外，ChoiceOne 在第二季度确认了两项银行拥有的寿险保单下的死亡赔偿金收入，额外收入为 29.9 万美元。

Noninterest expense increased by $10.8 million and $44.0 million for the three and nine months ended September 30, 2025, compared to the same periods in 2024. The year to date increase was largely due to merger-related expenses of $17.4 million during the nine months ended September 30, 2025, compared to $645,000 in the same period in the prior year. Management does not anticipate additional material merger expenses. The remainder of the increase was primarily due to the addition of Fentura on March 1, 2025. ChoiceOne continues to strive to optimize our cost structure while investing in opportunities that enhance our performance and reinforce the value we bring to customers and shareholders.

截至2025年9月30日的三个月和九个月，非利息支出分别增加了 1080 万美元和 4400 万美元，较 2024 年同期有所上升。今年迄今的增长主要是由于在截至2025年9月30日的九个月内与合并相关的支出为 1740 万美元，而去年同期为 645,000 美元。管理层预计不会有额外的重大合并支出。其余的增长主要是由于2025年3月1日Fentura 的加入。ChoiceOne 继续努力优化我们的成本结构，同时投资于提升我们业绩和增强我们为客户和股东带来的价值的机会。

"Our strong financial performance this quarter is due to our outstanding employees and customers. With the Merger behind us, our team is focused on serving our clients and growing our core business. I am thankful for our employees for their hard work and our customers who trust us to be their community bank." said Kelly Potes, Chief Executive Officer.

“我们本季度强劲的财务表现归功于我们出色的员工和客户。随着合并的完成，我们的团队专注于服务客户和发展我们的核心业务。我感谢我们的员工的辛勤工作，以及信任我们成为他们社区银行的客户。” 首席执行官 Kelly Potes 说道。

About ChoiceOne

关于 ChoiceOne

ChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan, with assets over $4 billion, and the parent corporation of ChoiceOne Bank. Member FDIC. ChoiceOne Bank operates 56 offices in West, Central and Southeast Michigan. ChoiceOne Bank offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies, Inc. ChoiceOne Financial Services, Inc. common stock is quoted on the Nasdaq Capital Market under the symbol "COFS." For more information, please visit Investor Relations at ChoiceOne's website choiceone.bank.

ChoiceOne Financial Services, Inc.是一家总部位于密歇根州斯巴达的金融控股公司，资产超过 40 亿美元，是 ChoiceOne Bank 的母公司。FDIC 成员。ChoiceOne Bank 在密歇根州西部、中部和东南部运营 56 个办事处。ChoiceOne Bank 通过其子公司 ChoiceOne Insurance Agencies, Inc.提供保险和投资产品。ChoiceOne Financial Services, Inc.的普通股在纳斯达克资本市场以 “COFS” 符号报价。有关更多信息，请访问 ChoiceOne 网站的投资者关系页面 choiceone.bank。

Forward-Looking Statements

前瞻性声明

This press release contains forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "is likely," "plans," "predicts," "projects," "may," "could," "look forward," "continue", "future" and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements reflect current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed, implied or forecasted in such forward-looking statements.Furthermore, ChoiceOne does not undertake any obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

本新闻稿包含前瞻性声明。诸如 “预计”、“相信”、“估计”、“期望”、“预测”、“意图”、“可能”、“计划”、“预测”、“项目”、“可能”、“能够”、“期待”、“继续”、“未来” 等词及其变体旨在识别此类前瞻性声明。这些声明反映了对未来事件预期结果的当前信念，并不保证未来的表现。这些声明涉及某些风险、不确定性和假设（“风险因素”），在时间、程度、可能性和发生程度方面难以预测。因此，实际结果和结果可能与此类前瞻性声明中表达、暗示或预测的内容有实质性差异。此外，ChoiceOne 不承担更新、修订或澄清前瞻性声明的任何义务，无论是由于新信息、未来事件还是其他原因。

Risk factors include, but are not limited to, the risk factors described in Item 1A in ChoiceOne's Annual Report on Form 10-K for the year ended December 31, 2024 and in any of ChoiceOne's subsequent SEC filings, which are available on the SEC's website, www.sec.gov.

风险因素包括但不限于在 ChoiceOne 截至2024年12月31日的年度报告的 1A 项中描述的风险因素，以及 ChoiceOne 后续的任何 SEC 文件，这些文件可在 SEC 网站 www.sec.gov 上获得。

Non-GAAP Financial Measures

非 GAAP 财务指标

In addition to results presented in accordance with GAAP, this press release includes certain non-GAAP financial measures. ChoiceOne believes these non-GAAP financial measures provide additional information that is useful to investors in helping to understand underlying financial performance and condition and trends of ChoiceOne.

除了根据 GAAP 呈现的结果外，本新闻稿还包括某些非 GAAP 财务指标。ChoiceOne 认为这些非 GAAP 财务指标提供了额外的信息，有助于投资者理解 ChoiceOne 的基本财务表现、状况和趋势。

Non-GAAP financial measures have inherent limitations. Readers should be aware of these limitations and should be cautious with respect to the use of such measures. To compensate for these limitations, non-GAAP measures are used as comparative tools, together with GAAP measures, to assist in the evaluation of operating performance or financial condition. These measures are also calculated using the appropriate GAAP or regulatory components in their entirety and are computed in a manner intended to facilitate consistent period-to-period comparisons. ChoiceOne's method of calculating these non-GAAP measures may differ from methods used by other companies. These non-GAAP measures should not be considered in isolation or as a substitute for those financial measures prepared in accordance with GAAP or in-effect regulatory requirements.

非 GAAP 财务指标具有固有的局限性。读者应意识到这些局限性，并在使用此类指标时保持谨慎。为了弥补这些局限性，非 GAAP 指标作为比较工具，与 GAAP 指标一起使用，以协助评估经营表现或财务状况。这些指标也使用适当的 GAAP 或监管组成部分的全部进行计算，并以便于一致的期间比较的方式进行计算。ChoiceOne 计算这些非 GAAP 指标的方法可能与其他公司使用的方法不同。这些非 GAAP 指标不应孤立考虑，也不应替代根据 GAAP 或现行监管要求准备的财务指标。

Where non-GAAP financial measures are used, the most directly comparable GAAP or regulatory financial measure, as well as the reconciliation to the most directly comparable GAAP or regulatory financial measure, can be found in the tables to this press release under the heading non-GAAP reconciliation.

