, /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，公佈了截至2025年9月30日的季度財務業績。

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

影響 2024 年和 2025 年可比前九個月業績的重大事項包括：

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 完成了與 Fentura Financial, Inc.（"Fentura"）的合併（"合併"），Fentura 是 The State Bank 的前母公司，合併後 ChoiceOne 存續。2025年3月14日，The State Bank 與 ChoiceOne Bank 的合併完成，ChoiceOne Bank 存續。

合併中獲得的總資產、貸款和存款分別約為 18 億美元、14 億美元和 14 億美元。
截至2025年9月30日的九個月中，合併相關費用（税後）為 1390 萬美元，或每股攤薄收益 1.02 美元。2025 年第三季度沒有合併費用，管理層預計不會有額外的重大合併費用。
截至2025年3月31日的第一季度，合併相關的信用損失準備（税後）為 950 萬美元，或截至2025年9月30日每股攤薄收益 0.69 美元。

Highlights

亮點

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 報告截至2025年9月30日的三個月和九個月的淨收入分別為 1468.1 萬美元和 1430.9 萬美元，而去年同期的淨收入分別為 734.8 萬美元和 1956.8 萬美元。扣除合併費用（税後）和合並相關的信用損失準備（税後）後的淨收入分別為 1468.1 萬美元和 3765.7 萬美元。
截至2025年9月30日的三個月和九個月的攤薄每股收益分別為 0.97 美元和 1.05 美元，而去年同期的攤薄每股收益分別為 0.85 美元和 2.46 美元。扣除合併費用（税後）和合並相關的信用損失準備（税後）後的攤薄每股收益分別為 0.97 美元和 2.76 美元。
在 2025 年第三季度，ChoiceOne 的 GAAP 淨利差增加至 3.73%，而 2024 年同期為 3.17%。GAAP 淨利息收入也大幅增加，達到 3760 萬美元，而 2024 年第三季度為 2020 萬美元。這一增長主要歸因於自2025年3月1日起合併帶來的額外淨利息收入。由於購買貸款的增值，2025 年第三季度的 GAAP 淨利差增加了 36 個基點。
核心貸款（不包括待售貸款和對其他金融機構的貸款）在 2025 年第三季度同比下降 1030 萬美元，年化降幅為 1.4%，但在截至2025年9月30日的十二個月中有機增長 6530 萬美元，增幅為 4.5%。由於2025年3月1日的合併，核心貸款增長了 14 億美元。2025 年第三季度的貸款利息收入較 2024 年同期增加 2390 萬美元。截止2025年9月30日的三個月中，貸款利息收入包括 360 萬美元的購買貸款增值利息收入。
截至2025年9月30日，資產質量持續保持強勁，年化淨貸款損失率為 0.03%，不良貸款佔總貸款（不包括待售貸款）的比例為 0.69%。值得注意的是，不良貸款佔總貸款（不包括待售貸款）的比例中，有 0.39% 是由於合併中購買的信用惡化貸款所致。

"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 繼續交出卓越的業績，這得益於我們與 Fentura 的戰略合併的強大實力，以及我們對服務社區的關注，"首席執行官 Kelly Potes 表示。"我們為所取得的勢頭感到自豪，並將繼續致力於為我們的客户、員工和股東創造持久的價值。"

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 報告截至2025年9月30日的三個月和九個月的淨收入分別為 1468.1 萬美元和 1430.9 萬美元，而去年同期的淨收入分別為 734.8 萬美元和 1956.8 萬美元。扣除合併費用（税後）和合並相關的信用損失準備（税後）後的淨收入分別為 1468.1 萬美元和 3765.7 萬美元。截止2025年9月30日的三個月和九個月的攤薄每股收益分別為 0.97 美元和 1.05 美元，而去年同期的攤薄每股收益分別為 0.85 美元和 2.46 美元。扣除合併費用（税後）和合並相關的信用損失準備（税後）後的攤薄每股收益分別為 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，總資產為 43 億美元，比2024年9月30日增加了 16 億美元。總資產的增長主要歸因於合併。總資產的增長被2025年9月30日對其他金融機構貸款減少 3600 萬美元和現金及現金等價物減少 4700 萬美元所抵消。對其他金融機構的貸款包括用於促進抵押貸款發放的銀行倉庫信用額度，其利率和餘額隨全國抵押貸款市場波動。現金餘額的減少主要是由於在 2025 年第三季度購買了機構抵押貸款支持證券。

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.

