2 0 2 4 A N N U A L R E P O R T 2023 2024 2022 FOR THE YEAR (DOLLARS IN THOUSANDS) Net Income $ 26,727 $ 21,261 $ 23,640 Cash Dividends Declared $ 9,012 $ 7,910 $ 7,578 PER SHARE Net Income $ 3.27 $ 2.82 $ 3.15 Cash Dividends Declared $ 1.09 $ 1.05 $ 1.01 LOANS AND DEPOSITS AT YEAR-END (DOLLARS IN THOUSANDS) Total Loans $ 1,545,640 $ 1,410,653 $ 1,189,782 Deposits, Excluding Brokered Deposits $ 2,177,592 $ 2,098,610 $ 2,116,260 RATIOS Return on Average Assets 1.00% 0.85% 1.00% Return on Average Shareholders’ Equity 11.80% 12.00% 13.25% C O N S O L I D AT E D F I N A N C I A L S $26,727 $21,261 $23,640 $9,012 $7,910 $7,578 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 2024 2023 2022 For The Year (dollars in thousands) Net Income Cash Dividends Declared 1.00% 0.85% 1.00% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 2024 2023 2022 Return on Average Assets 11.80% 12.00% 13.25% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 2024 2023 2022 Return on Average Shareholders' Equity $2,177,592 $2,098,610 $2,116,260 $500,000 $700,000 $900,000 $1,100,000 $1,300,000 $1,500,000 $1,700,000 $1,900,000 $2,100,000 $2,300,000 2024 2023 2022 Deposits At Year-End (less brokered) (dollars in thousands) $1,545,640 $1,410,653 $1,189,782 $500,000 $700,000 $900,000 $1,100,000 $1,300,000 $1,500,000 $1,700,000 2024 2023 2022 Total Loans At Year-End (dollars in thousands) $3.27 $2.82 $3.15 $1.09 $1.05 $1.01 $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 2024 2023 2022 Per Share Net Income Cash Dividends Declared Dear Shareholders and Friends, As a community bank, seeking strategic opportunities has always been one of the hallmarks of our success over the last 126 years. Taking advantage of opportunities for growth, innovation and solid customer relationships, when navigated strategically, continues to strengthen our ability to grow and make further commitments to our Michigan communities. ChoiceOne Acquires Fentura Financial and The State Bank In March 2025, ChoiceOne Financial Services, Inc. (“ChoiceOne”) completed its acquisition of Fentura Financial, Inc. (“Fentura”) and The State Bank, a like minded 126-year-old financial organization, with approximately $1.8 billion in assets as of December 31, 2024 and 20 branch offices and one loan production office in the Michigan counties of Bay, Genesee, Ingham, Jackson, Livingston, Oakland, Saginaw and Shiawassee. ChoiceOne is now a financial holding company with assets over $4 billion, with 56 offices in West, Central and Southeast Michigan. We received strong shareholder support for this partnership, which we believe validates the considerable opportunity we see for our collective communities, customers, and employees while adding significant value for the shareholders of the two organizations. With limited overlap and disruption, our combined companies will present efficiencies and new growth opportunities in our expanded network across Michigan. Combining Two Thriving 126-Year-Old Community Banks Bringing together two 126-year-old community banks – robust, growing institutions deeply dedicated to customer service and community engagement – presents a tremendous opportunity for our customers, communities, employees and shareholders and complements our vision to be the Best Bank in Michigan. Joining forces with Fentura was a natural geographical and cultural fit for ChoiceOne. It allows ChoiceOne to extend our community bank footprint in Michigan and enhance the commitment that both The State Bank and ChoiceOne Bank have made to our customers and communities. By leveraging our strengths, we look forward to positioning our combined organization as the premier community bank in Michigan. WE ARE EXTREMELY PLEASED TO WELCOME OUR FRIENDS FROM FENTURA AND THE STATE BANK. From Fentura’s shareholders to The State Bank’s senior leadership, talented employees, supportive customers and the additional communities we now have the opportunity to serve, we stand ready with our ChoiceOne Mission and Vision to meet the needs of our new family members. Outstanding Results in 2024 2024 was a record year for ChoiceOne with over $26.7 million in Net Income. These results, along with the continued growth in core loans and deposits in 2024, were due to the dedication and expertise of our ChoiceOne team. We continue to emphasize full relationship banking, especially with our local commercial clients. Our Treasury Management program offers modern technology and