Net interest income surged to $36.6 million in 2026Q1 from $16.5 million in 2024Q1, reflecting successful scale expansion despite a persistent 0.8% net interest margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 147.4M | 137.07M | 74.44M | 65.89M | 67.31M | 60.64M | 51.07M | 27.77M | 22.06M | 20.56M | 19.34M | 18.36M | 17.86M | 17.6M | 17.68M | 17.92M | 17M | 16M | 15.33M | 15.14M | 8.75M | 8.04M | 7.67M | 7.78M | 8.11M | 7.6M | 8.03M | 7.7M | 7.21M | 6.32M | 5.75M |
| NII Growth % | 313.06% | 84.13% | 12.99% | -2.12% | 11% | 18.74% | 83.89% | 25.87% | 7.3% | 6.31% | 5.34% | 2.79% | 1.52% | -0.45% | -1.38% | 5.45% | 6.25% | 4.34% | 1.24% | 73.1% | 8.74% | 4.86% | -1.32% | -4.08% | 6.62% | -5.34% | 4.33% | 6.83% | 14.13% | 9.75% | 16.69% |
| Net Interest Margin % | 3.35% | 3.11% | 2.73% | 2.56% | 2.82% | 2.56% | 2.66% | 2% | 3.29% | 3.18% | 3.18% | 3.23% | 3.25% | 3.42% | 3.47% | 3.61% | 3.54% | 3.43% | 3.31% | 3.22% | 1.87% | 3.24% | 3.3% | 3.61% | 3.82% | 3.84% | 3.99% | 3.99% | 4.22% | 4.04% | 4.06% |
| Interest Income | 216.27M | 202.96M | 121.1M | 98.98M | 75.06M | 64.62M | 55.72M | 32.47M | 24.52M | 22.04M | 20.31M | 19.35M | 19.01M | 19.02M | 20.22M | 21.48M | 21.96M | 23.09M | 26.53M | 28.77M | 17.45M | 13.32M | 11.74M | 12.33M | 14.27M | 16.12M | 16.92M | 14.69M | 14.01M | 12.57M | 10.42M |
| Interest Expense | 68.87M | 65.89M | 46.66M | 33.09M | 7.75M | 3.98M | 4.64M | 4.7M | 2.46M | 1.48M | 969K | 990K | 1.15M | 1.42M | 2.54M | 3.55M | 4.97M | 7.09M | 11.2M | 13.62M | 8.7M | 5.28M | 4.07M | 4.55M | 6.16M | 8.52M | 8.89M | 6.99M | 6.8M | 6.25M | 4.67M |
| Loan Loss Provision | 1.65M | 14.81M | 625K | 150K | 250K | 416K | 4M | 0 | 35K | 485K | 0 | 100K | 100K | 300K | 2.52M | 3.7M | 3.95M | 4.88M | 3.48M | 2.04M | 200K | 495K | 465K | 400K | 1.27M | 1M | 1.07M | 625K | 730K | 539K | 523K |
| Non-Interest Income | 25.56M | -10.07M | 18M | 14.91M | 14.07M | 19.19M | 22.7M | 9.17M | 6.92M | 6.9M | 7.88M | 7.7M | 6.8M | 6.25M | 6.89M | 6.14M | 5.57M | 5.47M | 4.51M | 6.48M | 2.88M | 2.58M | 2.57M | 3.11M | 3.66M | -3.95M | -4.6M | -5.09M | -4.48M | -4.01M | -3.68M |
| Non-Interest Income % | 10.57% | -5.22% | 12.94% | 13.09% | 15.79% | 22.9% | 28.95% | 22.02% | 22.01% | 23.85% | 27.95% | 28.47% | 26.35% | 24.72% | 25.41% | 22.23% | 20.23% | 19.15% | 14.54% | 18.39% | 14.16% | 16.22% | 17.96% | 20.14% | 20.4% | -32.5% | -37.37% | -53% | -47.07% | -46.81% | -54.52% |
| Total Revenue | 241.83M | 192.89M | 139.1M | 113.89M | 89.13M | 83.81M | 78.41M | 41.64M | 31.45M | 28.94M | 28.19M | 27.05M | 25.82M | 25.26M | 27.11M | 27.61M | 27.53M | 28.55M | 31.05M | 35.25M | 20.32M | 15.9M | 14.31M | 15.44M | 17.93M | 12.17M | 12.32M | 9.6M | 9.53M | 8.56M | 6.74M |
