NASDAQ : COFS
ChoiceOne Financial Services, Inc. — Financial statements
Financials · Banks - Regional · United States
Last price 35 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 523.44M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 186.62M | 172.91M | 89.58M | 68.38M | 52.82M | 48.66M |
| Interest Income on Investments | 30.66M | 30.04M | 31.52M | 30.60M | 22.24M | 15.96M |
| Total Interest Income | 217.28M | 202.96M | 121.10M | 98.98M | 75.06M | 64.62M |
| Interest Paid on Deposits | 56.54M | 53.97M | 34.17M | 23.99M | 5.84M | 3.31M |
| Interest Paid on Borrowings | 12.12M | 11.92M | 12.49M | 9.11M | 1.90M | 672.00K |
| Total Interest Expense | 68.67M | 65.89M | 46.66M | 33.09M | 7.75M | 3.98M |
| Net Interest Income | 148.61M | 137.07M | 74.44M | 65.89M | 67.31M | 60.64M |
| Trust Income | 2.81M | 2.52M | 906.00K | 771.00K | 734.00K | 790.00K |
| Mortgage Banking Activities | 2.33M | |||||
| Gain (Loss) on Sale of Investments | -2.40M | 607.00K | 195.00K | -317.00K | -1.76M | 439.00K |
| Other Non-Interest Income | 21.31M | 19.48M | 13.56M | 12.35M | 7.60M | 11.18M |
| Total Non-Interest Income | 23.30M | 24.36M | 17.30M | 14.91M | 13.80M | 19.19M |
| Revenues Before Loan Losses | 171.92M | 161.43M | 91.74M | 80.79M | 81.11M | 79.83M |
| Provision for Loan Losses | 2.25M | 14.81M | 625.00K | 150.00K | 250.00K | 416.00K |
| Revenue | 169.67M | 146.62M | 91.11M | 80.64M | 80.86M | 79.42M |
| Salaries and Employee Benefits | 56.84M | 51.85M | 32.69M | 30.96M | 29.43M | 28.49M |
| Occupancy Expenses | 9.47M | 8.72M | 5.47M | 5.72M | 5.98M | 6.01M |
| Federal Deposit Insurance | 2.08M | 2.01M | 1.33M | 1.18M | 722.00K | 804.00K |
| Amortization of Goodwill & Intangibles | 6.52M | 5.82M | 757.00K | 955.00K | 1.15M | 1.31M |
| Selling, General & Administrative | 19.43M | 18.17M | 12.22M | 11.65M | 11.56M | 11.62M |
| Other Non-Interest Expense | 9.38M | 8.79M | 5.21M | 4.61M | 4.64M | 4.68M |
| Total Non-Interest Expense | 103.72M | 95.37M | 57.68M | 55.07M | 53.48M | 52.92M |
| EBT Excluding Unusual Items | 65.95M | 51.25M | 33.43M | 25.57M | 27.38M | 26.50M |
| Pretax Income | 66.25M | 34.19M | 33.09M | 25.57M | 27.66M | 26.50M |
| Income Tax Expense | 11.67M | 6.01M | 6.36M | 4.31M | 4.02M | 4.46M |
| Net Income | 54.58M | 28.18M | 26.73M | 21.26M | 23.64M | 22.04M |
| Net Income to Common | 54.58M | 28.18M | 26.73M | 21.26M | 23.64M | 22.04M |
| Basic Shares Outstanding | 14.95M | 13.94M | 8.17M | 7.53M | 7.50M | 7.69M |
| Diluted Shares Outstanding | 15.04M | 13.99M | 8.22M | 7.57M | 7.53M | 7.70M |
| EPS (Basic) | 3.65 | 2.02 | 3.27 | 2.82 | 3.15 | 2.87 |
| EPS (Diluted) | 3.63 | 2.01 | 3.25 | 2.82 | 3.15 | 2.86 |
| Dividend Per Share | 1.16 | 1.13 | 1.09 | 1.05 | 1.01 | 0.94 |
| Effective Tax Rate | 17.61% | 17.59% | 19.23% | 16.84% | 14.53% | 16.82% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 94.97M | 87.99M | 96.75M | 55.43M | 43.94M | 31.89M |
| Investment Securities | 913.32M | 557.09M | 546.14M | 553.23M | 555.18M | 674.26M |
| Trading Asset Securities | 10.26M | 24.34M | 8.88M | 9.20M | ||
| Mortgage-Backed Securities | 391.87M | 335.29M | 376.83M | 409.04M | 433.12M | |
| Total Investments | 913.32M | 959.23M | 905.77M | 938.94M | 973.42M | 1.11B |