在使用非 GAAP 财务指标的地方，可以在本新闻稿的非 GAAP 调整标题下的表格中找到最直接可比的 GAAP 或监管财务指标，以及与最直接可比的 GAAP 或监管财务指标的对账。


Condensed Balance Sheets (Unaudited)

(In thousands)	September30, 2025		June30, 2025			September30, 2024
Cash and cash equivalents	$	98,978		$	156,280		$	145,938
Equity securities, at fair value		9,505			9,582			7,816
Securities Held to Maturity		388,517			390,457			391,954
Securities Available for Sale		544,023			479,426			497,552
Federal Home Loan Bank stock		18,562			18,562			4,449
Federal Reserve Bank stock		12,554			12,547			5,307
Loans held for sale		6,323			7,639			5,994
Loans to other financial institutions		2,483			3,033			38,492
Core loans		2,907,445			2,917,759			1,465,458
Total loans held for investment		2,909,928			2,920,792			1,503,950
Allowance for credit losses		(34,754)			(34,798)			(16,490)
Loans, net of allowance for credit losses		2,875,174			2,885,994			1,487,460
Premises and equipment		46,159			45,667			27,135
Cash surrender value of life insurance policies		74,231			73,673			45,699
Goodwill		126,730			126,730			59,946
Intangible assets		31,694			33,421			1,250
Other assets		64,452			70,274			45,503

Total Assets	$	4,296,902		$	4,310,252		$	2,726,003

Noninterest-bearing deposits	$	903,925		$	943,873		$	521,055
Interest-bearing demand deposits		1,395,724			1,322,336			952,013
Savings deposits		588,798			595,981			335,802
Certificates of deposit		605,912			624,209			392,731
Brokered deposits		72,672			106,225			6,627
Borrowings		197,752			198,428			210,000
Subordinated debentures		48,368			48,277			35,691
Other liabilities		34,136			39,162			24,338

Total Liabilities		3,847,287			3,878,491			2,478,257

Common stock and paid-in capital, no par value; shares authorized: 30,000,000; shares outstanding: 15,017,802 at September 30, 2025, 15,008,864 at June 30, 2025, and 8,959,664 at September 30, 2024.		398,688			398,201			206,427
Retained earnings		93,124			82,647			86,765
Accumulated other comprehensive income (loss), net		(42,197)			(49,087)			(45,446)
Shareholders' Equity		449,615			431,761			247,746

Total Liabilities and Shareholders' Equity	$	4,296,902		$	4,310,252		$	2,726,003


简化资产负债表
（未经审计）

（单位：千美元）	2025年9月30日		2025年6月30日			2024年9月30日
现金及现金等价物	$	98,978		$	156,280		$	145,938
公允价值的权益证券		9,505			9,582			7,816
持有至到期投资		388,517			390,457			391,954
可供出售证券		544,023			479,426			497,552
联邦住房贷款银行股票		18,562			18,562			4,449
联邦储备银行股票		12,554			12,547			5,307
待售贷款		6,323			7,639			5,994
对其他金融机构的贷款		2,483			3,033			38,492
核心贷款		2,907,445			2,917,759			1,465,458
投资贷款总额		2,909,928			2,920,792			1,503,950
信用损失准备金		(34,754)			(34,798)			(16,490)
净贷款（扣除信用损失准备金）		2,875,174			2,885,994			1,487,460
房产及设备		46,159			45,667			27,135
人寿保险保单的现金价值		74,231			73,673			45,699
商誉		126,730			126,730			59,946
无形资产		31,694			33,421			1,250
其他资产		64,452			70,274			45,503

资产总计	$	4,296,902		$	4,310,252		$	2,726,003

非利息负债存款	$	903,925		$	943,873		$	521,055
有息活期存款		1,395,724			1,322,336			952,013
储蓄存款		588,798			595,981			335,802
定期存款		605,912			624,209			392,731
经纪存款		72,672			106,225			6,627
借款		197,752			198,428			210,000
次级债券		48,368			48,277			35,691
其他负债		34,136			39,162			24,338

负债总计		3,847,287			3,878,491			2,478,257

普通股及实收资本，无面值；授权股份：
30,000,000；截至2025年9月30日流通股份：15,017,802，
截至2025年6月30日流通股份：15,008,864，以及截至2024年9月30日流通股份：8,959,664。		398,688			398,201			206,427
留存收益		93,124			82,647			86,765
累计其他综合收益（损失），净额		(42,197)			(49,087)			(45,446)
股东权益		449,615			431,761			247,746

负债及股东权益总计	$	4,296,902		$	4,310,252		$	2,726,003


Condensed Statements of Operations (Unaudited)

	Three Months Ended		Nine Months Ended
(Dollars in thousands, except per share data)	September30,		September30,
	2025		2024			2025		2024
Interest income
Loans, including fees	$	47,123		$	23,252		$	126,297	$	66,009
Securities:
Taxable		5,249			5,563			15,243		16,382
Tax exempt		1,418			1,402			4,220		4,224
Other		908			1,473			2,822		3,451
Total interest income		54,698			31,690			148,582		90,066

Interest expense
Deposits		14,287			8,362			39,843		25,464
Advances from Federal Home Loan Bank		1,926			468			5,637		1,372
Other		888			2,612			2,872		8,137
Total interest expense		17,101			11,442			48,352		34,973

Net interest income		37,597			20,248			100,230		55,093
Provision for credit losses on loans		200			425			14,013		1,100
Provision for (reversal of) credit losses on unfunded commitments		-			-			-		(675)
Net Provision for credit losses expense		200			425			14,013		425
Net interest income after provision		37,397			19,823			86,217		54,668

Noninterest income
Customer service charges		1,729			1,249			4,311		3,537
Interchange income		2,133			1,524			5,725		4,303
Insurance and investment commissions		485			184			1,320		572
Gains on sales of loans		671			631			1,470		1,610
Net gains (losses) on sales and write downs of other assets		(39)			191			(26)		203
Earnings on life insurance policies		558			315			1,791		1,115
Trust income		734			232			1,836		665
Change in market value of equity securities		458			277			804		241
Other		415			264			1,338		755
Total noninterest income		7,144			4,867			18,569		13,001

Noninterest expense
Salaries and benefits		14,127			8,372			38,178		24,467
Occupancy and equipment		2,694			1,475			6,845		4,414
Data processing		2,499			1,598			6,937		4,406
Communication		517			334			1,458		976
Professional fees		834			610			2,478		1,818
Supplies and postage		267			174			816		520
Advertising and promotional		207			168			723		517
Intangible amortization		1,728			198			4,140		604
FDIC insurance		530			390			1,535		1,155
Merger related expenses		-			645			17,369		645
Other		2,812			1,453			6,907		3,857
Total noninterest expense		26,215			15,417			87,386		43,379