security, combined with personalized service. We provide comprehensive services like cash management and fraud prevention, tailored to meet the specific needs of each business. While technology is crucial, the true foundation of our success is the exceptional service and genuine care we provide to our customers. Technology has its limits, and in a world where fraud is pervasive, our customers know they can rely on us when challenges arise. Risk Management ChoiceOne’s credit management has been a cornerstone of our strength for many years. Our credit metrics remain robust across all measures, reflecting our strong credit culture and the resilience of the Michigan economy. While we are prepared for potential credit challenges, we believe the strength of our portfolio positions us well. The historic changes in interest rates over the past few years have posed challenges for many banks. We have taken measured steps to improve our net interest margin, with positive impacts becoming evident in the second half of the year. Our strong risk management philosophy has been crucial in our decision to acquire Fentura. This acquisition complements ChoiceOne’s solid balance sheet and was undertaken with careful consideration of risk management. We believe this strategic move positions us for continued success in 2025 and beyond. Retirements in Senior Leadership While we embrace our new relationships in 2025, later this year we will congratulate these ChoiceOne executives as they begin their well-deserved retirements. We wish LEE BRAFORD, SVP Chief Credit Officer; HEATHER BROLICK, EVP Human Resources Officer; SHELLY CHILDERS, SVP Chief Information Officer; STEVEN DEVOLDER, SVP Senior Trust Officer and ROBERT MICHEL, SVP Operations Officer a long and healthy retirement and thank them for their leadership within ChoiceOne and our communities. Expanded Community Commitments Another highlight of our success as a community bank over the years has been the time and commitment our employees extend to the communities ChoiceOne serves. As a community bank, our employees, in all positions, generously serve in leadership and volunteer positions throughout West and Southeast Michigan. ChoiceOne is proud to report that in 2024, we donated approximately $420,000 to our communities and our employees volunteered 6,000 hours in community service. Now we are able to add The State Bank’s generous volunteers and their communities to the partnerships we build throughout Michigan to help our families, farmers and businesses thrive. We look forward to continuing the great work The State Bank accomplished with their community involvement as ChoiceOne expands our commitments in Central and Southeast Michigan. Thank You We are grateful for the many opportunities presented to us in 2024. As we look at the potential of our combined company, including our collective shareholders, customers, directors, employees and the communities we now serve, we are excited to continue growing our community bank franchise in Michigan. Thank you for your loyal support, JACK HENDON Chairman of the Board KELLY POTES Chief Executive Officer FRONT ROW (L-R) ERIC (RICK) E. BURROUGH CEO, Jams Media, LLC President, Web Press of Michigan, Inc. GREGORY A. MCCONNELL Vice Chairman of the Board, Retired Insurance Agent JACK G. HENDON Chairman of the Board, Certified Public Accountant and Partner, H&S Companies, P.C. BRADLEY F. MCGINNIS President, Megawall Corporation BACK ROW (L-R) KEITH D. BROPHY CEO, Mentavi Health GREG L. ARMOCK President, Armock Mechanical Contractors, LLC MICHELLE M. WENDLING Senior Director of Sales Strategy, PepsiCo, Inc. MICHAEL J. BURKE, JR. President, ChoiceOne Bank and ChoiceOne Financial Services, Inc. KELLY J. POTES CEO, ChoiceOne Bank and ChoiceOne Financial Services, Inc. President, ChoiceOne Insurance Agencies, Inc. BACK ROW (L-R) ROXANNE M. PAGE Certified Public Accountant and Principal, Doeren Mayhew HAROLD J. BURNS Certified Public Accountant and Partner, UHY LLP and Managing Director, UHY Advisors MI, Inc. BRUCE JOHN ESSEX, JR. Managing Director, Port City Ventures, LLC CURT E. COULTER, D.O. Physician and Partner, Lapeer Medical Associates ChoiceOne Financial Services, Inc. and ChoiceOne Bank BOARD OF DIRECTORS EXECUTIVE TEAM PETER BATISTONI SVP East Michigan Senior Lender and Mortgage Sales Executive LEE BRAFORD Retired SVP Chief Credit Officer SHELLY CHILDERS SVP Chief Information Officer ERIC DYSON SVP Head of Loan