ChoiceOne Reports Third Quarter 2026 Results
Key Highlights
- ➤Q3 net income $14.5 million, or $0.97 per diluted share
- ➤GAAP net interest margin expanded 8 basis points to 3.67%
- ➤Core loans grew $33.6 million, or 4.4% annualized, during Q3
- ➤Non-brokered deposits increased $95.7 million, or 10.9% annualized, during Q3
- ➤Nonperforming loans rose to 1.25% of total loans at September 30
Expert Statements
Kelly Potes, Chief Executive Officer of ChoiceOne Financial Services
“ChoiceOne delivered strong third quarter results, highlighted by expansion in our net interest margin and growth in net interest income. The improvement reflects the benefits of our disciplined balance sheet management and continued loan growth. We believe we are well positioned to build on this momentum as we move through the remainder of 2026.”
Kelly Potes, Chief Executive Officer of ChoiceOne Financial Services
“The third quarter demonstrated the earnings power of our franchise. The combination of strong loan production, growth in relationship-based deposits, and continued credit discipline drove improved net interest margin and profitability. These results reflect the hard work and commitment of our employees, and I want to thank them for continuing to serve our customers and communities at a high level. With a well-capitalized balance sheet and a strong liquidity position, we believe in our ability to capitalize on growth opportunities and continue generating value for shareholders.”
SPARTA, Mich., Oct. 30, 2026 /PRNewswire/ -- ChoiceOne Financial Services, Inc. ("ChoiceOne", NASDAQ: COFS), the parent company for ChoiceOne Bank, reported financial results for the quarter ended September 30, 2026.
* ChoiceOne reported net income of $14.5 million, or $0.97 per diluted share, for the third quarter of 2026, and net income of $40.7 million, or $2.71 per diluted share, for the first nine months of 2026. * Core loans increased $33.6 million, or 4.4% annualized, during the third quarter of 2026, and $145.4 million, or 5.0%, during the twelve months ended September 30, 2026, reflecting continued loan production. * Deposits, excluding brokered deposits, increased $95.7 million or an annualized 10.9% during the third quarter of 2026, and $109.9 million, or 3.1%, during the twelve months ended September 30, 2026. * GAAP net interest margin expanded 8 basis points from 3.59% in the second quarter of 2026 to 3.67% in the third quarter of 2026, reflecting the benefits of loan growth and steady funding costs. * Asset quality remained strong, with annualized net charge-offs of 0.08% of average loans for the third quarter of 2026, while nonperforming loans to total loans, excluding loans held for sale, were 1.25% at September 30, 2026. Notably, 0.40% of the nonperforming loans to total loans (excluding loans held for sale) is attributed to certain purchased loans which were identified prior to acquisition as having credit deterioration. "ChoiceOne delivered strong third quarter results, highlighted by expansion in our net interest margin and growth in net interest income," said Kelly Potes, Chief Executive Officer. "The improvement reflects the benefits of our disciplined balance sheet management and continued loan growth. We believe we are well positioned to build on this momentum as we move through the remainder of 2026."
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