CHOICEONE FINANCIAL SERVICES INC (COFS) Form 10-Q — Aug 10, 2026

$COFSForm 10-QFiled Aug 10, 2026, 4:06 PM ET0001193125-26-342347Original filing

ChoiceOne Financial Services reported second-quarter 2026 net income of $12.5 million, or $0.83 diluted EPS, down from $13.5 million ($0.90) a year earlier, with results including a roughly $1.9 million pre-tax loss on securities repositioning that reduced EPS by about $0.10. First-half 2026 net income swung to $26.2 million ($1.74 diluted EPS) from a $372,000 loss in the year-ago period that had absorbed Fentura merger costs; total revenues for the six months were $118.0 million, up 12% YoY. Core loans grew $87.1 million (11.9% annualized) in the quarter, and total assets reached $4.5 billion, up $146.6 million year over year.

Key figures

Eps: $0.83 Q2 2026 diluted; $1.74 six-month 2026 diluted (vs $0.90 and $(0.03) prior year)
Revenue: $117.97M total revenues, six months ended June 30, 2026 (vs $105.3M prior-year period, +12%)
Net Income: $12.46M Q2 2026; $26.17M six months 2026 (vs $13.53M Q2 2025 and $(0.37)M six months 2025)
Total Debt: $343.5M ($294.9M borrowings + $48.6M subordinated debentures)
Total Assets: $4.46B at June 30, 2026 (up $146.6M vs June 30, 2025)
Cash Position: $88.6M cash and cash equivalents at June 30, 2026
Shares Outstanding: 14955520
Acl ratio: 1.16% of loans held for investment
Net loans: $3.04B at June 30, 2026
Total deposits: $3.60B at June 30, 2026
Fhlb borrowings: $295.0M at 3.80% weighted average; $275.0M due within 12 months; $1.1B available borrowing capacity
Dividend q2 2026: $0.29/share ($4.3M declared); $0.58/share ($8.7M) six months; payout 34.8%
Share repurchases: 35,000 shares for $1.1M in Q2 2026; 85,000 shares for $2.5M in H1 2026; 265,272 shares remaining authorized
Subordinated notes: $32.5M 3.25% fixed-to-floating due 2031; rate resets to SOFR+255bp after September 3, 2026
Uninsured deposits: $1.2B, 33.1% of total deposits
Roa q2 2026 annualized: 1.13% (vs 1.26% Q2 2025)
Roe q2 2026 annualized: 10.46% (vs 12.66% Q2 2025)
Net charge offs q2 2026: $309K; 0.04% annualized of average loans
Core loan growth q2 2026: $87.1M, 11.9% annualized; $101.5M (+3.5%) over twelve months
Cost of deposits q2 2026: 1.58% annualized
Nonperforming loans ratio: 1.07% of loans (vs 1.01% at March 31, 2026); 0.49% from pre-identified PCD purchased loans
Net interest margin q2 2026: 3.63% tax-equivalent (3.67% Q1 2026; 3.70% Q2 2025)
Bank total risk based capital: 12.9% at June 30, 2026 (holding company 13.3%)
Purchased loan accretion q2 2026: $2.4M of interest income; ~$48.0M remaining to accrete over portfolio life
Gross unrealized securities losses: $87.7M ($48.6M AFS, $39.0M HTM, $528K equity)
Securities repositioning loss q2 2026: ~$1.9M pre-tax, ~$0.10 EPS impact

Price after filing

1 day: +0.6%7 days: +0.5%30 days: -0.6%

Close on the filing date to close N calendar days later (from $34.00). Historical, not a forecast.

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