核心貸款（不包括待售貸款和對其他金融機構的貸款）在 2025 年第三季度減少了 1030 萬美元，年化下降幅度為 1.4%，而在截至2025年9月30日的 12 個月內有機增長了 6530 萬美元，增幅為 4.5%。由於2025年3月1日的合併，核心貸款增長了 14 億美元。與 2024 年同期相比，2025 年第三季度的貸款利息收入增加了 2390 萬美元。截至2025年9月30日的三個月內，利息收入包括 360 萬美元來自購買貸款的增值收入。其中，180 萬美元是使用有效利率攤銷法計算的，而剩餘的 180 萬美元則是由於意外還款和與公允價值標記相關的貸款償還所產生的增值收入。預計 2025 年和 2026 年剩餘時間內，使用有效利率攤銷法計算的購買貸款增值收入分別為 230 萬美元和 820 萬美元；然而，實際結果將取決於提前還款速度和其他因素。預計在貸款組合的生命週期內，仍有 5110 萬美元的增值收入待確認。

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（不包括經紀存款）較2025年6月30日增加了 800 萬美元。在 2025 年第三季度，非利息存款減少了 3990 萬美元，而有息活期存款增加了 7340 萬美元。非利息存款向有息活期存款的轉變部分是由於季度末的時機和商業及市政活動的波動。有息活期存款的增長主要集中在非到期的有息支票和貨幣市場賬户。2025 年第三季度，非利息存款的平均餘額上升至 9.303 億美元，較 2025 年第二季度的 9.156 億美元有所增加。截止2025年9月30日，存款（不包括經紀存款）較2024年9月30日增加了 13 億美元，主要是由於合併的結果。ChoiceOne 繼續積極管理其流動性，通過使用經紀存款和 FHLB 貸款確保充足的流動性。截至2025年9月30日，抵押資產擔保的可用借款總額為 12 億美元。ChoiceOne 可以通過利用無擔保的聯邦基金額度和抵押額外資產來增加其借款能力。截至2025年9月30日，無保險存款總額為 12 億美元，佔存款的 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日的三個月內，與去年同期相比，ChoiceOne 的存款成本與平均總存款的比率增加了 4 個基點，從 1.53% 上升至 1.57%，主要是由於通過合併獲得的高成本存款。這一增長部分被 CD 成本的下降和批發融資成本的減少所抵消。與去年同期相比，截至2025年9月30日的三個月內，年化資金成本下降了 10 個基點，從 1.87% 降至 1.77%。與2025年6月30日的三個月相比，截至2025年9月30日的三個月內，年化資金成本從 1.84% 降至 1.77%，主要是由於高成本的本地和經紀 CD 的減少。截至2025年9月30日的三個月內，借款的利息支出較去年同期減少了 489,000 美元。截至2025年9月30日，從 FHLB 借入的資金總額為 1.98 億美元，平均固定利率為 4.23%，其中 1.58 億美元將在 12 個月內到期。

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，貸款的信用損失準備金為 20 萬美元，原因是淨沖銷為 24.4 萬美元，以及對定性和定量因素的小幅調整。截至2025年9月30日，信用損失準備金與總貸款（不包括待售貸款）的比率為 1.19%，與2025年6月30日的 1.19% 持平，而2024年12月31日為 1.07%。資產質量繼續保持強勁，截至2025年9月30日，年化淨貸款沖銷與平均貸款的比率為 0.03%，不良貸款與總貸款（不包括待售貸款）的比率為 0.69%。值得注意的是，不良貸款中有 0.39% 是由於合併過程中購買的信用惡化貸款所致。

