ChoiceOne Financial Announces Record Earnings for Fourth Quarter 2016

Sparta, Michigan – January 25, 2017

ChoiceOne Financial Services, Inc. (OTC:COFS), the parent company for ChoiceOne Bank, reported net income of $1,688,000 for the fourth quarter of 2016 compared
to $1,222,000 in the same period in 2015. Earnings per share were $0.51 in the fourth quarter of 2016 compared to $0.37 in the fourth quarter of the prior year. Net income for the fiscal year 2016 was $6,090,000 or $1.85 per share, compared to $5,743,000 or $1.74 per share in 2015.

“Following ChoiceOne’s highest quarterly net income to date in the third quarter of 2016, we are proud to announce that we have exceeded this mark in the fourth quarter of 2016.” said Kelly Potes, President and Chief Executive Officer of ChoiceOne Financial Services, Inc. “Consecutive record quarters are a great way to end 2016 and we look forward to continued growth and success in 2017.” Total assets as of December 31, 2016, increased to $607 million, compared to $568 million as of December 31, 2015, representing 7% growth. Securities have grown $14.6 million and net loans have grown $19.6 million since December 31, 2015 as ChoiceOne emphasized growth in earning assets. Interest-bearing deposits grew 9% from December 31, 2015 to December 31, 2016 while borrowings declined 3% in the same time period.

As a result of loan and securities growth during 2016, ChoiceOne saw interest income that was $960,000 higher in 2016 than in 2015. ChoiceOne also recorded loan recoveries in excess of loan charge-offs for fiscal year 2016, and as such, no provision expense was considered necessary. Net interest income after provision during the fourth quarter of 2016 exceeded the fourth quarter of 2015 by $273,000. Increased activity in sales of loans drove the increase in noninterest income both for the fourth quarter of 2016 and for fiscal year 2016. Income from sales of loans increased by $107,000 and $332,000 for the fourth quarter of 2016 compared to fourth quarter 2015 and fiscal year 2016 compared to fiscal year 2015, respectively. Fiscal year 2016’s increase in noninterest income was offset by a decrease in earnings on life insurance policies as fiscal year 2015 included a death benefit in the amount of $308,000. Noninterest expense increased $696,000 in fiscal year 2016 compared to fiscal year 2015. The expense growth was due in part to expansion and additional salary costs tied to the development of the new loan production office located in Grand Rapids, Michigan.

“Even with 9% loan growth in fiscal year 2016 we maintained exceptional asset quality and experienced net recoveries during the year,” said Potes. “We plan to emphasize positive loan growth in 2017 as we continue our expansion into West Michigan.”

About ChoiceOne

ChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan and the parent corporation of ChoiceOne Bank, Member FDIC. ChoiceOne Bank operates 12 full service offices and one loan production office in parts of Kent, Ottawa, Muskegon, and Newaygo Counties. ChoiceOne Bank offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies, Inc. ChoiceOne Financial Services, Inc. common stock is quoted on the OTC under the symbol “COFS.” For more information, please visit Investor Relations at ChoiceOne’s website at

Forward-Looking Statements

This press release contains forward-looking statements. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “is likely,” “plans,” “predicts,” “projects,” “may,” “could,” “look forward,” “continue”, “future” and variations of such words and similar expressions are intended to identify such forward-looking statements. Management’s determination of the provision and allowance for loan losses, the carrying value of goodwill and loan servicing rights, and the fair value of investment securities (including whether any impairment on any investment security is temporary or other than temporary and the amount of any impairment) and management’s assumptions concerning pension and other postretirement benefit plans involve judgments that are inherently forward-looking. These statements reflect management’s current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed, implied or forecasted in such forward-looking statements. Furthermore, ChoiceOne undertakes no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise. Risk factors include, but are not limited to, the risk factors described in Item 1A in ChoiceOne Financial Services, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015. These and other factors are representative of the risk factors that could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.

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