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    ChoiceOne Financial Services (COFS)

    Market Price (11/6/2026): $36.77 | Market Cap: $548.6 MilSector: Financials | Industry: Regional Banks

    ChoiceOne Financial Services (COFS)

    Market Price (11/6/2026): $36.77
    Market Cap: $548.6 Mil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.4%, FCF Yield is 9.3%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%

    Low stock price volatility
    Vol 12M is 24%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Digital Payments.

    Trading close to highs
    Dist 52W High is -2.2%, Dist 3Y High is -2.2%

    Weak multi-year price returns
    2Y Excs Rtn is -15%

    Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -2.8%

    Key risks
    COFS key risks include [1] challenges and capital strain from its Fentura Financial merger, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.4%, FCF Yield is 9.3%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%
    3 Low stock price volatility
    Vol 12M is 24%
    4 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Digital Payments.
    5 Trading close to highs
    Dist 52W High is -2.2%, Dist 3Y High is -2.2%
    6 Weak multi-year price returns
    2Y Excs Rtn is -15%
    7 Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -2.8%
    8 Key risks
    COFS key risks include [1] challenges and capital strain from its Fentura Financial merger, Show more.

    COFS in ETFs

    Weight = COFS's share of each fund

    VTI0.00%
    IWM0.02%
    KRE0.11%
    IWN0.04%
    AVUV0.03%
    VTWO0.02%
    DFAS0.01%
    IWV0.00%
    +1 more covered ETF

    Valuation & Metrics

    FYE: 12/31COFS [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$171.8 Mil—
    FY 2026 Sales$176.1 Mil—
    FY 2027 Sales$183.6 Mil—
    FY 2026 Sales Growth2.5%—
    FY 2027 Sales Growth4.2%8.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$54.7 Mil—
    FY 2026 Net Income (Non-GAAP)$53.0 Mil—
    FY 2027 Net Income (Non-GAAP)$53.7 Mil—
    FY 2027 Net Income Growth1.3%13.9%
    FY 2026 EPS (Non-GAAP)$3.79—
    FY 2027 EPS (Non-GAAP)$3.84—
    FY 2027 EPS Growth1.4%—
    VALUATION
    FY 2026 P/S3.11.7
    FY 2027 P/S3.0—
    FY 2026 P/E10.48.7
    FY 2027 P/E10.2—

    [1] COFS forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    COFSS&P 500
    REVENUE GROWTH 
    Rev LTM ($ Bil)0.2
    Rev Chg Q-2.8%8.9%
    Rev Chg LTM39.1%8.6%
    Rev Chg 3Y Avg29.7%6.3%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.1
    Net Inc LTM ($ Bil)0.1
    CFO/Rev LTM34.4%21.5%
    Net Inc Mgn31.9%13.5%
    VALUATIONLOW
    P/S3.23.3
    P/CFO9.315.7
    P/FCF10.820.6
    P/E10.122.9

    AI Analysis | Feedback

    MetricValueDateSource
    Efficiency Ratio54.76%9302025Link
    Net Interest Margin3.73%9302025Link
    Nonperforming Loans to Total Loans0.69%9302025Link
    Annualized Net Loan Charge-offs to Average Loans0.03%9302025Link
    Non-owner Occupied Commercial Real Estate (CRE) Loans to Total Capital275.2%9302025Link
    Percentage of Uninsured Deposits33.2%9302025Link
    Total Risk-Based Capital Ratio12.7%12312024Link
    Number of Full-Service Offices566302025Link
    Core Loan Growth$114.5 million12312024Link
    Available Borrowing Capacity$837.2 million12312024Link

    Price Chart

    Upcoming
    1/29/2027Earnings ReleaseRev: $45 Mil (E)
    EPS: $0.97 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/4/2026

    ChoiceOne Financial Services (COFS) stock has gained about 10% since 7/31/2026 because of the following key factors:

    1. ChoiceOne Financial Services surpassed analyst expectations for its fiscal third quarter ended September 30, 2026. The company reported diluted earnings per share (EPS) of $0.97, exceeding the consensus estimate of $0.93. Additionally, revenue reached approximately $45.2 million, higher than the estimated $44.1 million.

    2. The company demonstrated an expanded Net Interest Margin (NIM) and robust loan growth in fiscal Q3 2026. ChoiceOne's GAAP net interest margin increased by 8 basis points to 3.67% from the previous quarter, driven by consistent loan growth and stable funding costs. Core loans saw an increase of $33.6 million, representing an annualized growth rate of 4.4% for the quarter.

    Show more
    Updated on 11/4/2026

    ChoiceOne Financial Services (COFS) stock has gained about 10% since 7/31/2026 because of the following key factors:

    1. ChoiceOne Financial Services surpassed analyst expectations for its fiscal third quarter ended September 30, 2026. The company reported diluted earnings per share (EPS) of $0.97, exceeding the consensus estimate of $0.93. Additionally, revenue reached approximately $45.2 million, higher than the estimated $44.1 million.