Income (loss) before income tax		18,326			9,273			17,400		24,290
Income tax expense (benefit)		3,645			1,925			3,091		4,722

Net income (loss)	$	14,681		$	7,348		$	14,309	$	19,568

Basic earnings (loss) per share	$	0.98		$	0.86		$	1.05	$	2.48
Diluted earnings (loss) per share	$	0.97		$	0.85		$	1.05	$	2.46
Dividends declared per share	$	0.28		$	0.27		$	0.84	$	0.81


简明运营报表（未经审计）

	截至三个月		截至九个月
（单位：千美元，除每股数据外）	2025年9月30日		2024年9月30日
	2025		2024			2025		2024
利息收入
贷款，包括费用	$	47,123		$	23,252		$	126,297	$	66,009
证券：
应税		5,249			5,563			15,243		16,382
免税		1,418			1,402			4,220		4,224
其他		908			1,473			2,822		3,451
总利息收入		54,698			31,690			148,582		90,066

利息支出
存款		14,287			8,362			39,843		25,464
来自联邦住房贷款银行的预付款		1,926			468			5,637		1,372
其他		888			2,612			2,872		8,137
总利息支出		17,101			11,442			48,352		34,973

净利息收入		37,597			20,248			100,230		55,093
贷款的信用损失准备		200			425			14,013		1,100
未拨款承诺的信用损失准备（或反转）		-			-			-		(675)
净信用损失准备费用		200			425			14,013		425
净利息收入扣除准备后		37,397			19,823			86,217		54,668

非利息收入
客户服务费用		1,729			1,249			4,311		3,537
交换收入		2,133			1,524			5,725		4,303
保险和投资佣金		485			184			1,320		572
贷款销售收益		671			631			1,470		1,610
其他资产的销售和减值的净收益（损失）		(39)			191			(26)		203
人寿保险政策收益		558			315			1,791		1,115
信托收入		734			232			1,836		665
股权证券市场价值变动		458			277			804		241
其他		415			264			1,338		755
总非利息收入		7,144			4,867			18,569		13,001

非利息支出
工资和福利		14,127			8,372			38,178		24,467
房屋和设备		2,694			1,475			6,845		4,414
数据处理		2,499			1,598			6,937		4,406
通信		517			334			1,458		976
专业费用		834			610			2,478		1,818
办公用品和邮寄		267			174			816		520
广告和促销		207			168			723		517
无形资产摊销		1,728			198			4,140		604
FDIC 保险		530			390			1,535		1,155
合并相关费用		-			645			17,369		645
其他		2,812			1,453			6,907		3,857
总非利息支出		26,215			15,417			87,386		43,379

税前收入（损失）		18,326			9,273			17,400		24,290
所得税费用（收益）		3,645			1,925			3,091		4,722

净收入（损失）	$	14,681		$	7,348		$	14,309	$	19,568

每股基本收益（损失）	$	0.98		$	0.86		$	1.05	$	2.48
每股稀释收益（损失）	$	0.97		$	0.85		$	1.05	$	2.46
每股宣告股息	$	0.28		$	0.27		$	0.84	$	0.81


	Three Months Ended September 30, 2025		Three Months Ended June 30, 2025			Three Months Ended September 30, 2024

(Dollars in thousands)	Average								Average								Average
	Balance		Interest			Rate			Balance			Interest		Rate			Balance			Interest			Rate
Assets:
Loans (1)(3)(4)(5)	$	2,927,878		$	47,142				6.39		%	$	2,936,168		$	46,551				6.36		%	$	1,460,033		$	23,262		6.34	%
Taxable securities (2)		703,045			5,249				2.96				695,546			5,264				3.04				681,578			5,563		3.25
Nontaxable securities (1)		287,274			1,795				2.48				289,061			1,764				2.45				289,335			1,775		2.44
Other		79,365			909				4.54				63,416			735				4.65				108,019			1,473		5.43
Interest-earning assets		3,997,562			55,095				5.47				3,984,191			54,314				5.47				2,538,965			32,073		5.03
Noninterest-earning assets		310,727									314,322									146,225
Total assets	$	4,308,289								$	4,298,513								$	2,685,190

Liabilities and Shareholders' Equity:
Interest-bearing demand deposits	$	1,374,827		$	6,392				1.84		%	$	1,332,318		$	6,163				1.86		%	$	916,459		$	3,111		1.35	%
Savings deposits		591,653			1,125				0.75				595,362			1,003				0.68				329,613			728		0.88
Certificates of deposit		616,686			5,777				3.72				646,247			6,353				3.94				388,183			4,296		4.40
Brokered deposit		91,735			993				4.30				120,720			1,321				4.39				17,227			227		5.25
Borrowings		179,122			2,019				4.47				169,257			1,945				4.61				210,000			2,508		4.75
Subordinated debentures		48,663		701				5.72				48,971			689				5.65				35,658			413		4.61
Other		8,550		94				4.38				11,763			129				4.39				11,756			159		5.37
Interest-bearing liabilities		2,911,236			17,101				2.33				2,924,638			17,603				2.41				1,908,896			11,442		2.38
Demand deposits		930,346									915,637									519,511
Other noninterest-bearing liabilities		28,258									30,695									18,908
Total liabilities		3,869,840									3,870,970									2,447,315
Shareholders' equity		438,449									427,543									237,875
Total liabilities and shareholders' equity	$	4,308,289								$	4,298,513								$	2,685,190

Net interest income (tax- equivalent basis) (Non-GAAP) (1)			$	37,994								$	36,711							$	20,631

Net interest margin (tax- equivalent basis) (Non-GAAP) (1)							3.77		%							3.70		%							3.23		%


	截至2025年9月30日的三个月		截至2025年6月30日的三个月			截至2024年9月30日的三个月

(单位：千美元)	平均								平均								平均
	余额		利息			利率			余额			利息		利率			余额			利息			利率
资产：
贷款 (1)(3)(4)(5)	$	2,927,878		$	47,142				6.39		%	$	2,936,168		$	46,551				6.36		%	$	1,460,033		$	23,262		6.34	%
应税证券 (2)		703,045			5,249				2.96				695,546			5,264				3.04				681,578			5,563		3.25
非应税证券 (1)		287,274			1,795				2.48				289,061			1,764				2.45				289,335			1,775		2.44
其他		79,365			909				4.54				63,416			735				4.65				108,019			1,473		5.43
赚取利息的资产		3,997,562			55,095				5.47				3,984,191			54,314				5.47				2,538,965			32,073		5.03
非赚取利息的资产		310,727									314,322									146,225
总资产	$	4,308,289								$	4,298,513								$	2,685,190