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 使用利率互換來管理對某些固定利率資產和浮動利率負債的利率風險。在 2025 年第三季度，ChoiceOne 簽訂了 3040 萬美元的攤銷固定利率互換，以對沖約 4060 萬美元新購買的機構抵押貸款支持證券的利率風險。這些互換旨在與債券的預期現金流一起攤銷，持有的票息為 3.52%，合同期限至 2040 年。截止2025年9月30日，ChoiceOne 持有的固定利率互換的名義總值為 3.813 億美元，平均票息為 3.15%，公允價值為 680 萬美元，平均剩餘合同期限為 7.2 年。這些衍生工具的價值設計為隨着利率的上升或下降而變化，與由於利率變化而導致的可供出售證券組合的未實現損失變化相反。2025 年第三季度的互換結算金額為 130 萬美元，與 2025 年第二季度的 130 萬美元持平。除了固定利率互換外，ChoiceOne 還在部分商業貸款上採用了背靠背互換，其影響反映在利息收入中。

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，股東權益為 4.496 億美元，較2024年9月30日的 2.477 億美元顯著增加。這一增長主要是由於合併，ChoiceOne 於2025年3月1日發行了 6,070,836 股普通股，估值為 1.93 億美元。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，產生了 3450 萬美元的總毛收入（未扣除折扣和預計發行費用）。截至2025年9月30日，ChoiceOne Bank 繼續保持 “資本充足”，其風險基礎資本比率為 12.8%，而2024年9月30日為 13.1%，下降主要是由於合併的影響。

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日的三個月和九個月，非利息收入分別增加了 230 萬美元和 560 萬美元，較去年同期有所上升。這一增長部分是由於合併帶來的交易收入增加。由於遺產結算費用的增加以及合併帶來的客户，信託收入也有所上升。此外，ChoiceOne 在第二季度確認了兩項銀行擁有的壽險保單下的死亡賠償金收入，額外收入為 29.9 萬美元。

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日的三個月和九個月，非利息支出分別增加了 1080 萬美元和 4400 萬美元，較 2024 年同期有所上升。今年迄今的增長主要是由於在截至2025年9月30日的九個月內與合併相關的支出為 1740 萬美元，而去年同期為 645,000 美元。管理層預計不會有額外的重大合併支出。其餘的增長主要是由於2025年3月1日Fentura 的加入。ChoiceOne 繼續努力優化我們的成本結構，同時投資於提升我們業績和增強我們為客户和股東帶來的價值的機會。

"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.

“我們本季度強勁的財務表現歸功於我們出色的員工和客户。隨着合併的完成，我們的團隊專注於服務客户和發展我們的核心業務。我感謝我們的員工的辛勤工作，以及信任我們成為他們社區銀行的客户。” 首席執行官 Kelly Potes 説道。

About ChoiceOne

關於 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.是一家總部位於密歇根州斯巴達的金融控股公司，資產超過 40 億美元，是 ChoiceOne Bank 的母公司。FDIC 成員。ChoiceOne Bank 在密歇根州西部、中部和東南部運營 56 個辦事處。ChoiceOne Bank 通過其子公司 ChoiceOne Insurance Agencies, Inc.提供保險和投資產品。ChoiceOne Financial Services, Inc.的普通股在納斯達克資本市場以 “COFS” 符號報價。有關更多信息，請訪問 ChoiceOne 網站的投資者關係頁面 choiceone.bank。

Forward-Looking Statements

前瞻性聲明

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.