    2. The company demonstrated an expanded Net Interest Margin (NIM) and robust loan growth in fiscal Q3 2026. ChoiceOne's GAAP net interest margin increased by 8 basis points to 3.67% from the previous quarter, driven by consistent loan growth and stable funding costs. Core loans saw an increase of $33.6 million, representing an annualized growth rate of 4.4% for the quarter.

    3. Positive analyst sentiment and an increased price target fueled investor confidence. Following the strong earnings announcement, DA Davidson maintained its "Buy" rating on ChoiceOne Financial Services and raised its price target from $38.00 to $40.00 on November 2, 2026, suggesting an optimistic outlook for the stock's future performance.

    4. Favorable macroeconomic trends within the regional banking sector provided a supportive environment. The broader regional banking industry experienced tailwinds during fiscal Q3 2026, characterized by widening net interest margins due to higher interest rates and strong demand for commercial loans. This positive sector performance contributed to a positive sentiment for COFS.

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    Stock Movement Drivers

    Fundamental Drivers

    The 9.0% change in COFS stock from 7/31/2026 to 11/5/2026 was primarily driven by a 10.9% change in the company's P/E Multiple.
    (LTM values as of)731202611052026Change
    Stock Price ($)33.7436.779.0%
    Change Contribution By: 
    Total Revenues ($ Mil)173172-0.7%
    Net Income Margin (%)32.3%31.9%-1.2%
    P/E Multiple9.110.110.9%
    Shares Outstanding (Mil)15150.2%
    Cumulative Contribution9.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/5/2026
    ReturnCorrelation
    COFS9.0% 
    Market (SPY)-1.9%21.4%
    Sector (XLF)1.0%64.0%

    Fundamental Drivers

    The 24.6% change in COFS stock from 4/30/2026 to 11/5/2026 was primarily driven by a 82.8% change in the company's Net Income Margin (%).
    (LTM values as of)430202611052026Change
    Stock Price ($)29.5136.7724.6%
    Change Contribution By: 
    Total Revenues ($ Mil)1621726.2%
    Net Income Margin (%)17.4%31.9%82.8%
    P/E Multiple15.710.1-36.1%
    Shares Outstanding (Mil)15150.4%
    Cumulative Contribution24.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/5/2026
    ReturnCorrelation
    COFS24.6% 
    Market (SPY)2.3%9.8%
    Sector (XLF)10.7%49.0%

    Fundamental Drivers

    The 33.2% change in COFS stock from 10/31/2025 to 11/5/2026 was primarily driven by a 178.3% change in the company's Net Income Margin (%).
    (LTM values as of)1031202511052026Change
    Stock Price ($)27.6036.7733.2%
    Change Contribution By: 
    Total Revenues ($ Mil)12417239.1%
    Net Income Margin (%)11.4%31.9%178.3%
    P/E Multiple29.310.1-65.7%
    Shares Outstanding (Mil)15150.2%
    Cumulative Contribution33.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/5/2026
    ReturnCorrelation
    COFS33.2% 
    Market (SPY)8.4%21.0%
    Sector (XLF)11.1%48.0%

    Fundamental Drivers

    The 118.0% change in COFS stock from 10/31/2023 to 11/5/2026 was primarily driven by a 110.1% change in the company's Total Revenues ($ Mil).
    (LTM values as of)1031202311052026Change
    Stock Price ($)16.8736.77118.0%
    Change Contribution By: 
    Total Revenues ($ Mil)82172110.1%
    Net Income Margin (%)28.6%31.9%11.6%
    P/E Multiple5.410.184.8%
    Shares Outstanding (Mil)815-49.7%
    Cumulative Contribution118.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/5/2026
    ReturnCorrelation
    COFS118.0% 
    Market (SPY)81.3%31.4%
    Sector (XLF)85.5%45.1%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    COFS Return-11%14%5%26%-14%28%49%
    Peers Return35%-2%10%19%5%29%136%
    S&P 500 Return27%-19%24%23%16%12%105%

    Monthly Win Rates [3]
    COFS Win Rate58%50%33%50%33%55% 
    Peers Win Rate65%37%50%47%53%65% 
    S&P 500 Win Rate75%42%67%75%67%45% 

    Max Drawdowns [4]
    COFS Max Drawdown-25%-28%-42%-26%-29%-10% 
    Peers Max Drawdown-18%-27%-35%-16%-24%-13% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: IBCP, MBWM, HBNC, SRCE, FFBC.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/5/2026 (YTD)

