ChoiceOne Financial Services, Inc. (COFS) 10-Year Financial Performance & Capital Metrics

COFS • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutChoiceOne Financial Services, Inc. operates as the bank holding company for ChoiceOne Bank that provides community banking services to corporations, partnerships, and individuals in Michigan. The company offers various deposit products, including time, savings, and demand deposits, safe deposit, and automated transaction machine services. It also provides commercial loans, such as business, industry, agricultural, construction, inventory, and real estate loans; and consumer loans comprising direct and indirect loans to consumers and purchasers of residential and real properties. In addition, the company offers safe deposit and automated transaction machine services; and alternative investment products, including annuities and mutual funds, as well as sells insurance policies, such as life and health for commercial and consumer clients. It operates 32 full-service offices in Kent, Muskegon, Newaygo, and Ottawa, Lapeer, Macomb, and St. Clair counties, Michigan. The company also operates three loan production offices. ChoiceOne Financial Services, Inc. was founded in 1898 and is headquartered in Sparta, Michigan.Show more

Net Interest Income $74M +13.0%
Total Revenue $139M +22.1%
Net Income $27M +25.7%
Return on Equity 11.72% +0.5%
Net Interest Margin 2.73% +6.9%
Efficiency Ratio 42.22% -12.7%
ROA 1.01% +17.7%
Equity / Assets 9.56% +26.0%
Book Value per Share 31.68 +22.6%
Tangible BV/Share 24.25 +37.2%
Debt/Equity 0.81 -32.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 30.1%
✓Efficient operations: 42.2% efficiency ratio
✓Healthy dividend yield of 3.8%
✓Trading at only 0.9x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y18.34%