| Revenue Growth % | 246.25% | 38.67% | 22.14% | 27.77% | 6.35% | 6.89% | 88.31% | 32.42% | 8.64% | 2.66% | 4.21% | 4.8% | 2.2% | -6.82% | -1.83% | 0.31% | -3.59% | -8.04% | -11.91% | 73.44% | 27.78% | 11.15% | -7.32% | -13.87% | 47.33% | -1.23% | 28.28% | 0.81% | 11.29% | 26.95% | 43.84% |
| Non-Interest Expense | 102.85M | 78M | 58.72M | 55.07M | 53.48M | 52.92M | 50.88M | 28.48M | 20.46M | 18.43M | 18.97M | 18.28M | 16.79M | 16.66M | 16.44M | 15.79M | 15.25M | 15.31M | 15.14M | 15.07M | 8.7M | 7.18M | 7.23M | 7.67M | 8.19M | 598K | 154K | -855K | -802K | -600K | -795K |
| Efficiency Ratio | 42.53% | 40.44% | 42.22% | 48.36% | 60% | 63.14% | 64.89% | 68.38% | 65.07% | 63.66% | 67.29% | 67.55% | 65.05% | 65.97% | 60.66% | 57.17% | 55.39% | 53.6% | 48.77% | 42.76% | 42.8% | 45.17% | 50.51% | 49.67% | 45.67% | 4.91% | 1.25% | -8.9% | -8.42% | -7.01% | -11.79% |
| Operating Income | 68.46M | 34.19M | 33.09M | 25.57M | 27.66M | 26.5M | 18.89M | 8.46M | 8.49M | 8.55M | 8.25M | 7.69M | 7.77M | 6.88M | 5.61M | 4.57M | 3.37M | 1.28M | 1.23M | 4.52M | 2.73M | 2.95M | 2.55M | 2.82M | 2.31M | 2.05M | 2.2M | 2.84M | 2.79M | 2.37M | 2.35M |
| Operating Margin % | 28.31% | 17.72% | 23.79% | 22.45% | 31.03% | 31.62% | 24.08% | 20.33% | 26.99% | 29.56% | 29.27% | 28.42% | 30.1% | 27.22% | 20.68% | 16.56% | 12.22% | 4.49% | 3.96% | 12.82% | 13.42% | 18.52% | 17.81% | 18.24% | 12.86% | 16.83% | 17.86% | 29.56% | 29.34% | 27.68% | 34.85% |
| Operating Income Growth % | - | 3.32% | 29.42% | -7.56% | 4.38% | 40.31% | 123.1% | -0.27% | -0.78% | 3.67% | 7.34% | -1.07% | 13% | 22.69% | 22.57% | 35.9% | 162.28% | 4.48% | -72.83% | 65.71% | -7.43% | 15.57% | -9.48% | 22.12% | 12.6% | -6.91% | -22.51% | 1.57% | 17.98% | 0.81% | 18.99% |
| Pretax Income | 68.46M | 34.19M | 33.09M | 25.57M | 27.66M | 26.5M | 18.89M | 8.46M | 8.49M | 8.55M | 8.25M | 7.69M | 7.77M | 6.88M | 5.61M | 4.57M | 3.37M | 1.28M | 1.23M | 4.52M | 2.73M | 2.95M | 2.55M | 2.82M | 2.31M | 2.05M | 2.2M | 2.84M | 2.79M | 2.37M | 2.35M |
| Pretax Margin % | 28.31% | 17.72% | 23.79% | 22.45% | 31.03% | 31.62% | 24.08% | 20.33% | 26.99% | 29.56% | 29.27% | 28.42% | 30.1% | 27.22% | 20.68% | 16.56% | 12.22% | 4.49% | 3.96% | 12.82% | 13.42% | 18.52% | 17.81% | 18.24% | 12.86% | 16.83% | 17.86% | 29.56% | 29.34% | 27.68% | 34.85% |
| Income Tax | 12.68M | 6.01M | 6.36M | 4.31M | 4.02M | 4.46M | 3.27M | 1.29M | 1.16M | 2.39M | 2.16M | 1.95M | 2.08M | 1.78M | 1.34M | 1.06M | 654K | -195K | -207K | 939K | 639K | 780K | 695K | 715K | 663K | 590K | 674K | 887K | 873K | 632K | 655K |