本新聞稿包含前瞻性聲明。諸如 “預計”、“相信”、“估計”、“期望”、“預測”、“意圖”、“可能”、“計劃”、“預測”、“項目”、“可能”、“能夠”、“期待”、“繼續”、“未來” 等詞及其變體旨在識別此類前瞻性聲明。這些聲明反映了對未來事件預期結果的當前信念，並不保證未來的表現。這些聲明涉及某些風險、不確定性和假設（“風險因素”），在時間、程度、可能性和發生程度方面難以預測。因此，實際結果和結果可能與此類前瞻性聲明中表達、暗示或預測的內容有實質性差異。此外，ChoiceOne 不承擔更新、修訂或澄清前瞻性聲明的任何義務，無論是由於新信息、未來事件還是其他原因。

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.

風險因素包括但不限於在 ChoiceOne 截至2024年12月31日的年度報告的 1A 項中描述的風險因素，以及 ChoiceOne 後續的任何 SEC 文件，這些文件可在 SEC 網站 www.sec.gov 上獲得。

Non-GAAP Financial Measures

非 GAAP 財務指標

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.

除了根據 GAAP 呈現的結果外，本新聞稿還包括某些非 GAAP 財務指標。ChoiceOne 認為這些非 GAAP 財務指標提供了額外的信息，有助於投資者理解 ChoiceOne 的基本財務表現、狀況和趨勢。

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 財務指標具有固有的侷限性。讀者應意識到這些侷限性，並在使用此類指標時保持謹慎。為了彌補這些侷限性，非 GAAP 指標作為比較工具，與 GAAP 指標一起使用，以協助評估經營表現或財務狀況。這些指標也使用適當的 GAAP 或監管組成部分的全部進行計算，並以便於一致的期間比較的方式進行計算。ChoiceOne 計算這些非 GAAP 指標的方法可能與其他公司使用的方法不同。這些非 GAAP 指標不應孤立考慮，也不應替代根據 GAAP 或現行監管要求準備的財務指標。

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 財務指標的地方，可以在本新聞稿的非 GAAP 調整標題下的表格中找到最直接可比的 GAAP 或監管財務指標，以及與最直接可比的 GAAP 或監管財務指標的對賬。


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


簡化資產負債表
（未經審計）

（單位：千美元）	2025年9月30日		2025年6月30日			2024年9月30日
現金及現金等價物	$	98,978		$	156,280		$	145,938
公允價值的權益證券		9,505			9,582			7,816
持有至到期投資		388,517			390,457			391,954
可供出售證券		544,023			479,426			497,552
聯邦住房貸款銀行股票		18,562			18,562			4,449
聯邦儲備銀行股票		12,554			12,547			5,307
待售貸款		6,323			7,639			5,994
對其他金融機構的貸款		2,483			3,033			38,492
核心貸款		2,907,445			2,917,759			1,465,458
投資貸款總額		2,909,928			2,920,792			1,503,950
信用損失準備金		(34,754)			(34,798)			(16,490)
淨貸款（扣除信用損失準備金）		2,875,174			2,885,994			1,487,460
房產及設備		46,159			45,667			27,135
人壽保險保單的現金價值		74,231			73,673			45,699
商譽		126,730			126,730			59,946
無形資產		31,694			33,421			1,250
其他資產		64,452			70,274			45,503

資產總計	$	4,296,902		$	4,310,252		$	2,726,003

非利息負債存款	$	903,925		$	943,873		$	521,055
有息活期存款		1,395,724			1,322,336			952,013
儲蓄存款		588,798			595,981			335,802
定期存款		605,912			624,209			392,731
經紀存款		72,672			106,225			6,627
借款		197,752			198,428			210,000
次級債券		48,368			48,277			35,691
其他負債		34,136			39,162			24,338

負債總計		3,847,287			3,878,491			2,478,257

普通股及實收資本，無面值；授權股份：
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
累計其他綜合收益（損失），淨額		(42,197)			(49,087)			(45,446)
股東權益		449,615			431,761			247,746

負債及股東權益總計	$	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


簡明運營報表（未經審計）

	截至三個月		截至九個月
（單位：千美元，除每股數據外）	2025年9月30日		2024年9月30日
	2025		2024			2025		2024
利息收入
貸款，包括費用	$	47,123		$	23,252		$	126,297	$	66,009
證券：
應税		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
總利息收入		54,698			31,690			148,582		90,066