    How Low Can It Go

    EventCOFSS&P 500
    2025 US Tariff Shock
      % Loss-21.9%-18.8%
      % Gain to Breakeven28.0%23.1%
      Time to Breakeven236 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-30.0%-9.5%
      % Gain to Breakeven42.9%10.5%
      Time to Breakeven33 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-26.5%-6.7%
      % Gain to Breakeven36.0%7.1%
      Time to Breakeven196 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-22.2%-24.5%
      % Gain to Breakeven28.6%32.4%
      Time to Breakeven168 days427 days
    2020 COVID-19 Crash
      % Loss-49.1%-33.7%
      % Gain to Breakeven96.3%50.9%
      Time to Breakeven1364 days140 days
    2008-2009 Global Financial Crisis
      % Loss-56.1%-53.4%
      % Gain to Breakeven128.0%114.4%
      Time to Breakeven658 days1085 days

    Compare to IBCP, MBWM, HBNC, SRCE, FFBC

    In The Past

    ChoiceOne Financial Services's stock fell -21.9% during the 2025 US Tariff Shock. Such a loss loss requires a 28.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventCOFSS&P 500
    2025 US Tariff Shock
      % Loss-21.9%-18.8%
      % Gain to Breakeven28.0%23.1%
      Time to Breakeven236 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-30.0%-9.5%
      % Gain to Breakeven42.9%10.5%
      Time to Breakeven33 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-26.5%-6.7%
      % Gain to Breakeven36.0%7.1%
      Time to Breakeven196 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-22.2%-24.5%
      % Gain to Breakeven28.6%32.4%
      Time to Breakeven168 days427 days
    2020 COVID-19 Crash
      % Loss-49.1%-33.7%
      % Gain to Breakeven96.3%50.9%
      Time to Breakeven1364 days140 days
    2008-2009 Global Financial Crisis
      % Loss-56.1%-53.4%
      % Gain to Breakeven128.0%114.4%
      Time to Breakeven658 days1085 days

    Compare to IBCP, MBWM, HBNC, SRCE, FFBC

    In The Past

    ChoiceOne Financial Services's stock fell -21.9% during the 2025 US Tariff Shock. Such a loss loss requires a 28.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About ChoiceOne Financial Services (COFS)

    ChoiceOne Financial Services, Inc. (COFS) operates as a community bank holding company through its subsidiary, ChoiceOne Bank, primarily serving individuals, corporations, and partnerships across several counties in Michigan. The company's core mission is to provide comprehensive banking and financial services tailored to the needs of its local communities.

    The company offers a broad range of products, including various deposit accounts like demand, savings, and time deposits, alongside safe deposit and automated transaction machine services. Its lending portfolio consists of commercial loans for business, agricultural, construction, inventory, and real estate ventures, as well as consumer loans for residential properties and personal needs. Beyond traditional banking, ChoiceOne also provides alternative investment products such as annuities and mutual funds, and sells life and health insurance policies to both commercial and consumer clients. ChoiceOne Financial Services operates 32 full-service offices and three loan production offices throughout Kent, Muskegon, Newaygo, Ottawa, Lapeer, Macomb, and St. Clair counties in Michigan.

    AI Analysis | Feedback

    • It's like a Michigan-focused version of a regional bank such as PNC Bank.
    • Think of it as a community bank for specific Michigan counties, similar to a local, independent branch of U.S. Bank.

    AI Analysis | Feedback

    • Deposit Accounts: Offers various deposit products including time, savings, and demand deposits.
    • Commercial Loans: Provides loans for businesses, covering areas like industry, agriculture, construction, inventory, and real estate.
    • Consumer Loans: Offers direct and indirect loans to individual consumers and for residential or real property purchases.
    • Safe Deposit Services: Provides secure storage solutions for valuable items.
    • Automated Transaction Machine (ATM) Services: Offers services for cash withdrawals, deposits, and other banking needs.
    • Investment Products: Sells alternative investment products such as annuities and mutual funds.
    • Insurance Policies: Provides life and health insurance policies for both commercial and consumer clients.

    AI Analysis | Feedback

    ChoiceOne Financial Services (COFS), through its subsidiary ChoiceOne Bank, provides community banking services to a broad base of clients rather than having a few identifiable major customers. As a bank, its customer base consists of numerous individuals and businesses within the communities it serves. Therefore, its customers can be categorized as follows:

    Customer Categories for ChoiceOne Financial Services:

    • Individual Consumers: This category includes individuals who utilize the bank's personal financial services. This encompasses customers with time, savings, and demand deposit accounts; those who obtain consumer loans (including direct and indirect loans for residential and real properties); and individuals purchasing alternative investment products like annuities and mutual funds, or life and health insurance policies for personal use.