负债和股东权益：
赚取利息的活期存款	$	1,374,827		$	6,392				1.84		%	$	1,332,318		$	6,163				1.86		%	$	916,459		$	3,111		1.35	%
储蓄存款		591,653			1,125				0.75				595,362			1,003				0.68				329,613			728		0.88
定期存款		616,686			5,777				3.72				646,247			6,353				3.94				388,183			4,296		4.40
经纪存款		91,735			993				4.30				120,720			1,321				4.39				17,227			227		5.25
借款		179,122			2,019				4.47				169,257			1,945				4.61				210,000			2,508		4.75
次级债券		48,663		701				5.72				48,971			689				5.65				35,658			413		4.61
其他		8,550		94				4.38				11,763			129				4.39				11,756			159		5.37
赚取利息的负债		2,911,236			17,101				2.33				2,924,638			17,603				2.41				1,908,896			11,442		2.38
活期存款		930,346									915,637									519,511
其他非赚取利息的负债		28,258									30,695									18,908
总负债		3,869,840									3,870,970									2,447,315
股东权益		438,449									427,543									237,875
总负债和股东权益	$	4,308,289								$	4,298,513								$	2,685,190

净利息收入（税后等值基础）（非 GAAP）(1)			$	37,994								$	36,711							$	20,631

净利息利润率（税后等值基础）（非 GAAP）(1)							3.77		%							3.70		%							3.23		%



(1)	Adjusted to a fully tax-equivalent basis to facilitate comparison to the 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 in the banking industry. These non-GAAP measures ensure comparability with respect to both taxable and tax-exempt loans and securities.
(2)	Taxable securities include dividend income from Federal Home Loan Bank and Federal Reserve Bank stock.
(3)	Loans include both loans to other financial institutions and loans held for sale.
(4)	Non-accruing loan balances are included in the balances of average loans. Non-accruing loan average balances were $17.0 million, $16.8 million, and $2.2 million in the third quarter of 2025, the second quarter of 2025 and the third quarter of 2024, respectively.
(5)	Interest on loans included net origination fees and interest income due to accretion from purchased loans. Interest income due to accretion from purchased loans was $3.6 million, $3.5 million and $275,000 in the third quarter of 2025, the second quarter of 2025 and the third quarter of 2024, respectively.



(1)	调整为完全税收等效基础，以便与应税利息资产进行比较。该调整使用 21% 的增量税率。这些措施在税收等效基础上的呈现不符合 GAAP，但在银行业中是惯例。这些非 GAAP 措施确保在应税和免税贷款及证券方面的可比性。
(2)	应税证券包括来自联邦住房贷款银行和联邦储备银行股票的股息收入。
(3)	贷款包括对其他金融机构的贷款和待售贷款。
(4)	不计息贷款余额包含在平均贷款余额中。不计息贷款的平均余额在 2025 年第三季度、2025 年第二季度和 2024 年第三季度分别为 1700 万美元、1680 万美元和 220 万美元。
(5)	贷款利息包括净发放费用和由于购买贷款的增值而产生的利息收入。由于购买贷款的增值而产生的利息收入在 2025 年第三季度、2025 年第二季度和 2024 年第三季度分别为 360 万美元、350 万美元和 27.5 万美元。


Income Adjusted for Merger Expenses - Non-GAAP Reconciliation (Unaudited)

	Three Months Ended		Nine Months Ended
	September30,		September30,
	2025		2024			2025		2024
(In Thousands, Except Per Share Data)
Net income (loss)	$	14,681		$	7,348		$	14,309	$	19,568

Merger related expenses net of tax		-			633			13,885		633
Merger related provision for credit losses, net of tax (1)		-			-			9,463		-
Adjusted net income	$	14,681		$	7,981		$	37,657	$	20,201

Weighted average number of shares		15,014,933			8,567,548			13,579,249		7,898,938
Diluted average shares outstanding		15,061,155			8,615,500			13,625,787		7,944,143
Basic earnings (loss) per share	$	0.98		$	0.86		$	1.05	$	2.48
Diluted earnings (loss) per share	$	0.97		$	0.85		$	1.05	$	2.46
Adjusted basic earnings per share	$	0.98		$	0.94		$	2.77	$	2.56
Adjusted diluted earnings per share	$	0.97		$	0.93		$	2.76	$	2.54


合并费用调整后的收入 - 非 GAAP 对账
（未经审计）

	截至三个月		截至九个月
	2025年9月30日		2024年9月30日			2025 年		2024 年
(以千为单位，除每股数据外)
净收入（损失）	$	14,681		$	7,348		$	14,309	$	19,568

合并相关费用（税后）		-			633			13,885		633
合并相关信用损失准备（税后）（1）		-			-			9,463		-
调整后的净收入	$	14,681		$	7,981		$	37,657	$	20,201

加权平均股份数		15,014,933			8,567,548			13,579,249		7,898,938
稀释后平均流通股		15,061,155			8,615,500			13,625,787		7,944,143
每股基本收益（损失）	$	0.98		$	0.86		$	1.05	$	2.48
每股稀释收益（损失）	$	0.97		$	0.85		$	1.05	$	2.46
调整后的每股基本收益	$	0.98		$	0.94		$	2.77	$	2.56
调整后的每股稀释收益	$	0.97		$	0.93		$	2.76	$	2.54



(1) Merger related provision for credit loss represents the calculated credit loss on Non-PCD loans acquired during the Merger on March 1, 2025.