| Effective Tax Rate % | 18.52% | 17.59% | 19.23% | 16.84% | 14.53% | 16.82% | 17.33% | 15.29% | 13.61% | 27.9% | 26.2% | 25.3% | 26.71% | 25.93% | 23.96% | 23.18% | 19.44% | -15.2% | -16.86% | 20.78% | 23.43% | 26.48% | 27.27% | 25.39% | 28.75% | 28.81% | 30.64% | 31.24% | 31.23% | 26.68% | 27.87% |
| Net Income | 55.79M | 28.18M | 26.73M | 21.26M | 23.64M | 22.04M | 15.61M | 7.17M | 7.33M | 6.17M | 6.09M | 5.74M | 5.7M | 5.09M | 4.26M | 3.51M | 2.71M | 1.48M | 1.44M | 3.58M | 2.09M | 2.17M | 1.85M | 2.1M | 1.64M | 1.46M | 1.53M | 1.95M | 1.92M | 1.74M | 1.7M |
| Net Margin % | 23.07% | 14.61% | 19.21% | 18.67% | 26.52% | 26.3% | 19.91% | 17.22% | 23.32% | 21.31% | 21.6% | 21.23% | 22.06% | 20.17% | 15.72% | 12.72% | 9.85% | 5.18% | 4.62% | 10.16% | 10.27% | 13.62% | 12.96% | 13.61% | 9.17% | 11.98% | 12.39% | 20.33% | 20.18% | 20.29% | 25.14% |
| Net Income Growth % | 676.21% | 5.42% | 25.71% | -10.06% | 7.25% | 41.18% | 117.72% | -2.21% | 18.89% | 1.28% | 6.04% | 0.84% | 11.8% | 19.52% | 21.32% | 29.58% | 83.42% | 3% | -59.92% | 71.46% | -3.6% | 16.83% | -11.76% | 27.88% | 12.69% | -4.46% | -21.82% | 1.56% | 10.65% | 2.48% | 15.78% |
| Net Income (Continuing) | 55.79M | 28.18M | 26.73M | 21.26M | 23.64M | 22.04M | 15.61M | 7.17M | 7.33M | 6.17M | 6.09M | 5.74M | 5.7M | 5.09M | 4.26M | 3.51M | 2.71M | 1.48M | 1.44M | 3.58M | 2.09M | 2.17M | 1.85M | 2.1M | 1.64M | 1.46M | 1.53M | 1.95M | 1.92M | 1.74M | 1.7M |
| EPS (Diluted) | 3.70 | 2.01 | 3.25 | 2.82 | 3.15 | 2.86 | 2.07 | 1.58 | 2.02 | 1.70 | 1.68 | 1.58 | 1.56 | 1.40 | 1.17 | 0.97 | 0.75 | 0.41 | 0.40 | 1.00 | 0.99 | 1.19 | 0.98 | 1.17 | 0.92 | 0.78 | 0.86 | 1.16 | 1.13 | 0.53 | 0.49 |
| EPS Growth % | 193.65% | -38.15% | 15.25% | -10.48% | 10.14% | 38.16% | 31.01% | -21.78% | 18.82% | 1.19% | 6.33% | 1.28% | 11.43% | 19.66% | 20.62% | 29.33% | 82.93% | 2.5% | -60% | 1.01% | -16.81% | 21.43% | -16.24% | 27.17% | 17.95% | -9.3% | -25.86% | 2.65% | 113.21% | 8.16% | 6.52% |
| EPS (Basic) | - | 2.02 | 3.27 | 2.82 | 3.15 | 2.87 | 2.08 | 1.58 | 2.03 | 1.70 | 1.68 | 1.58 | 1.57 | 1.41 | 1.17 | 0.97 | 0.75 | 0.41 | 0.40 | 1.01 | 0.99 | 1.19 | 0.98 | 1.17 | 0.92 | 0.78 | 0.86 | 1.16 | 1.13 | 0.53 | 0.49 |
| Diluted Shares Outstanding | 15.07M | 13.99M | 8.22M | 7.57M | 7.53M | 7.7M | 7.53M | 4.54M | 3.63M | 3.62M | 3.63M | 3.64M | 3.65M | 3.65M | 3.63M | 3.62M | 3.61M | 3.59M | 3.57M | 3.59M | 1.83M | 1.82M | 1.82M | 1.8M | 1.79M | 1.87M | 1.77M | 1.68M | 1.71M | 3.28M | 3.44M |
Margin compression from funding
As reported in financial statements, ChoiceOne's net interest income reached $36.6 million in 2026Q1, reflecting a significant step-up from the $16.5 million recorded in 2024Q1, largely driven by the successful integration of recent acquisitions that have fundamentally altered the bank's earning asset base.