利息支出
存款		14,287			8,362			39,843		25,464
來自聯邦住房貸款銀行的預付款		1,926			468			5,637		1,372
其他		888			2,612			2,872		8,137
總利息支出		17,101			11,442			48,352		34,973

淨利息收入		37,597			20,248			100,230		55,093
貸款的信用損失準備		200			425			14,013		1,100
未撥款承諾的信用損失準備（或反轉）		-			-			-		(675)
淨信用損失準備費用		200			425			14,013		425
淨利息收入扣除準備後		37,397			19,823			86,217		54,668

非利息收入
客户服務費用		1,729			1,249			4,311		3,537
交換收入		2,133			1,524			5,725		4,303
保險和投資佣金		485			184			1,320		572
貸款銷售收益		671			631			1,470		1,610
其他資產的銷售和減值的淨收益（損失）		(39)			191			(26)		203
人壽保險政策收益		558			315			1,791		1,115
信託收入		734			232			1,836		665
股權證券市場價值變動		458			277			804		241
其他		415			264			1,338		755
總非利息收入		7,144			4,867			18,569		13,001

非利息支出
工資和福利		14,127			8,372			38,178		24,467
房屋和設備		2,694			1,475			6,845		4,414
數據處理		2,499			1,598			6,937		4,406
通信		517			334			1,458		976
專業費用		834			610			2,478		1,818
辦公用品和郵寄		267			174			816		520
廣告和促銷		207			168			723		517
無形資產攤銷		1,728			198			4,140		604
FDIC 保險		530			390			1,535		1,155
合併相關費用		-			645			17,369		645
其他		2,812			1,453			6,907		3,857
總非利息支出		26,215			15,417			87,386		43,379

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

淨收入（損失）	$	14,681		$	7,348		$	14,309	$	19,568

每股基本收益（損失）	$	0.98		$	0.86		$	1.05	$	2.48
每股稀釋收益（損失）	$	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日的三個月		截至2025年6月30日的三個月			截至2024年9月30日的三個月

(單位：千美元)	平均								平均								平均
	餘額		利息			利率			餘額			利息		利率			餘額			利息			利率
資產：
貸款 (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	%
應税證券 (2)		703,045			5,249				2.96				695,546			5,264				3.04				681,578			5,563		3.25
非應税證券 (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
賺取利息的資產		3,997,562			55,095				5.47				3,984,191			54,314				5.47				2,538,965			32,073		5.03
非賺取利息的資產		310,727									314,322									146,225
總資產	$	4,308,289								$	4,298,513								$	2,685,190

負債和股東權益：
賺取利息的活期存款	$	1,374,827		$	6,392				1.84		%	$	1,332,318		$	6,163				1.86		%	$	916,459		$	3,111		1.35	%
儲蓄存款		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
經紀存款		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
次級債券		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
賺取利息的負債		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
其他非賺取利息的負債		28,258									30,695									18,908
總負債		3,869,840									3,870,970									2,447,315
股東權益		438,449									427,543									237,875
總負債和股東權益	$	4,308,289								$	4,298,513								$	2,685,190

淨利息收入（税後等值基礎）（非 GAAP）(1)			$	37,994								$	36,711							$	20,631

淨利息利潤率（税後等值基礎）（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)	調整為完全税收等效基礎，以便與應税利息資產進行比較。該調整使用 21% 的增量税率。這些措施在税收等效基礎上的呈現不符合 GAAP，但在銀行業中是慣例。這些非 GAAP 措施確保在應税和免税貸款及證券方面的可比性。
(2)	應税證券包括來自聯邦住房貸款銀行和聯邦儲備銀行股票的股息收入。
(3)	貸款包括對其他金融機構的貸款和待售貸款。
(4)	不計息貸款餘額包含在平均貸款餘額中。不計息貸款的平均餘額在 2025 年第三季度、2025 年第二季度和 2024 年第三季度分別為 1700 萬美元、1680 萬美元和 220 萬美元。
(5)	貸款利息包括淨髮放費用和由於購買貸款的增值而產生的利息收入。由於購買貸款的增值而產生的利息收入在 2025 年第三季度、2025 年第二季度和 2024 年第三季度分別為 360 萬美元、350 萬美元和 27.5 萬美元。