(1) 合并相关信用损失准备代表在2025年3月1日合并期间收购的非 PCD 贷款的计算信用损失。


Other Selected Financial Highlights (Unaudited)

	Quarterly
Earnings	2025 3rd Qtr.		2025 2nd Qtr.			2025 1st Qtr.		2024 4th Qtr.	2024 3rd Qtr.
(in thousands except per share data)
Net interest income	$	37,597		$	36,322		$	26,311	$	19,349	$	20,248
Net provision expense		200			650			13,163		200		425
Noninterest income		7,144			6,503			4,922		4,994		4,867
Noninterest expense		26,215			25,506			35,665		15,344		15,417
Net income (loss) before federal income tax expense		18,326			16,669			(17,595)		8,799		9,273
Income tax expense (benefit)		3,645			3,135			(3,689)		1,640		1,925
Net income (loss)		14,681			13,534			(13,906)		7,159		7,348
Basic earnings (loss) per share		0.98			0.90			(1.30)		0.79		0.86
Diluted earnings (loss) per share		0.97			0.90			(1.29)		0.79		0.85
Adjusted basic earnings per share		0.98			0.91			0.87		0.84		0.94
Adjusted diluted earnings per share		0.97			0.91			0.86		0.83		0.93


其他精选财务亮点
（未经审计）

	季度
收益	2025 年第三季度		2025 年第二季度			2025 年第一季度		2024 年第四季度	2024 年第三季度
(以千为单位，除每股数据外)
净利息收入	$	37,597		$	36,322		$	26,311	$	19,349	$	20,248
净准备费用		200			650			13,163		200		425
非利息收入		7,144			6,503			4,922		4,994		4,867
非利息费用		26,215			25,506			35,665		15,344		15,417
净收入（损失）在联邦所得税费用之前		18,326			16,669			(17,595)		8,799		9,273
所得税费用（收益）		3,645			3,135			(3,689)		1,640		1,925
净收入（损失）		14,681			13,534			(13,906)		7,159		7,348
每股基本收益（损失）		0.98			0.90			(1.30)		0.79		0.86
每股稀释收益（损失）		0.97			0.90			(1.29)		0.79		0.85
调整后的每股基本收益		0.98			0.91			0.87		0.84		0.94
调整后的每股稀释收益		0.97			0.91			0.86		0.83		0.93


End of period balances	2025 3rd Qtr.		2025 2nd Qtr.			2025 1st Qtr.		2024 4th Qtr.	2024 3rd Qtr.
(in thousands)
Gross loans	$	2,916,251		$	2,928,431		$	2,928,896	$	1,552,928	$	1,509,944
Loans held for sale (1)		6,323			7,639			3,941		7,288		5,994
Loans to other financial institutions (2)		2,483			3,033			2,393		39,878		38,492
Core loans (gross loans excluding 1 and 2 above)		2,907,445			2,917,759			2,922,562		1,505,762		1,465,458
Allowance for credit losses		34,754			34,798			34,567		16,552		16,490
Securities available for sale		544,023			479,426			480,650		479,117		497,552
Securities held to maturity		388,517			390,457			394,434		394,534		391,954
Other interest-earning assets		79,677			110,206			110,605		86,185		116,643
Total earning assets (before allowance)		3,928,468			3,908,520			3,914,585		2,512,764		2,516,093
Total assets		4,296,902			4,310,252			4,305,391		2,723,243		2,726,003
Noninterest-bearing deposits		903,925			943,873			912,033		524,945		521,055
Interest-bearing demand deposits		1,395,724			1,322,336			1,406,660		920,167		952,013
Savings deposits		588,798			595,981			602,337		338,109		335,802
Certificates of deposit		605,912			624,209			663,404		394,371		392,731
Brokered deposits		72,672			106,225			67,295		36,511		6,627
Total deposits		3,567,031			3,592,624			3,651,729		2,214,103		2,208,228
Deposits excluding brokered		3,494,359			3,486,399			3,584,434		2,177,592		2,201,601
Total subordinated debt		48,368			48,277			48,186		35,752		35,691
Total borrowed funds		197,752			198,428			137,330		175,000		210,000
Other interest-bearing liabilities		7,695			8,529			13,420		24,003		4,956
Total interest-bearing liabilities		2,916,921			2,903,985			2,938,632		1,923,913		1,937,820
Shareholders' equity		449,615			431,761			427,068		260,415		247,746


期末余额	2025 年第 3 季度
季度		2025 年第 2 季度
季度		2025 年第 1 季度
季度		2024 年第 4 季度
季度		2024 年第 3 季度
季度
（单位：千美元）
总贷款	$	2,916,251	$	2,928,431	$	2,928,896	$	1,552,928	$	1,509,944
待售贷款 (1)		6,323		7,639		3,941		7,288		5,994
对其他金融机构的贷款 (2)		2,483		3,033		2,393		39,878		38,492
核心贷款（不包括上述 1 和 2）		2,907,445		2,917,759		2,922,562		1,505,762		1,465,458
信用损失准备金		34,754		34,798		34,567		16,552		16,490
可供出售证券		544,023		479,426		480,650		479,117		497,552
持有至到期证券		388,517		390,457		394,434		394,534		391,954
其他收益资产		79,677		110,206		110,605		86,185		116,643
总收益资产 (扣除准备金前)		3,928,468		3,908,520		3,914,585		2,512,764		2,516,093
总资产		4,296,902		4,310,252		4,305,391		2,723,243		2,726,003
非利息负债存款		903,925		943,873		912,033		524,945		521,055
有息活期存款		1,395,724		1,322,336		1,406,660		920,167		952,013
储蓄存款		588,798		595,981		602,337		338,109		335,802
定期存款		605,912		624,209		663,404		394,371		392,731
经纪存款		72,672		106,225		67,295		36,511		6,627
总存款		3,567,031		3,592,624		3,651,729		2,214,103		2,208,228
不包括经纪存款的存款		3,494,359		3,486,399		3,584,434		2,177,592		2,201,601
总次级债务		48,368		48,277		48,186		35,752		35,691
总借款		197,752		198,428		137,330		175,000		210,000
其他有息负债		7,695		8,529		13,420		24,003		4,956
总有息负债		2,916,921		2,903,985		2,938,632		1,923,913		1,937,820
股东权益		449,615		431,761		427,068		260,415		247,746


Average Balances	2025 3rd Qtr.		2025 2nd Qtr.			2025 1st Qtr.		2024 4th Qtr.	2024 3rd Qtr.
(in thousands)
Loans	$	2,927,878		$	2,936,168		$	2,019,643	$	1,516,466	$	1,460,033
Securities		990,319			984,607			978,769		965,501		970,913
Other interest-earning assets		79,365			63,416			115,091		100,864		108,019
Total earning assets (before allowance)		3,997,562			3,984,191			3,113,503		2,582,831		2,538,965
Total assets		4,308,289			4,298,513			3,319,591		2,719,530		2,685,190
Noninterest-bearing deposits		930,346			915,637			651,424		536,653		519,511
Interest-bearing deposits		2,583,166			2,573,927			2,030,543		1,641,102		1,634,255
Brokered deposits		91,735			120,720			45,553		19,620		17,227
Total deposits		3,605,247			3,610,284			2,727,520		2,197,375		2,170,993
Total subordinated debt		48,663			48,971			40,182		35,719		35,658
Total borrowed funds		179,122			169,257			193,961		197,828		210,000
Other interest-bearing liabilities		8,550			11,763			20,553		16,928		11,756
Total interest-bearing liabilities		2,911,236			2,924,638			2,330,792		1,911,197		1,908,896
Shareholders' equity		438,449			427,543			302,537		254,737		237,875


