ChoiceOne swings to Q1 profit, core loans decline

ChoiceOne Financial Services

24/04/2026 12:40

Overview

U.S. regional bank reported net profit for Q1, rebounding from prior-year loss

Core loans declined 4.2% annualized in Q1, while deposits excluding brokered deposits grew 7.9%

Company repurchased 50,000 shares for $1.4 mln under its buyback plan in Q1

Outlook

Company expects to open a full-service branch in Troy, MI later in 2026

Company intends to purchase additional transferable tax credits in 2026 to reduce tax expense

ChoiceOne says loan pipeline looks strong and expects continued organic growth

Result Drivers

NET INTEREST MARGIN - Higher net interest margin supported results, with accretion from purchased loans contributing, though at a lower level than the prior quarter

DEPOSIT GROWTH - Organic deposit growth and seasonal increases in municipal deposits boosted funding in Q1

CREDIT QUALITY - Low net charge-offs and no provision for credit losses reflected stable asset quality

Company press release: ID:nPn5r3JbVa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$0.91
Q1 Net Income
$13.70 mln
Q1 Net Interest Income
$36.64 mln
Q1 Basic EPS
$0.91
Q1 Pretax Profit
$16.68 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the banks peer group is "hold."

Wall Street's median 12-month price target for ChoiceOne Financial Services Inc is $36.00, about 19.3% above its April 23 closing price of $30.18

The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)