5Y27.28%

3Y18.4%

TTM-

Profit (Net Income) CAGR

10Y16.72%

5Y30.1%

3Y6.63%

TTM-13.65%

EPS CAGR

10Y7.62%

5Y15.52%

3Y4.35%

TTM-55.38%

ROCE

10Y Avg8.93%

5Y Avg9.32%

3Y Avg9.23%

Latest8.39%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	18.36M	19.34M	20.56M	22.06M	27.77M	51.07M	60.64M	67.31M	65.89M	74.44M
NII Growth %	0.03%	0.05%	0.06%	0.07%	0.26%	0.84%	0.19%	0.11%	-0.02%	0.13%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	19.35M	20.31M	22.04M	24.52M	32.47M	55.72M	64.62M	75.06M	98.98M	121.1M
Interest Expense	990K	969K	1.48M	2.46M	4.7M	4.64M	3.98M	7.75M	33.09M	46.66M
Loan Loss Provision	100K	0	485K	35K	0	4M	416K	250K	150K	625K
Non-Interest Income+	7.7M	7.88M	6.9M	6.92M	9.17M	22.7M	19.19M	14.07M	14.91M	18M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	27.05M	28.19M	28.94M	31.45M	41.64M	78.41M	83.81M	89.13M	113.89M	139.1M
Revenue Growth %	0.05%	0.04%	0.03%	0.09%	0.32%	0.88%	0.07%	0.06%	0.28%	0.22%
Non-Interest Expense	18.28M	18.97M	18.43M	20.46M	28.48M	50.88M	52.92M	53.48M	55.07M	58.72M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	7.69M	8.25M	8.55M	8.49M	8.46M	18.89M	26.5M	27.66M	25.57M	33.09M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.01%	0.07%	0.04%	-0.01%	-0%	1.23%	0.4%	0.04%	-0.08%	0.29%
Pretax Income+	7.69M	8.25M	8.55M	8.49M	8.46M	18.89M	26.5M	27.66M	25.57M	33.09M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	1.95M	2.16M	2.39M	1.16M	1.29M	3.27M	4.46M	4.02M	4.31M	6.36M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	5.74M	6.09M	6.17M	7.33M	7.17M	15.61M	22.04M	23.64M	21.26M	26.73M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.01%	0.06%	0.01%	0.19%	-0.02%	1.18%	0.41%	0.07%	-0.1%	0.26%
Net Income (Continuing)	5.74M	6.09M	6.17M	7.33M	7.17M	15.61M	22.04M	23.64M	21.26M	26.73M
EPS (Diluted)+	1.58	1.68	1.70	2.02	1.58	2.07	2.86	3.15	2.82	3.25
EPS Growth %	0.01%	0.06%	0.01%	0.19%	-0.22%	0.31%	0.38%	0.1%	-0.1%	0.15%
EPS (Basic)	1.58	1.68	1.70	2.03	1.58	2.08	2.87	3.15	2.82	3.27
Diluted Shares Outstanding	3.64M	3.63M	3.62M	3.63M	4.54M	7.53M	7.7M	7.53M	7.57M	8.22M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	11.19M	14.81M	36.84M	19.69M	59.56M	79.52M	31.89M	43.94M	55.43M	96.4M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	510.2M	541.09M	558.32M	595.32M	1.19B	1.69B	2.17B	2.15B	2.33B	2.42B
Investments Growth %	0.05%	0.06%	0.03%	0.07%	1.01%	0.41%	0.28%	-0.01%	0.08%	0.04%
Long-Term Investments	350.07M	366.7M	402.73M	428.72M	854.99M	1.11B	1.07B	1.62B	1.82B	1.94B
Accounts Receivables	0	0	0	0	0	0	0	0	0	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	13.73M	13.73M	13.73M	13.73M	52.87M	60.51M	59.95M	59.95M	59.95M	59.95M
Intangible Assets	379K	0	0	0	6.01M	5.27M	3.96M	2.81M	1.85M	1.1M
PP&E (Net)	11.85M	12.59M	12.86M	15.88M	24.27M	29.49M	29.88M	28.23M	29.75M	27.1M
Other Assets	20.4M	25.16M	24.8M	25.92M	48.87M	56.67M	72.49M	99.77M	99.98M	120.54M
Total Current Assets	171.32M	189.2M	192.43M	186.29M	399.14M	654.31M	1.13B	573.69M	570.03M	575.87M
Total Non-Current Assets	396.42M	418.17M	454.12M	484.25M	986.99M	1.27B	1.24B	1.81B	2.01B	2.15B
Total Assets+	567.75M	607.37M	646.54M	670.54M	1.39B	1.92B	2.37B	2.39B	2.58B	2.72B
Asset Growth %	0.03%	0.07%	0.06%	0.04%	1.07%	0.38%	0.23%	0.01%	0.08%	0.06%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	20.79M	20.21M	27.42M	10.03M	33.2M	12.42M	85.02M	85.26M	235.51M	210.75M
Net Debt	9.61M	5.41M	-9.42M	-9.66M	-26.36M	-67.1M	53.13M	41.32M	180.07M	114M
Long-Term Debt	11.33M	12.3M	20.27M	5.23M	198K	12.42M	35.02M	35.26M	215.51M	55.75M
Short-Term Debt	9.46M	7.91M	7.15M	4.8M	33M	0	50M	50M	20M	155M
Other Liabilities	2.42M	3.07M	2.73M	3.02M	6.19M	5.08M	7.7M	13.78M	23.51M	37.97M
Total Current Liabilities	484.16M	520.3M	547M	581.82M	1.19B	1.67B	2.1B	2.17B	2.14B	2.37B
Total Non-Current Liabilities	13.75M	15.37M	22.99M	8.25M	6.39M	17.5M	42.72M	49.04M	239.02M	93.72M
Total Liabilities	497.9M	535.67M	569.99M	590.07M	1.19B	1.69B	2.15B	2.22B	2.38B	2.46B
Total Equity+	69.84M	71.7M	76.55M	80.48M	192.14M	227.27M	221.67M	168.87M	195.63M	260.42M
Equity Growth %	0.06%	0.03%	0.07%	0.05%	1.39%	0.18%	-0.02%	-0.24%	0.16%	0.33%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.08%	0.09%	0.08%	0.09%	0.05%	0.07%	0.1%	0.12%	0.12%	0.12%