The sharp trajectory in NII suggests that inorganic growth has successfully expanded the bank's reach into new Michigan markets. Investors should monitor whether this growth can be sustained organically as the initial accretion from acquired loan portfolios begins to normalize.
Based on the provided quarterly data, ChoiceOne maintained a net interest margin of 0.8% in 2026Q1, showing resilience despite the broader industry trend of rising deposit betas that have pressured spreads across the regional banking sector throughout the previous fiscal year.
The bank's ability to hold NIM steady at 0.8% suggests a disciplined approach to deposit pricing, likely supported by its sticky rural deposit franchise. However, further margin expansion appears unlikely without a more favorable shift in the yield curve or a reduction in wholesale funding reliance.
According to recent SEC filings, the efficiency ratio improved to 43.6% in 2026Q1, a marked recovery from the 79.5% peak observed in 2025Q1, indicating that management has successfully rationalized the cost structure following the significant operational disruptions associated with their recent expansionary phase.
The return to a sub-45% efficiency ratio implies that the bank is effectively leveraging its expanded branch network to drive revenue. Analysts should watch for whether this efficiency can be maintained as the bank enters more competitive urban markets where marketing and personnel costs are typically higher.
As noted in the income statement data, ChoiceOne reported zero provision expense for 2026Q1, a stark contrast to the $13.2 million charge taken in 2025Q1, suggesting that the credit environment has stabilized and the bank has moved past the immediate impact of its recent portfolio integration.
The absence of provision expense warrants further investigation into the current health of the agricultural and commercial loan books. While this provides a temporary boost to net income, it may also reflect a conservative approach to reserve building that could be tested if regional economic conditions deteriorate.
Quick answers to the most common questions about buying COFS stock.
ChoiceOne Financial Services, Inc. (COFS) is profitable, generating $28.2M in net income for the fiscal year ending 2025 with a net profit margin of 14.6%.
ChoiceOne Financial Services, Inc. (COFS) reported an operating income of $34.2M, resulting in an operating profit margin of 17.7%. This margin reflects the operational efficiency of the business before interest and taxes.
ChoiceOne Financial Services, Inc. (COFS) generated $112.2M in gross profit for the year, representing a gross profit margin of 58.2%. This demonstrates the company's core pricing power and production efficiency.