平均余额	2025 年第 3 季度
季度		2025 年第 2 季度
季度		2025 年第 1 季度
季度		2024 年第 4 季度
季度		2024 年第 3 季度
季度
（单位：千美元）
贷款	$	2,927,878	$	2,936,168	$	2,019,643	$	1,516,466	$	1,460,033
证券		990,319		984,607		978,769		965,501		970,913
其他收益资产		79,365		63,416		115,091		100,864		108,019
总收益资产 (扣除准备金前)		3,997,562		3,984,191		3,113,503		2,582,831		2,538,965
总资产		4,308,289		4,298,513		3,319,591		2,719,530		2,685,190
非利息负债存款		930,346		915,637		651,424		536,653		519,511
有息存款		2,583,166		2,573,927		2,030,543		1,641,102		1,634,255
经纪存款		91,735		120,720		45,553		19,620		17,227
总存款		3,605,247		3,610,284		2,727,520		2,197,375		2,170,993
总次级债务		48,663		48,971		40,182		35,719		35,658
总借款		179,122		169,257		193,961		197,828		210,000
其他有息负债		8,550		11,763		20,553		16,928		11,756
总有息负债		2,911,236		2,924,638		2,330,792		1,911,197		1,908,896
股东权益		438,449		427,543		302,537		254,737		237,875


Loan Breakout(in thousands)	2025 3rd Qtr.		2025 2nd Qtr.			2025 1st Qtr.		2024 4th Qtr.	2024 3rd Qtr.
Agricultural	$	51,183		$	47,273		$	48,165	$	48,221	$	49,147
Commercial and Industrial		352,876			351,367			345,138		228,256		229,232
Commercial Real Estate		1,728,774			1,743,541			1,757,599		901,130		862,773
Consumer		27,328			29,741			30,932		29,412		30,693
Construction Real Estate		18,440			21,508			18,067		17,042		14,555
Residential Real Estate		728,844			724,329			722,661		281,701		279,058
Loans to Other Financial Institutions		2,483			3,033			2,393		39,878		38,492
Gross Loans (excluding held for sale)	$	2,909,928		$	2,920,792		$	2,924,955	$	1,545,640	$	1,503,950

Allowance for credit losses		34,754			34,798			34,567		16,552		16,490

Net loans	$	2,875,174		$	2,885,994		$	2,890,388	$	1,529,088	$	1,487,460


贷款分类（单位：千美元）	2025 年第三季度
季度		2025 年第二季度
季度		2025 年第一季度
季度		2024 年第四季度
季度		2024 年第三季度
季度
农业	$	51,183	$	47,273	$	48,165	$	48,221	$	49,147
商业和工业		352,876		351,367		345,138		228,256		229,232
商业房地产		1,728,774		1,743,541		1,757,599		901,130		862,773
消费者		27,328		29,741		30,932		29,412		30,693
建设房地产		18,440		21,508		18,067		17,042		14,555
住宅房地产		728,844		724,329		722,661		281,701		279,058
对其他金融机构的贷款		2,483		3,033		2,393		39,878		38,492
总贷款（不包括待售）	$	2,909,928	$	2,920,792	$	2,924,955	$	1,545,640	$	1,503,950

信用损失准备金		34,754		34,798		34,567		16,552		16,490

净贷款	$	2,875,174	$	2,885,994	$	2,890,388	$	1,529,088	$	1,487,460


Performance Ratios	2025 3rd Qtr.			2025 2nd Qtr.		2025 1st Qtr.	2024 4th Qtr.		2024 3rd Qtr.

Annualized return on average assets		1.36	%		1.26	%	-1.68	%		1.05	%	1.09	%
Annualized return on average equity		13.39	%		12.66	%	-18.39	%		11.24	%	12.36	%
Annualized return on average tangible common equity		19.08	%		18.26	%	-27.97	%		14.54	%	16.29	%
Net interest margin (GAAP)		3.73	%		3.66	%	3.43	%		2.98	%	3.17	%
Net interest margin (fully tax-equivalent)		3.77	%		3.70	%	3.48	%		3.04	%	3.23	%
Efficiency ratio		54.76	%		55.32	%	111.01	%		61.29	%	60.80	%
Annualized cost of funds		1.77	%		1.84	%	1.86	%		1.90	%	1.87	%
Annualized cost of deposits		1.57	%		1.65	%	1.59	%		1.58	%	1.53	%
Cost of interest bearing liabilities		2.33	%		2.41	%	2.37	%		2.43	%	2.38	%
Shareholders' equity to total assets		10.46	%		10.02	%	9.91	%		9.56	%	9.09	%
Tangible common equity to tangible assets		7.04	%		6.54	%	6.40	%		7.49	%	7.00	%
Annualized noninterest expense to average assets		2.43	%		2.37	%	4.30	%		2.26	%	2.30	%
Loan to deposit		81.76	%		81.51	%	80.21	%		70.14	%	68.38	%
Full-time equivalent employees		573			571		605			377		371


绩效比率	2025 年第三季度
季度		2025 年第二季度
季度		2025 年第一季度
季度		2024 年第四季度
季度		2024 年第三季度
季度

年化平均资产回报率		1.36	%	1.26	%	-1.68	%	1.05	%	1.09	%
年化平均股本回报率		13.39	%	12.66	%	-18.39	%	11.24	%	12.36	%
年化平均有形普通股本回报率		19.08	%	18.26	%	-27.97	%	14.54	%	16.29	%
净利息差 (GAAP)		3.73	%	3.66	%	3.43	%	2.98	%	3.17	%
净利息差 (完全税收等效)		3.77	%	3.70	%	3.48	%	3.04	%	3.23	%
效率比率		54.76	%	55.32	%	111.01	%	61.29	%	60.80	%
年化资金成本		1.77	%	1.84	%	1.86	%	1.90	%	1.87	%
年化存款成本		1.57	%	1.65	%	1.59	%	1.58	%	1.53	%
有息负债成本		2.33	%	2.41	%	2.37	%	2.43	%	2.38	%
股东权益占总资产比率		10.46	%	10.02	%	9.91	%	9.56	%	9.09	%
有形普通股本占有形资产比率		7.04	%	6.54	%	6.40	%	7.49	%	7.00	%
年化非利息费用占平均资产比率		2.43	%	2.37	%	4.30	%	2.26	%	2.30	%
贷款与存款比率		81.76	%	81.51	%	80.21	%	70.14	%	68.38	%
全职员工等效人数		573		571		605		377		371


Capital Ratios ChoiceOne Financial Services Inc.	2025 3rd Qtr.			2025 2nd Qtr.		2025 1st Qtr.	2024 4th Qtr.		2024 3rd Qtr.

