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ChoiceOne Financial Services (COFS) investor relations material
ChoiceOne Financial Services Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed the merger with Fentura Financial on March 1, 2025, adding $1.8 billion in assets, $1.4 billion in loans and deposits, and integrating 20 new branch offices.
Reported record net income of $13.5 million for Q2 2025, up from $6.6 million in Q2 2024; six-month period showed a net loss of $0.4 million due to merger-related expenses and credit loss provisions.
Adjusted net income excluding merger expenses and related provisions was $13.7 million for Q2 and $23.0 million for the six months ended June 30, 2025.
Issued 6.1 million shares for the merger and completed a $34.5 million public offering in July 2024.
CEO highlighted successful merger integration and focus on long-term value creation.
Financial highlights
Total assets reached $4.3 billion at June 30, 2025, up from $2.7 billion at year-end 2024, primarily due to the merger.
Net interest income rose to $36.3 million in Q2 2025 from $18.4 million in Q2 2024; six-month net interest income was $62.6 million, up from $34.8 million year-over-year.
Noninterest income increased by $2.4 million in Q2 2025, driven by higher card fees, trust income, and death benefit claims.
Noninterest expense rose by $11.2 million in Q2 2025, mainly due to merger-related costs and expanded operations.
GAAP net interest margin rose to 3.66% in Q2 2025 from 2.95% in Q2 2024.
Outlook and guidance
Management anticipates further reductions in deposit costs if rates decline, though offset by lower swap cash flows.
Estimated accretion income from purchased loans for the remainder of 2025 is $4.1 million, subject to prepayment speeds.
Focus remains on organic loan growth, cost management, and integration of acquired operations.
Management does not anticipate material merger expenses going forward.
Forward-looking statements caution on risks and uncertainties, referencing SEC filings for details.
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