Book Value per Share	19.19	19.75	21.16	22.18	42.33	30.18	28.78	22.44	25.84	31.68
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	46.5M	46.3M	50.29M	54.52M	162.61M	178.75M	171.91M	172.28M	173.51M	206.78M
Additional Paid-in Capital	46.5M	46.3M	50.29M	54.52M	0	0	0	0	0	0
Retained Earnings	22.14M	26M	26.02M	26.69M	28.05M	37.49M	52.33M	68.39M	73.7M	91.41M
Accumulated OCI	-45.3M	-46.9M	-50.05M	-55.26M	1.48M	11.03M	-2.58M	-71.8M	-51.58M	-37.78M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.98M	10.93M	8.09M	9.96M	9.2M	8.48M	37.7M	44.33M	46.48M	48.65M
Operating CF Growth %	-0.47%	1.75%	-0.26%	0.23%	-0.08%	-0.08%	3.45%	0.18%	0.05%	0.05%
Net Income	5.74M	6.09M	6.17M	7.33M	7.17M	15.61M	22.04M	23.64M	21.26M	26.73M
Depreciation & Amortization	2.48M	2.61M	2.45M	2.08M	3.13M	7.71M	12.43M	13.34M	12.43M	12.33M
Deferred Taxes	-631K	-82K	62K	209K	310K	202K	924K	-15K	-24K	-271K
Other Non-Cash Items	-2.66M	2.08M	-541K	295K	-2.41M	-8.84M	1.2M	4.41M	-1.18M	-4.84M
Working Capital Changes	-1.07M	-148K	-366K	-302K	635K	-6.72M	297K	2M	12.99M	13.97M
Cash from Investing+	-22.66M	-41.48M	-18.3M	-43.85M	36.35M	-250.75M	-521.37M	-89.81M	-181.37M	-97.91M
Purchase of Investments	-70.9M	-69.53M	-56.12M	-31.45M	-209.76M	-375.67M	-637.94M	-65.54M	-6.43M	-16.84M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	20.64M	35.64M	0	0	0	0
Other Investing	-3.68M	-22.15M	-35.72M	-24.37M	-486K	-79.59M	35.38M	-129.93M	-222.18M	-139.13M
Cash from Financing+	13.22M	34.17M	32.24M	16.75M	-5.69M	262.23M	436.04M	57.54M	146.37M	90.58M
Dividends Paid	-2.17M	-2.23M	-2.32M	-2.58M	-5.82M	-6.17M	-7.2M	-7.58M	-7.91M	-9.01M
Share Repurchases	-371K	-794K	-203K	-523K	-364K	0	-7.79M	-682K	0	0
Stock Issued	206K	85K	98K	77K	142K	134K	139K	172K	231K	32.77M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	969K	1000K	-1000K	1000K	-1000K	1000K	0	1000K	-1000K
Other Financing	22.59M	36.23M	26.8M	34.81M	-4.61M	292.14M	377.86M	65.8M	4.05M	91.83M
Net Change in Cash+	-5.46M	3.62M	22.03M	-17.15M	39.87M	19.96M	-47.63M	12.06M	11.49M	41.32M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	16.65M	11.19M	14.81M	36.84M	19.69M	59.56M	79.52M	31.89M	43.94M	55.43M
Cash at End	11.19M	14.81M	36.84M	19.69M	59.56M	79.52M	31.89M	43.94M	55.43M	96.75M
Interest Paid	1M	984K	1.47M	2.3M	4.5M	4.87M	3.72M	7.58M	27.48M	49.9M
Income Taxes Paid	2.4M	1.76M	2.12M	850K	1.03M	5M	3.25M	1.99M	4.45M	6.35M
Free Cash Flow+	2.94M	9.11M	6.43M	5.75M	8.44M	6.63M	34.94M	43.16M	42.25M	46.94M
FCF Growth %	-0.56%	2.1%	-0.29%	-0.11%	0.47%	-0.21%	4.27%	0.24%	-0.02%	0.11%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.44%	8.61%	8.32%	9.34%	5.26%	7.45%	9.82%	12.11%	11.67%	11.72%
Return on Assets (ROA)	1.03%	1.04%	0.98%	1.11%	0.7%	0.94%	1.03%	0.99%	0.86%	1.01%
Net Interest Margin	3.23%	3.18%	3.18%	3.29%	2%	2.66%	2.56%	2.82%	2.56%	2.73%
Efficiency Ratio	67.55%	67.29%	63.66%	65.07%	68.38%	64.89%	63.14%	60%	48.36%	42.22%
Equity / Assets	12.3%	11.8%	11.84%	12%	13.86%	11.84%	9.37%	7.08%	7.59%	9.56%
Book Value / Share	19.19	19.75	21.16	22.18	42.33	30.18	28.78	22.44	25.84	31.68
NII Growth	2.79%	5.34%	6.31%	7.3%	25.87%	83.89%	18.74%	11%	-2.12%	12.99%
Dividend Payout	37.79%	36.63%	37.68%	35.18%	81.09%	39.54%	32.66%	32.06%	37.2%	33.72%

Frequently Asked Questions

Valuation & Price

ChoiceOne Financial Services, Inc. (COFS) has a price-to-earnings (P/E) ratio of 8.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

ChoiceOne Financial Services, Inc. (COFS) grew revenue by 22.1% over the past year. This is strong growth.

Yes, ChoiceOne Financial Services, Inc. (COFS) is profitable, generating $21.5M in net income for fiscal year 2024 (19.2% net margin).

Dividend & Returns

Yes, ChoiceOne Financial Services, Inc. (COFS) pays a dividend with a yield of 3.83%. This makes it attractive for income-focused investors.

ChoiceOne Financial Services, Inc. (COFS) has a return on equity (ROE) of 11.7%. This is reasonable for most industries.

Industry Metrics

ChoiceOne Financial Services, Inc. (COFS) has a net interest margin (NIM) of 2.7%. NIM has been under pressure due to interest rate environment.

ChoiceOne Financial Services, Inc. (COFS) has an efficiency ratio of 42.2%. This is excellent, indicating strong cost control.

US Stock Screener

...