    • Businesses and Commercial Clients: This category comprises corporations, partnerships, and agricultural entities. These clients utilize the bank's commercial services, including business deposit products, various commercial loans (such as business, industry, agricultural, construction, inventory, and real estate loans), and commercial life and health insurance policies.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Kelly J. Potes, Chief Executive Officer
    Kelly Potes was appointed CEO of ChoiceOne Financial Services in June 2016. He served as President of ChoiceOne from 2015 to 2019. Potes first joined ChoiceOne in 1984, holding various management positions. In 1998, he left ChoiceOne to become the President and Owner of Kent-Ottawa Financial Advisors, Inc., a financial consulting firm. He returned to ChoiceOne in 2001 as Senior Vice President of Retail Services and General Manager of ChoiceOne Insurance Agencies, Inc., advancing to his current executive positions. He holds a Bachelor of Business Administration in Finance from Grand Valley State University, is a Certified Financial Planner (CFP®), and a graduate of the ABA Stonier Graduate School of Banking.

    Adom J. Greenland, CFO, Executive VP, Secretary & Treasurer
    Adom J. Greenland was appointed Secretary, Chief Financial Officer, and Treasurer of ChoiceOne Financial Services and ChoiceOne Bank, effective January 1, 2022, succeeding Thomas L. Lampen upon his retirement. A Certified Public Accountant (CPA), Greenland has served as a Senior Vice President of ChoiceOne Bank since November 2015 and a Vice President since 2013. Before joining ChoiceOne, he was a Senior Manager with PricewaterhouseCoopers, a global accounting and consulting firm.

    Michael J. Burke Jr., President & Director
    Michael J. Burke Jr. serves as the President and a Director of ChoiceOne Financial Services. He is involved in overseeing the strategic direction and operations of the company.

    Bradley A. Henion, Executive VP & Chief Lending Officer of ChoiceOne Bank
    Bradley A. Henion holds the position of Executive Vice President and Chief Lending Officer of ChoiceOne Bank.

    Shelly M. Childers, Senior VP & Chief Information Officer
    Shelly M. Childers is the Senior Vice President and Chief Information Officer for ChoiceOne Financial Services.

    AI Analysis | Feedback

    Here are the key risks to the business of ChoiceOne Financial Services (COFS):

    Key Risks to ChoiceOne Financial Services (COFS)

    1. Exposure to Michigan Economic Conditions: As a community bank primarily serving specific counties in Michigan, ChoiceOne Financial Services is significantly susceptible to economic fluctuations within its primary market area. A downturn in the Michigan economy could adversely affect loan demand, deposit levels, and the credit quality of its loan portfolio, impacting overall profitability and financial health.
    2. Credit Risk and Loan Portfolio Concentration: ChoiceOne has significant concentrations in commercial and residential real estate loans. The bank's asset quality and credit risk are continuously monitored across diversified segments, including residential, commercial, consumer, agricultural, and mortgage warehouse lending. Any deterioration in these segments, particularly commercial and agricultural credits, could be price-sensitive and lead to increased nonperforming loans and higher provisions for credit losses, directly impacting earnings.
    3. Interest Rate and Liquidity Risk: The company faces inherent interest rate risk, which can impact its net interest margin and the fair value of its investment securities. ChoiceOne actively uses hedging instruments like interest rate swaps to manage this risk, but these can also introduce earnings volatility. Furthermore, the bank's liquidity position, including a notable portion of uninsured deposits and unrealized losses on securities, creates sensitivity to interest rate changes and potential liquidity pressures if forced sales of securities were to occur.

    AI Analysis | Feedback

    The emergence and growth of digital-first banks and financial technology (FinTech) companies that offer core banking services (deposits, loans) primarily through online and mobile platforms. These competitors often feature lower fees, higher interest rates on deposits, faster application processes, and a seamless digital user experience, directly challenging ChoiceOne Financial Services' traditional branch-based community banking model and potentially eroding its customer base and loan origination volume.

    AI Analysis | Feedback

    ChoiceOne Financial Services (COFS) operates as a bank holding company for ChoiceOne Bank, providing community banking services, alternative investment products, and insurance policies to clients in Michigan. The addressable markets for its main products and services in Michigan are as follows:

    • Commercial Banking Services (including deposits, commercial loans, and consumer loans): The market size for the Commercial Banking industry in Michigan is projected to be $23.6 billion in 2026. This industry includes receiving deposits from customers and issuing consumer, commercial, and industrial loans in Michigan.
    • Life Insurance and Annuities: The market size for the Life Insurance & Annuities industry in Michigan is estimated at $20.6 billion in 2026.
    • Health and Medical Insurance: The market size for the Health & Medical Insurance industry in Michigan is estimated at $51.3 billion in 2026.

    Information on the specific addressable market size for mutual funds in Michigan is not available.