Total capital (to risk weighted assets)		13.0	%		12.4	%	12.0	%		14.5	%	15.0	%
Common equity Tier 1 capital (to risk weighted assets)		10.3	%		9.8	%	9.4	%		12.0	%	12.3	%
Tier 1 capital (to risk weighted assets)		10.9	%		10.4	%	10.0	%		12.2	%	12.5	%
Tier 1 capital (to average assets)		8.5	%		8.2	%	10.4	%		9.1	%	9.0	%
Tier 1 capital (to total assets)		8.2	%		7.9	%	7.6	%		8.9	%	8.7	%
Commercial Real Estate Loans (non- owner occupied) as a percentage of total capital		275.2	%		288.2	%	302.0	%		195.6	%	193.3	%


资本比率 ChoiceOne Financial
Services Inc.	2025 年第三季度
季度		2025 年第二季度
季度		2025 年第一季度
季度		2024 年第四季度
季度		2024 年第三季度
季度

总资本（占风险加权资产）		13.0	%	12.4	%	12.0	%	14.5	%	15.0	%
普通股一级资本（占风险加权资产）		10.3	%	9.8	%	9.4	%	12.0	%	12.3	%
一级资本（占风险加权资产）		10.9	%	10.4	%	10.0	%	12.2	%	12.5	%
一级资本（占平均资产）		8.5	%	8.2	%	10.4	%	9.1	%	9.0	%
一级资本（占总资产）		8.2	%	7.9	%	7.6	%	8.9	%	8.7	%
商业房地产贷款（非自用）占总资本的百分比		275.2	%	288.2	%	302.0	%	195.6	%	193.3	%


Capital Ratios ChoiceOne Bank	2025 3rd Qtr.			2025 2nd Qtr.		2025 1st Qtr.	2024 4th Qtr.		2024 3rd Qtr.

Total capital (to risk weighted assets)		12.8	%		12.4	%	11.9	%		12.7	%	13.1	%
Common equity Tier 1 capital (to risk weighted assets)		11.7	%		11.3	%	10.9	%		12.0	%	12.3	%
Tier 1 capital (to risk weighted assets)		11.7	%		11.3	%	10.9	%		12.0	%	12.3	%
Tier 1 capital (to average assets)		9.1	%		8.9	%	11.3	%		8.9	%	8.9	%
Tier 1 capital (to total assets)		8.8	%		8.6	%	8.3	%		8.7	%	8.5	%
Commercial Real Estate Loans (non- owner occupied) as a percentage of total capital		280.0	%		290.6	%	303.9	%		224.9	%	222.2	%


ChoiceOne Bank 资本比率	2025 第三季度
季度		2025 第二季度
季度		2025 第一季度
季度		2024 第四季度
季度		2024 第三季度
季度

总资本（相对于风险加权资产）		12.8	%	12.4	%	11.9	%	12.7	%	13.1	%
普通股权一级资本（相对于风险加权资产）		11.7	%	11.3	%	10.9	%	12.0	%	12.3	%
一级资本（相对于风险加权资产）		11.7	%	11.3	%	10.9	%	12.0	%	12.3	%
一级资本（相对于平均资产）		9.1	%	8.9	%	11.3	%	8.9	%	8.9	%
一级资本（相对于总资产）		8.8	%	8.6	%	8.3	%	8.7	%	8.5	%
商业房地产贷款（非自用）占总资本的百分比		280.0	%	290.6	%	303.9	%	224.9	%	222.2	%


Asset Quality	2025 3rd Qtr.			2025 2nd Qtr.			2025 1st Qtr.		2024 4th Qtr.		2024 3rd Qtr.
(in thousands)
Net loan charge-offs (recoveries)	$	244			$	418		$	72		$	138		$	87
Annualized net loan charge-offs (recoveries) to average loans		0.03	%			0.06	%		0.01	%		0.04	%		0.02	%
Allowance for credit losses	$	34,754			$	34,798		$	34,567		$	16,552		$	16,490
Unfunded commitment liability	$	1,647			$	1,647		$	1,647		$	1,485		$	1,485
Allowance to loans (excludes held for sale)		1.19	%			1.19	%		1.18	%		1.07	%		1.10	%
Total funds reserved to pay for loans (includes liability for unfunded commitments and excludes held for sale)		1.25	%			1.25	%		1.24	%		1.17	%		1.20	%
Non-Accruing loans	$	17,365			$	16,854		$	16,789		$	3,704		$	2,355
Nonperforming loans (includes OREO)	$	19,940			$	19,296		$	19,154		$	4,177		$	2,884
Nonperforming loans to total loans (excludes held for sale)		0.69	%			0.66	%		0.65	%		0.27	%		0.19	%
Non Accrual classified as PCD	$	11,393				12,017			12,891			-			-
Nonperforming loans to total loans (excludes held for sale) attributed to PCD		0.39	%			0.41	%		0.44	%		-			-
Nonperforming assets to total assets		0.46	%			0.45	%		0.44	%		0.15	%		0.11	%


资产质量	2025 第三季度
季度		2025 第二季度
季度		2025 第一季度
季度		2024 第四季度
季度		2024 第三季度
季度
（单位：千美元）
净贷款损失（回收）	$	244		$	418		$	72		$	138		$	87
年化净贷款损失（回收）占平均贷款的百分比		0.03	%		0.06	%		0.01	%		0.04	%		0.02	%
信贷损失准备金	$	34,754		$	34,798		$	34,567		$	16,552		$	16,490
未融资承诺负债	$	1,647		$	1,647		$	1,647		$	1,485		$	1,485
贷款准备金占贷款的比例（不包括待售）		1.19	%		1.19	%		1.18	%		1.07	%		1.10	%
为贷款准备的总资金（包括未融资承诺的负债，不包括待售）		1.25	%		1.25	%		1.24	%		1.17	%		1.20	%
不计息贷款	$	17,365		$	16,854		$	16,789		$	3,704		$	2,355
不良贷款（包括 OREO）	$	19,940		$	19,296		$	19,154		$	4,177		$	2,884
不良贷款占总贷款的比例（不包括待售）		0.69	%		0.66	%		0.65	%		0.27	%		0.19	%
不计息贷款分类为 PCD	$	11,393			12,017			12,891			-			-
不良贷款占总贷款的比例（不包括待售）归因于 PCD		0.39	%		0.41	%		0.44	%		-			-
不良资产占总资产的比例		0.46	%		0.45	%		0.44	%		0.15	%		0.11	%