Operations TRENTON HANCOCK SVP Head of Retail Banking ROBERT JAMULA SVP Wealth Management BART JONKER SVP Risk Management and Compliance Officer BRENT MCCARTHY SVP Chief Credit Officer ROBERT MICHEL SVP Operations ADAM SCHLUSLER SVP Wealth Advisor RYAN WOLTHUIS SVP West Michigan Senior Lender SENIOR MANAGEMENT TEAM STEVEN DEVOLDER SVP Senior Trust Officer CINDY ACHTERHOFF VP Small Business Lending Program Manager BRIAN BACON VP Commercial Loan Team Lead WALTER BARGEN VP Governments and School Districts Officer AMBER BEHRENDT VP Treasury Management Officer JENNIFER BELLAMY VP Commercial Loan Officer BRADLEY BISSETT VP Commercial Loan Officer PATRICIA BROWN VP Commercial Loan Officer BILL BRUINSMA VP Commercial Loan Officer SHERRI CAMPBELL VP BSA and Security Officer JIM CARNEY VP Market Manager Lapeer DANIELLE CHATEAUVERT VP Marketing RICK CHOWN VP Commercial and Medical Loan Officer SKYLET CUMMINGS VP Regional Manager DAVID DEAL VP Commercial Loan Officer LAURIE DEMANUEL VP Regional Manager SARAH FERRIS VP Controller KENT GAGNON VP Municipal and Public Funds Officer DENISE GATES VP Regional Manager and Consumer Loans AARON GRIFFIN VP SBA Lending Officer GARY HALL VP Mortgage Sales Manager BETH HENDERSON VP Government Reporting JOSH HUCUL VP Lending Technology DAVID HUISMAN VP Commercial Loan Officer ANDY JACKSON VP Commercial Loan Officer TRAVIS JACKSON VP Commercial Loan Officer SCOTT JENNINGS VP Collections and Special Assets Manager DERICK JONES VP Commercial Loan Officer DURYNDA KIEFER VP Treasury Management Officer TODD LAVICTOIRE VP Finance Director PAUL MICHON VP Market Manager Oakland/Macomb CHERRY NEWLON VP Commercial Loan Operations Manager CARRIE OLSON VP Treasury Management Officer CRAIG OOSTERHOUSE VP Market Manager Grand Rapids/Holland JASON PARKER VP Commercial Loan Officer MARK PETERSON VP Commercial Loan Officer MATT RODDA VP Regional Manager JIM ROSSET VP Wealth Advisor MARIA ROOSSINCK VP Deposit Operations TYSON SCHMIDT VP Wealth Advisor TIM SHANGLE VP Digital Strategy and Business Analytics ALEXANDER SHOEMAKER VP Commercial and Medical Loan Officer CELESTE SPIVEY VP CRA and Community Development Officer LUKE SPOELSTRA VP Network Security PAUL TUCKER VP Facilities Manager ANDY USIK VP Market Manager Muskegon and Sparta NATE VANDERWOUDE VP Commercial Loan Officer LOUISE VERMILLION VP Loss Prevention and Fraud Manager LORI VERSALLE VP Treasury Management Officer ASHLEY WINTER VP Commercial Loan Officer ROB WHITAKER VP Commercial Loan Officer PATRICK WITTKOPP VP Commercial Loan Officer CHRISTINE ZAHM VP Private Banker KELLY J. POTES CEO MICHAEL J. BURKE, JR. President ADOM J. GREENLAND EVP Chief Financial Officer BRADLEY A. HENION EVP Chief Lending Officer HEATHER BROLICK EVP Human Resources LEADERSHIP TEAM S H A R E H O L D E R A P P R E C I AT I O N L U N C H E O N Please select which location you would like to attend. Plated lunch will be served at each location. Please RSVP for one of the following dates: May 21, Thousand Oaks Golf Club - Register by May 10 June 5, Lapeer Country Club - Register by May 25 RSVP: CALL or TEXT all names of attendees and contact phone number to 810.538.1925 Nancy Runyan, ChoiceOne Bank, Marketing Dept. WEDNESDAY, MAY 21 1:00-3:00 PM THOUSAND OAKS GOLF CLUB 4100 Thousand Oaks Dr NE, Grand Rapids THURSDAY, JUNE 5 1:00-3:00 PM LAPEER COUNTRY CLUB 3786 Hunt Rd, Lapeer For information on the Virtual Annual Meeting, please visit choiceone.bank/About/Investor-Relations. NEW LOCATION in Our Communities REINVESTING VOLUNTEER HOURS 6,000 $420,000 COMMUNITY DONATIONS HGA NONPROFIT HOMES INC. GRAND BLANC VARSITY HOCKEY CEDAR SPRINGS-RAMP BUILD TRUE NORTH-FREMONT our bank MISSION Our mission is to provide superior service, quality advice, and show utmost respect to everyone we meet. our bank VISION Our vision is to be the Best Bank in Michigan. 2 0 2 4 A N N U A L R E P O R T M E M B E R F D I C I E Q U A L H O U S I N G L E N D E R ChoiceOne Financial Services, Inc. common stock is quoted on the NASDAQ Capital Markets as “COFS”. STOCK REGISTRAR & TRANSFER AGENT Continental Stock Transfer & Trust Co. 1 State Street Plaza; 30th Floor New York, NY 10004-1561 212.509.4000 MARKET MAKERS IN CHOICEONE FINANCIAL SERVICES, INC. STOCK D. A. Davidson & Co. Nick Bicking 800.394.9230 Eugene Bodo Managing Director, Institutional Equity Sales Janney Montgomery Scott, LLC O: 215.665.6566, M: 610.766.0015 Raymond James & Associates Anthony LanFranca 312.655.2961