    AI Analysis | Feedback

    Here are the expected drivers of future revenue growth for ChoiceOne Financial Services (COFS) over the next 2-3 years:

    1. Integration and Benefits from the Fentura Financial Merger: The merger with Fentura Financial, Inc. and its subsidiary, The State Bank, completed on March 1, 2025, significantly expanded ChoiceOne's total assets, branch network, loan portfolio, and deposit base. This strategic expansion is a key driver for increased net interest income and overall revenue as the company continues to integrate and leverage its larger footprint.
    2. Organic Loan Portfolio Growth: Beyond the acquired loans from the merger, ChoiceOne Financial Services continues to demonstrate organic growth in its core loan portfolio. This includes various commercial and consumer loan products, which directly contribute to interest income.
    3. Geographic Market Expansion: ChoiceOne is actively pursuing expansion into new attractive markets within Michigan. A notable example is the planned opening of a new full-service branch and lending office in Troy, Michigan, in 2026, which is expected to capture new customers and increase market share.
    4. Growth in Noninterest Income: The company has observed an increase in noninterest income, specifically driven by higher interchange activity and growing trust and insurance commissions. Continued focus and growth in these service areas are anticipated to further contribute to revenue diversification and growth.

    AI Analysis | Feedback

    Share Repurchases

    • ChoiceOne Financial Services had an authorized share repurchase plan from April 2021, amended in 2022, allowing for the repurchase of up to 375,388 shares, representing 5% of total outstanding shares at the plan's adoption.
    • During 2025, ChoiceOne repurchased 25,116 shares of stock for a net cost of $775,000 under the repurchase plan.
    • As of December 31, 2025, the repurchase plan had 350,272 shares remaining to be purchased with no stated expiration date.

    Share Issuance

    • On March 1, 2025, ChoiceOne issued 6,070,836 shares of common stock, valued at $193.0 million, as part of its merger with Fentura Financial.
    • On July 26, 2024, the company sold 1,380,000 shares of common stock at $25.00 per share, generating $34.5 million in aggregate gross proceeds.
    • The net proceeds from the July 2024 offering were intended for general corporate purposes, including supplementing regulatory capital ratios and in conjunction with its announced merger with Fentura Financial, Inc.

    Outbound Investments

    • ChoiceOne completed the merger with Fentura Financial, Inc. on March 1, 2025.
    • This merger involved Fentura Financial, Inc. and its subsidiary, The State Bank, being merged into ChoiceOne, which propelled ChoiceOne's total assets to $4.4 billion, an increase of $1.7 billion from 2024.
    • The total assets, loans, and deposits acquired in the merger were approximately $1.8 billion, $1.4 billion, and $1.4 billion, respectively.

    Peer Outperformance in Regional Banks

    COFS has outperformed 72% of its 262 Regional Banks peers over 5Y. Among the peers that beat it is NIC. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
    Share of Regional Banks constituents that COFS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    45%
    of 281 industry peers · 28.4% return
    3Y
    50%
    of 273 industry peers · 86.8% return
    5Y
    72%
    of 262 industry peers · 72.5% return
    Regional Banks peers with revenue growth within 4pp of COFS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    COFS ChoiceOne Financial Services 29.7% 10.1x 28.4%86.8%72.5% —
    NIC Nicolet Bankshares 31.3% 20.5x 40.7%140.9%136.4% +64pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is COFS's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
    Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
    Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
    Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
    Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
    Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
    Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
    Regional Banks ← 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
    Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
    Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
    Asset Management & Custody Banks 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
    Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
    Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
    Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
    Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
    Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
    Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
    Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    ULHUniversal Logistics0.869.2%97.6%
    CRCTCricut1.949.7%95.1%
    ARRYArray Technologies0.848.9%-42.5%
    DNUTKrispy Kreme0.843.7%14.4%
    GDYNGrid Dynamics1.142.6%49.9%
    APPAppLovin119.639.7%-47.2%
    EVEREverQuote1.133.0%12.3%
    AGLAgilon Health1.932.4%560.8%
    CPRICapri2.331.6%-13.4%
    GPKGraphic Packaging3.431.0%-20.8%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    VCYTVeracyte1.9-54.0%-43.0%
    MNTNMNTN0.3-52.2%-60.6%
    FRMIFermi1.0-46.5%-80.9%
    NRIXNurix Therapeutics1.7-45.3%-21.8%
    LITELumentum43.5-44.6%38.3%
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    INTCIntel274.0-43.2%41.6%
    OFRMOnce Upon a Farm PBC0.4-42.7%-56.5%
    AESIAtlas Energy Solutions0.7-42.5%-43.5%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    BMBLBumble0.8139.2%67.5%
    GDYNGrid Dynamics1.176.5%49.9%
    ULHUniversal Logistics0.872.3%97.6%
    TDOCTeladoc Health1.769.2%34.4%
    SGRYSurgery Partners3.069.0%50.0%
    LQDALiquidia4.066.8%29.0%
    ENOVEnovis1.662.5%7.4%
    BRZEBraze5.161.0%33.6%
    UPBDUpbound1.559.3%51.6%
    COAGHemab Therapeutics1.458.8%34.0%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CIFRCipher Digital2.3-61.9%-62.4%
    AAOIApplied Optoelectronics3.8-61.7%34.5%
    FRMIFermi1.0-61.5%-80.9%
    MXLMaxLinear4.0-58.7%154.2%
    AESIAtlas Energy Solutions0.7-57.3%-43.5%
    FPSForgent Power Solutions4.7-55.2%-37.2%
    STRLSterling Infrastructure7.5-54.3%-20.2%
    LITELumentum43.5-54.1%38.3%
    AXTIAXT2.2-54.0%124.6%
    ICHRIchor1.0-54.0%52.1%

