Company: COFS
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001193125-25-273356
Chunk: 5

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 5
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 condition and trends of ChoiceOne. 

Non-GAAP financial measures have inherent limitations. Readers should be aware of these limitations and should be cautious withrespect to the use of such measures. To compensate for these limitations, non-GAAP financial measures are used as comparative tools, together with GAAP financial 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 financial measures may differ from methods used by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for those financial measures prepared in accordance with GAAP or applicable regulatory requirements.

Where non-GAAP financial measures are used, the most directly comparable GAAP or regulatory financial measure, as well as thereconciliation to the most directly comparable GAAP or regulatory financial measure, can be found in the tables to this Form 10-Qunder the heading non-GAAP reconciliation.

RECENT EVENTS

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, ChoiceOne Bank completed the consolidation of The State Bank with and into ChoiceOne Bank with ChoiceOne Bank surviving the consolidation.  Following the Merger, ChoiceOne has approximately $4.3 billion in consolidated total assets and 56 offices in Western, Central and Southeastern Michigan.

RESULTS OF OPERATIONS

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.  Adjusted net income (non-GAAP) 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