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


合併費用調整後的收入 - 非 GAAP 對賬
（未經審計）

	截至三個月		截至九個月
	2025年9月30日		2024年9月30日			2025 年		2024 年
(以千為單位，除每股數據外)
淨收入（損失）	$	14,681		$	7,348		$	14,309	$	19,568

合併相關費用（税後）		-			633			13,885		633
合併相關信用損失準備（税後）（1）		-			-			9,463		-
調整後的淨收入	$	14,681		$	7,981		$	37,657	$	20,201

加權平均股份數		15,014,933			8,567,548			13,579,249		7,898,938
稀釋後平均流通股		15,061,155			8,615,500			13,625,787		7,944,143
每股基本收益（損失）	$	0.98		$	0.86		$	1.05	$	2.48
每股稀釋收益（損失）	$	0.97		$	0.85		$	1.05	$	2.46
調整後的每股基本收益	$	0.98		$	0.94		$	2.77	$	2.56
調整後的每股稀釋收益	$	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) 合併相關信用損失準備代表在2025年3月1日合併期間收購的非 PCD 貸款的計算信用損失。


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


其他精選財務亮點
（未經審計）

	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
(以千為單位，除每股數據外)
淨利息收入	$	37,597		$	36,322		$	26,311	$	19,349	$	20,248
淨準備費用		200			650			13,163		200		425
非利息收入		7,144			6,503			4,922		4,994		4,867
非利息費用		26,215			25,506			35,665		15,344		15,417
淨收入（損失）在聯邦所得税費用之前		18,326			16,669			(17,595)		8,799		9,273
所得税費用（收益）		3,645			3,135			(3,689)		1,640		1,925
淨收入（損失）		14,681			13,534			(13,906)		7,159		7,348
每股基本收益（損失）		0.98			0.90			(1.30)		0.79		0.86
每股稀釋收益（損失）		0.97			0.90			(1.29)		0.79		0.85
調整後的每股基本收益		0.98			0.91			0.87		0.84		0.94
調整後的每股稀釋收益		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


期末餘額	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
（單位：千美元）
總貸款	$	2,916,251	$	2,928,431	$	2,928,896	$	1,552,928	$	1,509,944
待售貸款 (1)		6,323		7,639		3,941		7,288		5,994
對其他金融機構的貸款 (2)		2,483		3,033		2,393		39,878		38,492
核心貸款（不包括上述 1 和 2）		2,907,445		2,917,759		2,922,562		1,505,762		1,465,458
信用損失準備金		34,754		34,798		34,567		16,552		16,490
可供出售證券		544,023		479,426		480,650		479,117		497,552
持有至到期證券		388,517		390,457		394,434		394,534		391,954
其他收益資產		79,677		110,206		110,605		86,185		116,643
總收益資產 (扣除準備金前)		3,928,468		3,908,520		3,914,585		2,512,764		2,516,093
總資產		4,296,902		4,310,252		4,305,391		2,723,243		2,726,003
非利息負債存款		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
儲蓄存款		588,798		595,981		602,337		338,109		335,802
定期存款		605,912		624,209		663,404		394,371		392,731
經紀存款		72,672		106,225		67,295		36,511		6,627
總存款		3,567,031		3,592,624		3,651,729		2,214,103		2,208,228
不包括經紀存款的存款		3,494,359		3,486,399		3,584,434		2,177,592		2,201,601
總次級債務		48,368		48,277		48,186		35,752		35,691
總借款		197,752		198,428		137,330		175,000		210,000
其他有息負債		7,695		8,529		13,420		24,003		4,956
總有息負債		2,916,921		2,903,985		2,938,632		1,923,913		1,937,820
股東權益		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