    More From Trefis

    Research & Analysis

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    Peer Comparisons

    Peers to compare with:

    Financials

    COFSIBCPMBWMHBNCSRCEFFBCMedian
    NameChoiceOn.Independ.Mercanti.Horizon .1st Sour.First Fi. 
    Mkt Price36.7736.3359.0820.8587.1032.4936.55
    Mkt Cap0.60.81.01.12.13.41.0
    Rev LTM172243272-18462996257
    Op Inc LTM-------
    FCF LTM5144939423075694
    FCF 3Y Avg3855615720443759
    CFO LTM5956969823679297
    CFO 3Y Avg4364676121446366

    Growth & Margins

    COFSIBCPMBWMHBNCSRCEFFBCMedian
    NameChoiceOn.Independ.Mercanti.Horizon .1st Sour.First Fi. 
    Rev Chg LTM39.1%9.4%13.6%-108.5%9.9%16.9%11.7%
    Rev Chg 3Y Avg29.7%6.2%6.3%-37.1%7.5%6.9%6.6%
    Rev Chg Q-2.8%23.6%17.3%13.9%8.7%15.3%14.6%
    QoQ Delta Rev Chg LTM-0.7%5.7%4.1%33.3%2.1%3.6%3.9%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM34.4%23.2%35.5%-51.1%79.5%35.5%
    CFO/Rev 3Y Avg37.3%29.1%26.8%-50.9%50.2%37.3%
    FCF/Rev LTM29.7%18.0%34.3%-49.7%75.9%34.3%
    FCF/Rev 3Y Avg33.6%25.1%24.2%-48.5%47.4%33.6%

    Valuation

    COFSIBCPMBWMHBNCSRCEFFBCMedian
    NameChoiceOn.Independ.Mercanti.Horizon .1st Sour.First Fi. 
    Mkt Cap0.60.81.01.12.13.41.0
    P/S3.23.33.8-4.53.43.4
    P/Op Inc-------
    P/EBIT-------
    P/E10.111.210.7-7.411.811.810.9
    P/CFO9.314.310.610.88.94.310.0
    Total Yield13.1%11.8%11.7%-10.5%10.5%11.4%11.6%
    Dividend Yield3.1%2.9%2.5%3.0%2.0%3.0%2.9%
    FCF Yield 3Y Avg11.7%8.0%7.3%7.6%12.3%15.5%9.8%
    D/E0.60.10.50.40.10.30.3
    Net D/E0.4-0.5-1.0-0.3-0.6-1.1-0.6

    Returns

    COFSIBCPMBWMHBNCSRCEFFBCMedian
    NameChoiceOn.Independ.Mercanti.Horizon .1st Sour.First Fi. 
    1M Rtn11.4%2.3%0.4%8.0%2.1%3.6%2.9%
    3M Rtn7.9%-4.9%-3.0%2.7%-2.0%-3.0%-2.5%
    6M Rtn18.8%8.6%15.2%14.2%19.4%8.5%14.7%
    12M Rtn28.4%21.6%33.9%35.3%45.9%40.5%34.6%
    3Y Rtn86.8%88.3%88.1%126.7%95.4%82.9%88.2%
    1M Excs Rtn12.6%4.4%3.2%9.6%5.1%6.7%5.9%
    3M Excs Rtn9.7%-2.9%-1.2%3.9%0.4%-1.8%-0.4%
    6M Excs Rtn14.0%3.8%10.5%9.4%14.7%3.7%9.9%
    12M Excs Rtn18.6%10.3%24.8%24.7%34.6%29.2%24.8%
    3Y Excs Rtn34.6%19.8%16.1%65.8%23.6%13.3%21.7%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/10/20265/11/20263/13/202611/10/20258/8/20255/12/20253/11/202511/8/20248/14/20245/7/20243/13/202411/13/2023
    Key Financials Quarterly            
    Total Revenue424243454331242522212120
    Net Income1214141514-14777655
    EPS0.830.910.920.980.90-1.300.790.860.870.750.700.68
    Key Financials TTM            
    Total Revenue TTM172173162143124103928984818181
    Net Income TTM55562821147272523212123
    Growth Rates Quarterly            
    Total Revenue Growth-2.8%35.9%76.4%78.1%90.7%52.2%18.2%26.0%14.7%-0.8%-2.4%-2.2%
    Net Income Growth-7.9%198.5%93.7%99.8%105.5%-346.8%35.3%43.5%26.3%0.0%-20.8%-11.9%
    Margins Quarterly            
    Net Income Margin29.9%32.3%32.3%32.8%31.6%-44.5%29.4%29.3%29.3%27.4%25.7%25.7%
    Cash & Debt            
    Total Cash108658222108166155576643593655570635
    Total Debt343234313246247186211246246246236215
    Net Debt / (Cash)235-424911398030-365-398-347-409-335-420
    Cash Flows Quarterly            
    FCF from Operations30-0141512-923-71615-1132
    Cash Flows TTM            
    FCF from Operations TTM594132411922471352524670
    Returns to Shareholders Quarterly            
    Dividends444444322222
    Share Repurchases111-0-02-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC8.3%-12.2%11.9%12.6%-14.5%------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM9.1%-6.2%4.3%3.3%1.9%------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Commercial banking162928189 
    Banking    80
    Total16292818980


