ChoiceOne Financial Services, Inc. reported net income of $14.5 million, or $0.97 per diluted share, for the third quarter of 2026. For the first nine months of 2026, the company reported net income of $40.7 million, or $2.71 per diluted share. These figures compare to net income of $14.7 million, or $0.97 per diluted share, for the third quarter of 2025, and $14.3 million, or $1.05 per diluted share, for the first nine months of 2025.
During the third quarter of 2026, core loans increased by $33.6 million, representing an annualized growth rate of 4.4%. Over the twelve months ended September 30, 2026, core loans grew by $145.4 million, or 5.0%. Total assets stood at $4.5 billion as of September 30, 2026, an increase of $162.2 million compared to the same period in the prior year.
The company reported a GAAP net interest margin of 3.67% for the third quarter of 2026, an expansion of 8 basis points from the 3.59% margin reported in the second quarter. This expansion was attributed to loan growth and steady funding costs. The annualized cost of deposits decreased to 1.54% in the third quarter of 2026 from 1.58% in the second quarter.
Asset quality metrics remained strong, with annualized net charge-offs at 0.08% of average loans for the third quarter of 2026. Nonperforming loans to total loans (excluding loans held for sale) were 1.25% as of September 30, 2026. The company incurred a provision for credit losses on loans of $900,000 during the quarter, which included $647,000 in net charge-offs.
Shareholders' equity totaled $469.8 million as of September 30, 2026. During the third quarter, ChoiceOne repurchased 40,000 shares of its common stock for $1.3 million under its existing share repurchase plan. The company remains well-capitalized, reporting a total risk-based capital ratio of 12.9% as of September 30, 2026. Deposits, excluding brokered deposits, totaled $3.6 billion at the end of the quarter, an increase of $95.7 million from the previous quarter.