| Gross Loans | 3.10B | 3.02B | 1.55B | 1.41B | 1.19B | 1.06B |
| Allowance for Loan Losses | -35.99M | -35.55M | -16.55M | -15.69M | -7.62M | -7.69M |
| Net Loans | 3.06B | 2.99B | 1.53B | 1.39B | 1.18B | 1.05B |
| Property, Plant & Equipment | 50.40M | 48.11M | 27.10M | 29.75M | 28.23M | 29.88M |
| Goodwill | 129.85M | 129.85M | 59.95M | 59.95M | 59.95M | 59.95M |
| Other Intangible Assets | 26.32M | 31.15M | 1.10M | 1.85M | 2.81M | 3.96M |
| Loans Held for Sale | 1.57M | 7.18M | 7.29M | 4.71M | 4.83M | 9.35M |
| Accrued Interest Receivable | 11.00M | 7.10M | 6.90M | |||
| Other Real Estate Owned & Foreclosed | 2.52M | 473.00K | 122.00K | 194.00K | ||
| Other Long-Term Assets | 167.82M | 128.47M | 79.25M | 79.63M | 87.05M | 68.47M |
| Total Assets | 4.46B | 4.41B | 2.72B | 2.58B | 2.39B | 2.37B |
| Interest Bearing Deposits | 2.73B | 2.37B | 1.48B | 1.37B | 1.74M | 1.40B |
| Institutional Deposits | 322.00M | 210.50M | 199.70M | 148.90M | 87.30M | |
| Non-Interest Bearing Deposits | 936.95M | 907.01M | 524.95M | 547.62M | 1.97B | 560.93M |
| Total Deposits | 3.67B | 3.60B | 2.21B | 2.12B | 2.12B | 2.05B |
| Short-Term Borrowings | 226.60M | 135.69M | 170.00M | 55.82M | ||
| Current Portion of Long-Term Debt | 20.00M | 20.00M | 50.00M | |||
| Current Portion of Leases | 688.00K | |||||
| Long-Term Debt | 48.73M | 48.46M | 35.75M | 35.51M | 35.26M | 35.02M |
| Federal Home Loan Bank Debt, Long-Term | 234.88M | 20.00M | 20.00M | 30.00M | ||
| Long-Term Leases | 2.17M | |||||
| Other Long-Term Liabilities | 33.92M | 27.26M | 37.29M | 23.51M | 7.95M | 7.70M |
| Total Liabilities | 3.99B | 3.95B | 2.46B | 2.38B | 2.22B | 2.15B |
| Common Stock | 395.88M | 398.39M | 206.78M | 173.51M | 172.28M | 171.91M |
| Retained Earnings | 130.35M | 102.64M | 91.41M | 73.70M | 68.39M | 52.33M |
| Comprehensive Income & Other | -56.42M | -35.67M | -37.78M | -51.58M | -71.80M | -2.58M |
| Shareholders' Equity | 469.81M | 465.35M | 260.42M | 195.63M | 168.87M | 221.67M |
| Total Liabilities & Equity | 4.46B | 4.41B | 2.72B | 2.58B | 2.39B | 2.37B |
| Total Debt | 283.61M | 317.92M | 211.44M | 235.51M | 91.08M | 85.02M |
| Net Cash (Debt) | -188.65M | -219.67M | -90.35M | -171.19M | -37.94M | -53.13M |
| Net Cash Per Share | -12.54 | -15.70 | -10.99 | -22.61 | -5.04 | -6.90 |
| Filing Date Shares Outstanding | 14.92M | 14.98M | 8.97M | 7.55M | 7.52M | 7.52M |
| Total Common Shares Outstanding | 14.92M | 15.00M | 8.97M | 7.55M | 7.52M | 7.51M |
| Book Value Per Share | 31.49 | 31.02 | 29.05 | 25.92 | 22.47 | 29.52 |
| Tangible Book Value | 313.64M | 304.35M | 199.37M | 133.83M | 106.12M | 157.76M |
| Tangible Book Value Per Share | 21.02 | 20.29 | 22.24 | 17.73 | 14.12 | 21.01 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 28.18M | 26.73M | 21.26M | 23.64M | 22.04M | |
| Depreciation & Amortization | 19.87M | 12.33M | 12.43M | 13.34M | 12.43M | |
| Gain (Loss) on Sale of Assets | 61.00K | -46.00K | -12.00K | -41.00K | -19.00K | |
| Gain (Loss) on Sale of Investments | -607.00K | -195.00K | 317.00K | 1.76M | -439.00K | |
| Total Asset Writedown | 78.00K | |||||
| Provision for Credit Losses | 14.81M | 625.00K | 150.00K | 250.00K | 416.00K | |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | 1.30M | -1.19M | 1.26M | 5.85M | 8.01M | |