平均餘額	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
（單位：千美元）
貸款	$	2,927,878	$	2,936,168	$	2,019,643	$	1,516,466	$	1,460,033
證券		990,319		984,607		978,769		965,501		970,913
其他收益資產		79,365		63,416		115,091		100,864		108,019
總收益資產 (扣除準備金前)		3,997,562		3,984,191		3,113,503		2,582,831		2,538,965
總資產		4,308,289		4,298,513		3,319,591		2,719,530		2,685,190
非利息負債存款		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
經紀存款		91,735		120,720		45,553		19,620		17,227
總存款		3,605,247		3,610,284		2,727,520		2,197,375		2,170,993
總次級債務		48,663		48,971		40,182		35,719		35,658
總借款		179,122		169,257		193,961		197,828		210,000
其他有息負債		8,550		11,763		20,553		16,928		11,756
總有息負債		2,911,236		2,924,638		2,330,792		1,911,197		1,908,896
股東權益		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


貸款分類（單位：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
農業	$	51,183	$	47,273	$	48,165	$	48,221	$	49,147
商業和工業		352,876		351,367		345,138		228,256		229,232
商業房地產		1,728,774		1,743,541		1,757,599		901,130		862,773
消費者		27,328		29,741		30,932		29,412		30,693
建設房地產		18,440		21,508		18,067		17,042		14,555
住宅房地產		728,844		724,329		722,661		281,701		279,058
對其他金融機構的貸款		2,483		3,033		2,393		39,878		38,492
總貸款（不包括待售）	$	2,909,928	$	2,920,792	$	2,924,955	$	1,545,640	$	1,503,950

信用損失準備金		34,754		34,798		34,567		16,552		16,490

淨貸款	$	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


績效比率	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

年化平均資產回報率		1.36	%	1.26	%	-1.68	%	1.05	%	1.09	%
年化平均股本回報率		13.39	%	12.66	%	-18.39	%	11.24	%	12.36	%
年化平均有形普通股本回報率		19.08	%	18.26	%	-27.97	%	14.54	%	16.29	%
淨利息差 (GAAP)		3.73	%	3.66	%	3.43	%	2.98	%	3.17	%
淨利息差 (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	%
年化資金成本		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	%
有息負債成本		2.33	%	2.41	%	2.37	%	2.43	%	2.38	%
股東權益佔總資產比率		10.46	%	10.02	%	9.91	%	9.56	%	9.09	%
有形普通股本佔有形資產比率		7.04	%	6.54	%	6.40	%	7.49	%	7.00	%
年化非利息費用佔平均資產比率		2.43	%	2.37	%	4.30	%	2.26	%	2.30	%
貸款與存款比率		81.76	%	81.51	%	80.21	%	70.14	%	68.38	%
全職員工等效人數		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	%


資本比率 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

總資本（佔風險加權資產）		13.0	%	12.4	%	12.0	%	14.5	%	15.0	%
普通股一級資本（佔風險加權資產）		10.3	%	9.8	%	9.4	%	12.0	%	12.3	%
一級資本（佔風險加權資產）		10.9	%	10.4	%	10.0	%	12.2	%	12.5	%
一級資本（佔平均資產）		8.5	%	8.2	%	10.4	%	9.1	%	9.0	%
一級資本（佔總資產）		8.2	%	7.9	%	7.6	%	8.9	%	8.7	%
商業房地產貸款（非自用）佔總資本的百分比		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 資本比率	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