    Net Income by Segment
    $ Mil20242022
    Commercial banking2724
    Total2724


    Assets by Segment
    $ Mil20242022
    Commercial banking2,7232,386
    Total2,7232,386


    Price Behavior

    Price Behavior
    Market Price$36.77 
    Market Cap ($ Bil)0.6 
    First Trading Date02/23/2007 
    Distance from 52W High-2.2% 
       50 Days200 Days
    DMA Price$33.60$31.30
    DMA Trendindeterminateup
    Distance from DMA9.4%17.5%
     3M1YR
    Volatility18.6%24.4%
    Downside Capture-23.8427.81
    Upside Capture41.3659.15
    Correlation (S&P 500)5.5%18.9%
    COFS Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta-0.45-0.08-0.03-0.010.330.75
    Up Beta-2.64-1.24-0.16-0.120.330.73
    Down Beta-0.70-0.70-0.60-0.50-0.050.77
    Up Capture59%53%25%33%48%58%
    Bmk +ve Days12182862130427
    Stock +ve Days13223370130376
    Down Capture-90%-9%-1%-4%42%88%
    Bmk -ve Days10253664121325
    Stock -ve Days9213156120369

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with COFS
    COFS32.3%24.4%1.08-
    Sector ETF (XLF)11.1%15.2%0.4748.2%
    Equity (SPY)9.5%13.6%0.4120.9%
    Gold (GLD)3.6%28.7%0.113.5%
    Commodities (DBC)37.7%21.2%1.40-26.6%
    Real Estate (VNQ)12.0%14.2%0.5535.3%
    Bitcoin (BTCUSD)-20.8%43.3%-0.424.4%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with COFS
    COFS11.9%33.7%0.39-
    Sector ETF (XLF)9.1%18.4%0.3635.0%
    Equity (SPY)11.3%17.3%0.4824.9%
    Gold (GLD)17.5%19.1%0.746.2%
    Commodities (DBC)8.0%19.6%0.293.1%
    Real Estate (VNQ)1.2%18.9%-0.0530.3%
    Bitcoin (BTCUSD)5.9%51.5%0.2913.4%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with COFS
    COFS4.5%37.0%0.27-
    Sector ETF (XLF)13.3%22.1%0.5428.0%
    Equity (SPY)14.9%18.0%0.7021.1%
    Gold (GLD)12.0%16.5%0.593.0%
    Commodities (DBC)7.6%18.1%0.339.2%
    Real Estate (VNQ)5.7%20.7%0.2325.8%
    Bitcoin (BTCUSD)61.3%66.2%1.0111.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity0.5 Mil
    Short Interest: % Change Since 9302026-0.4%
    Average Daily Volume0.1 Mil
    Days-to-Cover Short Interest6.0 days
    Basic Shares Quantity15.0 Mil
    Short % of Basic Shares3.5%

