ChoiceOne reports Q1 net loss of $13.9M on $17.2M merger expenses; adjusted net income $9.3M

CHOICEONE FINANCIAL SERVICES INC

2025-Q1 EPS reported -$1.29 revenue$44,881,000

Net loss of $13.9M ($1.29 diluted loss) vs Q1 2024 net income of $5.6M ($0.74 EPS).
Adjusted net income (excl. merger costs and provision) of $9.3M; adjusted diluted EPS $0.86.
Completed Fentura merger on March 1, 2025, adding $1.8B in assets, $1.4B loans, $1.4B deposits.
GAAP NIM rose to 3.43% from 2.67% YoY; core loans organically grew 10.6% annualized in Q1.
Asset quality strong: annualized net charge-offs 0.01%, nonperforming loans 0.65% of total loans.

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