| Change in Other Net Operating Assets | -15.22M | 13.97M | 14.72M | 2.00M | 297.00K | |
| Other Operating Activities | -2.47M | -2.21M | -1.12M | -1.09M | 930.00K | |
| Operating Cash Flow | 31.81M | 47.08M | 46.33M | 44.33M | 37.70M | |
| Capital Expenditures | -6.63M | -1.71M | -4.23M | -1.16M | -2.76M | |
| Cash Acquisitions | 173.08M | |||||
| Investment in Securities | 31.16M | 42.93M | 47.51M | 43.24M | -554.00M | |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -89.32M | -134.85M | -219.52M | -130.62M | 45.38M | |
| Other Investing Activities | -2.68M | -3.06M | -5.12M | -1.26M | -10.00M | |
| Investing Cash Flow | 106.69M | -96.34M | -181.22M | -89.81M | -521.37M | |
| Short-Term Debt Issued | 150.00M | |||||
| Long-Term Debt Issued | 726.00M | 87.50M | ||||
| Total Debt Issued | 150.00M | 726.00M | 87.50M | |||
| Short-Term Debt Repaid | -80.21M | -25.00M | ||||
| Long-Term Debt Repaid | -726.00M | -14.33M | ||||
| Total Debt Repaid | -80.21M | -25.00M | -726.00M | -14.33M | ||
| Net Debt Issued (Repaid) | -80.21M | -25.00M | 150.00M | 73.17M | ||
| Issuance of Common Stock | 892.00K | 32.77M | 231.00K | 172.00K | 139.00K | |
| Repurchase of Common Stock | -2.68M | -682.00K | -7.79M | |||
| Common Dividends Paid | -16.95M | -9.01M | -7.91M | -7.58M | -7.20M | |
| Net Increase (Decrease) in Deposit Accounts | -47.99M | 92.05M | 4.05M | 65.71M | 377.72M | |
| Other Financing Activities | -327.00K | -220.00K | -85.00K | |||
| Financing Cash Flow | -147.26M | 90.58M | 146.37M | 57.54M | 436.04M | |
| Net Cash Flow | -8.76M | 41.32M | 11.49M | 12.06M | -47.63M | |
| Free Cash Flow | 25.19M | 45.38M | 42.10M | 43.16M | 34.94M | |
| Free Cash Flow Margin | 17.18% | 49.80% | 52.20% | 53.38% | 43.99% | |
| Free Cash Flow Per Share | 1.80 | 5.52 | 5.56 | 5.73 | 4.54 | |
| Cash Interest Paid | 65.11M | 49.90M | 27.48M | 7.58M | 3.72M | |
| Cash Income Tax Paid | 7.29M | 6.35M | 4.45M | 1.99M | 3.25M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 541.55M | 443.50M | 319.25M | 221.07M | 217.91M | 200.64M |
| Last Close Price | 36.30 | 28.71 | 33.37 | 26.43 | 25.11 | 21.94 |
| PE Ratio | 10.01 | 15.74 | 11.95 | 10.40 | 9.22 | 9.10 |
| PS Ratio | 3.19 | 3.02 | 3.50 | 2.74 | 2.69 | 2.53 |
| PB Ratio | 1.15 | 0.95 | 1.23 | 1.13 | 1.29 | 0.91 |
| P/FCF Ratio | 10.61 | 17.61 | 7.04 | 5.25 | 5.05 | 5.74 |
| P/OCF Ratio | 9.16 | 13.94 | 6.78 | 4.77 | 4.92 | 5.32 |
| Debt / Equity Ratio | 0.60 | 0.68 | 0.81 | 1.20 | 0.54 | 0.38 |
| Debt / FCF Ratio | 12.62 | 4.66 | 5.59 | 2.11 | 2.43 | |
| Net Debt / Equity Ratio | 0.40 | 0.47 | 0.35 | 0.88 | 0.23 | 0.24 |
| Net Debt / FCF Ratio | 8.72 | 1.99 | 4.07 | 0.88 | 1.52 | |
| Return on Equity (ROE) | 11.87% | 7.76% | 11.72% | 11.67% | 12.11% | 9.82% |
| Return on Assets (ROA) | 1.25% | 0.79% | 1.01% | 0.86% | 1.00% | 1.03% |
| Earnings Yield | 9.99% | 6.35% | 8.37% | 9.62% | 10.85% | 10.99% |
| FCF Yield | 9.43% | 5.68% | 14.21% | 19.04% | 19.81% | 17.41% |
| Dividend Yield | 3.20% | 3.82% | 3.06% | 3.58% | 3.48% | 3.52% |
| Payout Ratio | 31.99% | 60.15% | 33.72% | 37.20% | 32.06% | 32.66% |
| Buyback Yield / Dilution | -20.57% | -70.20% | -8.57% | -0.60% | 2.28% | -2.27% |
| Total Shareholder Return | -17.38% | -66.38% | -5.51% | 2.99% | 5.76% | 1.25% |