    Returns Analyses

    Earnings Returns History

    Updated 11/4/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/30/20261.3%  
    7/24/2026-2.8%0.5%-1.6%
    4/24/20262.0%-0.5%4.2%
    1/30/2026-2.9%1.6%-0.4%
    7/25/20254.6%1.3%6.5%
    4/30/20251.0%1.2%5.0%
    1/22/20250.3%-2.1%-7.3%
    10/23/20249.1%6.9%17.6%
    ...
    SUMMARY STATS   
    # Positive141412
    # Negative9810
    Median Positive1.3%2.2%4.6%
    Median Negative-2.1%-3.6%-5.1%
    Max Positive9.1%7.8%44.2%
    Max Negative-14.0%-11.0%-15.0%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/30/20261.3%  
    7/24/2026-2.8%0.5%-1.6%
    4/24/20262.0%-0.5%4.2%
    1/30/2026-2.9%1.6%-0.4%
    7/25/20254.6%1.3%6.5%
    4/30/20251.0%1.2%5.0%
    1/22/20250.3%-2.1%-7.3%
    10/23/20249.1%6.9%17.6%
    7/25/2024-14.0%-7.6%-6.2%
    4/24/2024-1.2%7.1%2.9%
    1/25/20242.1%-7.6%-9.5%
    10/25/20235.1%7.8%44.2%
    7/26/20231.0%3.4%-1.4%
    4/26/20231.2%-11.0%-14.6%
    1/25/20230.1%0.6%0.3%
    10/26/20221.8%-2.2%-4.1%
    7/27/20221.3%2.6%7.5%
    4/29/2022-2.1%-5.0%-15.0%
    1/26/2022-0.0%-0.9%-2.3%
    10/27/2021-0.8%3.6%2.0%
    7/28/2021-0.2%1.7%1.6%
    4/21/20210.9%1.8%11.1%
    1/29/2021-2.8%4.5%0.0%
    SUMMARY STATS   
    # Positive141412
    # Negative9810
    Median Positive1.3%2.2%4.6%
    Median Negative-2.1%-3.6%-5.1%
    Max Positive9.1%7.8%44.2%
    Max Negative-14.0%-11.0%-15.0%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    03/31/202605/11/202610-Q
    12/31/202503/13/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/12/202510-Q
    12/31/202403/11/202510-K
    09/30/202411/08/202410-Q
    06/30/202408/14/202410-Q
    03/31/202405/07/202410-Q
    12/31/202303/13/202410-K
    09/30/202311/13/202310-Q
    06/30/202308/14/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/23/202310-K
    09/30/202211/10/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    03/31/202605/11/202610-Q
    12/31/202503/13/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/12/202510-Q
    12/31/202403/11/202510-K
    09/30/202411/08/202410-Q
    06/30/202408/14/202410-Q
    03/31/202405/07/202410-Q
    12/31/202303/13/202410-K
    09/30/202311/13/202310-Q
    06/30/202308/14/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/23/202310-K
    09/30/202211/10/202210-Q
    06/30/202208/12/202210-Q
    03/31/202205/13/202210-Q
    12/31/202103/18/202210-K
    09/30/202111/08/202110-Q
    06/30/202108/12/202110-Q
    03/31/202105/13/202110-Q
    12/31/202004/01/202110-K
    09/30/202011/09/202010-Q
    06/30/202008/14/202010-Q
    03/31/202005/11/202010-Q
    12/31/201903/16/202010-K
    09/30/201911/12/201910-Q

    Recent Forward Guidance

    Updated 11/2/2026

    Latest: Q3 2026 Earnings Reported 10/30/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q4 2026 Interest Income from Purchased Loan AccretionReported 1.80 Mil    
    2027 Interest Income from Purchased Loan AccretionReported 6.00 Mil    


    Prior: Q2 2026 Earnings Reported 7/24/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Interest Income from AccretionReported 3.80 Mil -34.5% LoweredGuidance: 5.80 Mil for 2026

    Q1 2026 Earnings Reported 4/24/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Interest income due to accretion from purchased loansReported 5.80 Mil -27.5% LoweredGuidance: 8.00 Mil for 2026

    Q4 2025 Earnings Reported 1/30/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Interest income due to accretion from purchased loansReported 8.00 Mil 95.1% Higher NewGuidance: 4.10 Mil for 2025

    Insider Activity

    Updated 10/2/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Greenland, AdomSecretaryIRABuy316202627.4050013,700101,110Form
    2Burrough, Eric EDirectBuy312202627.505,000137,5004,960,918Form
    3McConnell, Gregory ADirectBuy309202627.941,05029,3371,033,780Form
    4McGinnis, Bradley FMegawall CorporationBuy304202629.151,00029,150446,024Form
    5Burke, Michael J JRPresidentIRABuy302202628.582507,14582,627Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Greenland, AdomSecretaryIRABuy316202627.4050013,700101,110Form
    2Burrough, Eric EDirectBuy312202627.505,000137,5004,960,918Form
    3McConnell, Gregory ADirectBuy309202627.941,05029,3371,033,780Form
    4McGinnis, Bradley FMegawall CorporationBuy304202629.151,00029,150446,024Form
    5Burke, Michael J JRPresidentIRABuy302202628.582507,14582,627Form
    6McConnell, Gregory ADirectBuy217202629.041,55045,0051,043,826Form
    7Petty, Brian PDirectSell212202629.5615,000443,4002,693,123Form
    8Burrough, Eric EDirectBuy1118202528.505,000142,5004,982,740Form

    Industry Resources

    External Quote Links


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    Core Cache Last Updated: 11/5/2026