Other Non-GAAP Reconciliation (Unaudited)

NON-GAAP Reconciliation	2025 3rd Qtr.			2025 2nd Qtr.			2025 1st Qtr.		2024 4th Qtr.		2024 3rd Qtr.
Net interest income (tax-equivalent basis) (Non-GAAP)	$	37,994			$	36,711		$	26,710		$	19,739		$	20,631
Net interest margin (fully tax-equivalent)		3.77	%			3.70	%		3.48	%		3.04	%		3.23	%

Reconciliation to Reported Net Interest Income

Net interest income (tax-equivalent basis) (Non-GAAP)	$	37,994			$	36,711		$	26,710		$	19,739		$	20,631

Adjustment for taxable equivalent interest		(397)				(389)			(399)			(390)			(383)

Net interest income (GAAP)	$	37,597			$	36,322		$	26,311		$	19,349		$	20,248
Net interest margin (GAAP)		3.73	%			3.66	%		3.43	%		2.98	%		3.17	%


其他非 GAAP 调整
（未经审计）

非 GAAP 调整	2025 第三季度
季度		2025 第二季度
季度		2025 第一季度
季度		2024 第四季度
季度		2024 第三季度
季度
净利息收入（税收等效基础）（非 GAAP）	$	37,994		$	36,711		$	26,710		$	19,739		$	20,631
净利息收益率 (完全税收等效)		3.77	%		3.70	%		3.48	%		3.04	%		3.23	%

与报告的净利息收入的调整

净利息收入（税收等效基础）（非 GAAP）	$	37,994		$	36,711		$	26,710		$	19,739		$	20,631

税收等效利息的调整		(397)			(389)			(399)			(390)			(383)

净利息收入（GAAP）	$	37,597		$	36,322		$	26,311		$	19,349		$	20,248
净利息收益率（GAAP）		3.73	%		3.66	%		3.43	%		2.98	%		3.17	%


(dollars in thousands)	2025 3rd Qtr.			2025 2nd Qtr.			2025 1st Qtr.		2024 4th Qtr.		2024 3rd Qtr.
Total assets	$	4,296,902			$	4,310,252		$	4,305,391		$	2,723,243		$	2,726,003
Less: goodwill		126,730				126,730			126,730			59,946			59,946
Less: core deposit intangible		31,694				33,421			35,153			1,096			1,250
Tangible assets	$	4,138,478			$	4,150,101		$	4,143,508		$	2,662,201		$	2,664,807

Total equity	$	449,615			$	431,761		$	427,068		$	260,415		$	247,746
Less: goodwill		126,730				126,730			126,730			59,946			59,946
Less: core deposit intangible		31,694				33,421			35,154			1,096			1,250
Tangible common equity	$	291,191			$	271,610		$	265,184		$	199,373		$	186,550
Tangible common equity to tangible assets		7.04	%			6.54	%		6.40	%		7.49	%		7.00	%


（单位：千美元）	2025 年第 3 季度 Qtr.			2025 年第 2 季度 Qtr.			2025 年第 1 季度 Qtr.		2024 年第 4 季度 Qtr.		2024 年第 3 季度 Qtr.
总资产	$	4,296,902			$	4,310,252		$	4,305,391		$	2,723,243		$	2,726,003
减：商誉		126,730				126,730			126,730			59,946			59,946
减：核心存款无形资产		31,694				33,421			35,153			1,096			1,250
有形资产	$	4,138,478			$	4,150,101		$	4,143,508		$	2,662,201		$	2,664,807

总权益	$	449,615			$	431,761		$	427,068		$	260,415		$	247,746
减：商誉		126,730				126,730			126,730			59,946			59,946
减：核心存款无形资产		31,694				33,421			35,154			1,096			1,250
有形普通股权益	$	291,191			$	271,610		$	265,184		$	199,373		$	186,550
有形普通股权益与有形资产的比率		7.04	%			6.54	%		6.40	%		7.49	%		7.00	%


(dollars in thousands)	2025 3rd Qtr.			2025 2nd Qtr.			2025 1st Qtr.		2024 4th Qtr.		2024 3rd Qtr.
Net income	$	14,681			$	13,534		$	(13,906)		$	7,159		$	7,348
Less: intangible amortization (tax affected at 21%)		1,365				1,369			537			121			156
Adjusted net income	$	13,316			$	12,165		$	(14,443)		$	7,038		$	7,192

Average shareholders' equity	$	438,449			$	427,543		$	302,537		$	254,737		$	237,875
Less: average goodwill		126,730				126,730			83,030			59,946			59,946
Less: average core deposit intangible		32,599				34,356			12,983			1,179			1,355
Average tangible common equity	$	279,120			$	266,457		$	206,524		$	193,612		$	176,574

Return on average tangible common equity		19.08	%			18.26	%		-27.97	%		14.54	%		16.29	%


（单位：千美元）	2025 年第 3 季度 Qtr.			2025 年第 2 季度 Qtr.			2025 年第 1 季度 Qtr.		2024 年第 4 季度 Qtr.		2024 年第 3 季度 Qtr.
净收入	$	14,681			$	13,534		$	(13,906)		$	7,159		$	7,348
减：无形资产摊销（税后 21%）		1,365				1,369			537			121			156
调整后的净收入	$	13,316			$	12,165		$	(14,443)		$	7,038		$	7,192

平均股东权益	$	438,449			$	427,543		$	302,537		$	254,737		$	237,875
减：平均商誉		126,730				126,730			83,030			59,946			59,946
减：平均核心存款无形资产		32,599				34,356			12,983			1,179			1,355
平均有形普通股权益	$	279,120			$	266,457		$	206,524		$	193,612		$	176,574

平均有形普通股权益回报率		19.08	%			18.26	%		-27.97	%		14.54	%		16.29	%

SOURCE ChoiceOne Financial Services, Inc.

来源 ChoiceOne Financial Services, Inc.

ChoiceOne 公布 2025 年第三季度财报 | COFS 股票新闻