ChoiceOne completes $1.7B Fentura merger, doubling assets but ROA falls to 0.69% on integration costs

Filed March 13, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 11, 2025 · ~2 min read

Key Changes

• high

  Fentura merger closed March 2025, adding $1.7B assets, $1.4B loans, 18 branches, and 206 employees. Net income rose 5.6% to $28.2M despite near-doubling in size, as $23.3M in after-tax merger costs and loan provisions offset revenue gains.

  Business: Fentura merger completion verify on EDGAR →
• high

  Return on assets fell from 1.00% to 0.69% and ROE from 11.80% to 7.04%, reflecting merger dilution. Adjusted for one-time costs, EPS would have been $3.68 vs. $2.01 reported. Management projects $8M in 2026 accretion income from acquired loans.

  MD&A: Profitability metrics verify on EDGAR →
• high

  Nonperforming loans jumped from 0.24% to 0.98% of portfolio, but 0.63 percentage points stem from purchased credit-deteriorated loans acquired in merger. Allowance for credit losses increased to 1.18% from 1.07%, including $12M merger-related provision.

  Business: Asset quality verify on EDGAR →