總資本（相對於風險加權資產）		12.8	%	12.4	%	11.9	%	12.7	%	13.1	%
普通股權一級資本（相對於風險加權資產）		11.7	%	11.3	%	10.9	%	12.0	%	12.3	%
一級資本（相對於風險加權資產）		11.7	%	11.3	%	10.9	%	12.0	%	12.3	%
一級資本（相對於平均資產）		9.1	%	8.9	%	11.3	%	8.9	%	8.9	%
一級資本（相對於總資產）		8.8	%	8.6	%	8.3	%	8.7	%	8.5	%
商業房地產貸款（非自用）佔總資本的百分比		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	%


資產質量	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
（單位：千美元）
淨貸款損失（回收）	$	244		$	418		$	72		$	138		$	87
年化淨貸款損失（回收）佔平均貸款的百分比		0.03	%		0.06	%		0.01	%		0.04	%		0.02	%
信貸損失準備金	$	34,754		$	34,798		$	34,567		$	16,552		$	16,490
未融資承諾負債	$	1,647		$	1,647		$	1,647		$	1,485		$	1,485
貸款準備金佔貸款的比例（不包括待售）		1.19	%		1.19	%		1.18	%		1.07	%		1.10	%
為貸款準備的總資金（包括未融資承諾的負債，不包括待售）		1.25	%		1.25	%		1.24	%		1.17	%		1.20	%
不計息貸款	$	17,365		$	16,854		$	16,789		$	3,704		$	2,355
不良貸款（包括 OREO）	$	19,940		$	19,296		$	19,154		$	4,177		$	2,884
不良貸款佔總貸款的比例（不包括待售）		0.69	%		0.66	%		0.65	%		0.27	%		0.19	%
不計息貸款分類為 PCD	$	11,393			12,017			12,891			-			-
不良貸款佔總貸款的比例（不包括待售）歸因於 PCD		0.39	%		0.41	%		0.44	%		-			-
不良資產佔總資產的比例		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 調整
（未經審計）

非 GAAP 調整	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
淨利息收入（税收等效基礎）（非 GAAP）	$	37,994		$	36,711		$	26,710		$	19,739		$	20,631
淨利息收益率 (完全税收等效)		3.77	%		3.70	%		3.48	%		3.04	%		3.23	%

與報告的淨利息收入的調整

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

税收等效利息的調整		(397)			(389)			(399)			(390)			(383)

淨利息收入（GAAP）	$	37,597		$	36,322		$	26,311		$	19,349		$	20,248
淨利息收益率（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	%


（單位：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.
總資產	$	4,296,902			$	4,310,252		$	4,305,391		$	2,723,243		$	2,726,003
減：商譽		126,730				126,730			126,730			59,946			59,946
減：核心存款無形資產		31,694				33,421			35,153			1,096			1,250
有形資產	$	4,138,478			$	4,150,101		$	4,143,508		$	2,662,201		$	2,664,807

總權益	$	449,615			$	431,761		$	427,068		$	260,415		$	247,746
減：商譽		126,730				126,730			126,730			59,946			59,946
減：核心存款無形資產		31,694				33,421			35,154			1,096			1,250
有形普通股權益	$	291,191			$	271,610		$	265,184		$	199,373		$	186,550
有形普通股權益與有形資產的比率		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	%


（單位：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.
淨收入	$	14,681			$	13,534		$	(13,906)		$	7,159		$	7,348
減：無形資產攤銷（税後 21%）		1,365				1,369			537			121			156
調整後的淨收入	$	13,316			$	12,165		$	(14,443)		$	7,038		$	7,192

平均股東權益	$	438,449			$	427,543		$	302,537		$	254,737		$	237,875
減：平均商譽		126,730				126,730			83,030			59,946			59,946
減：平均核心存款無形資產		32,599				34,356			12,983			1,179			1,355
平均有形普通股權益	$	279,120			$	266,457		$	206,524		$	193,612		$	176,574

平均有形普通股權益回報率		19.08	%			18.26	%		-27.97	%		14.54	%		16.29	%

SOURCE ChoiceOne Financial Services, Inc.

來源 ChoiceOne Financial Services, Inc.

ChoiceOne 公佈 2025 年第三季度財報 | COFS 股票新聞