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ChoiceOne Financial Services, Inc.(COFS)Earnings, Financials & Key Ratios
COFS•NASDAQ•Banking & Credit
15.9× P/E·Price updated Jun 19, 2026
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$137M+84.1%
- Total Revenue$193M+38.7%
- Net Income$28M+5.4%
- Return on Equity7.76%-33.8%
- Net Interest Margin3.11%+13.7%
- Efficiency Ratio40.44%-4.2%
- ROA0.79%-21.7%
- Equity / Assets10.55%+10.3%
- Book Value per Share33.26+5.0%
COFS Key Insights
ChoiceOne Financial Services, Inc. (COFS) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Efficient operations: 40.4% efficiency ratio
- ✓Well capitalized: 10.6% equity/assets
- ✓Healthy dividend yield of 3.8%
- ✓Trading at only 1.0x book value
✗Weaknesses
- ✗Shares diluted 70.2% in last year
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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COFS Price & Volume
ChoiceOne Financial Services, Inc. (COFS) stock price & volume — 10-year historical chart
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COFS Growth Metrics
ChoiceOne Financial Services, Inc. (COFS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years21.7%
5 Years19.72%
3 Years29.35%
TTM-
Profit CAGR
10 Years17.24%
5 Years12.53%
3 Years6.03%
TTM5.42%
EPS CAGR
10 Years2.44%
5 Years-0.59%
3 Years-13.91%
TTM-54.85%
Return on Capital
10 Years8.19%
5 Years7.92%
3 Years5.91%
Last Year1.51%
COFS Recent Earnings
ChoiceOne Financial Services, Inc. (COFS) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 9/12 qtrs (100%)●Beat Revenue 4/12 qtrs (67%)
Q2 2026Latest
Apr 24, 2026Metric
Actual
Est
EPS
$0.91+7.1%
$0.85
Rev
$42M-0.6%
$43M
Q2 2026
Mar 13, 2026Metric
Actual
Est
EPS
$0.92
—
Rev
$60M
—
Q1 2026
Jan 30, 2026Metric
Actual
Est
EPS
$0.92+1.1%
$0.91
Rev
$43M-2.1%
$44M
Q4 2025
Oct 24, 2025Metric
Actual
Est
EPS
$0.97+12.8%
$0.86
Rev
$45M+2.1%
$44M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 24, 2026 | $0.91vs $0.85+7.1% | $42Mvs $43M-0.6% |
| Q2 2026 | Mar 13, 2026 | $0.92 | $60M |
| Q1 2026 | Jan 30, 2026 | $0.92vs $0.91+1.1% | $43Mvs $44M-2.1% |
| Q4 2025 | Oct 24, 2025 | $0.97vs $0.86+12.8% | $45Mvs $44M+2.1% |
Based on last 12 quarters of dataView full earnings history →
COFS Peer Comparison
ChoiceOne Financial Services, Inc. (COFS) competitors in Community and retail regional banks — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 MBWM | 928.5M | 53.75 | 9.84 | 2.74% | 23.87% | 13.54% | 1.14 | |
 IBCP | 706.3M | 34.31 | 10.49 | -0.3% | 22.12% | 14.2% | 0.23 | |
 CZWI | 205.47M | 21.34 | 14.62 | -9.41% | 16.01% | 7.81% | 0.28 | |
 BWFG | 447.93M | 56.18 | 12.62 | 6.13% | 16.95% | 12.21% | 0.60 | |
 LKFN | 1.56B | 59.86 | 14.93 | -1.93% | 24.51% | 14.19% | 0.24 | |
 FFIN | 4.7B | 32.78 | 18.52 | 11.71% | 30.71% | 14.16% | 0.01 | |
 NBTB | 2.44B | 46.68 | 14.02 | 10.36% | 18.76% | 9.51% | 0.17 | |
 FXNC | 265.44M | 29.36 | 14.98 | 27.11% | 15.35% | 9.98% | 0.23 |
Compare COFS vs Peers
ChoiceOne Financial Services, Inc. (COFS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
COFS Income Statement
ChoiceOne Financial Services, Inc. (COFS) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Net Interest Income | 20.56M | 22.06M | 27.77M | 51.07M | 60.64M | 67.31M | 65.89M | 74.44M | 137.07M |
NII Growth % | 6.31% | 7.3% | 25.87% | 83.89% | 18.74% | 11% | -2.12% | 12.99% | 84.13% |
Net Interest Margin % | 3.18% | 3.29% | 2% | 2.66% | 2.56% | 2.82% | 2.56% | 2.73% | 3.11% |
Interest Income | 22.04M | 24.52M | 32.47M | 55.72M | 64.62M | 75.06M | 98.98M | 121.1M | 202.96M |
Interest Expense | 1.48M | 2.46M | 4.7M | 4.64M | 3.98M | 7.75M | 33.09M | 46.66M | 65.89M |
Loan Loss Provision | 485K | 35K | 0 | 4M | 416K | 250K | 150K | 625K | 14.81M |
Non-Interest Income | 6.9M | 6.92M | 9.17M | 22.7M | 19.19M | 14.07M | 14.91M | 18M | -10.07M |
Non-Interest Income % | 23.85% | 22.01% | 22.02% | 28.95% | 22.9% | 15.79% | 13.09% | 12.94% | -5.22% |
Total Revenue | 28.94M▲ 0% | 31.45M▲ 8.6% | 41.64M▲ 32.4% | 78.41M▲ 88.3% | 83.81M▲ 6.9% | 89.13M▲ 6.3% | 113.89M▲ 27.8% | 139.1M▲ 22.1% | 192.89M▲ 38.7% |
Revenue Growth % | 2.66% | 8.64% | 32.42% | 88.31% | 6.89% | 6.35% | 27.77% | 22.14% | 38.67% |
Non-Interest Expense | 18.43M | 20.46M | 28.48M | 50.88M | 52.92M | 53.48M | 55.07M | 58.72M | 78M |
Efficiency Ratio | 63.66% | 65.07% | 68.38% | 64.89% | 63.14% | 60% | 48.36% | 42.22% | 40.44% |
Operating Income | 8.55M▲ 0% | 8.49M▼ 0.8% | 8.46M▼ 0.3% | 18.89M▲ 123.1% | 26.5M▲ 40.3% | 27.66M▲ 4.4% | 25.57M▼ 7.6% | 33.09M▲ 29.4% | 34.19M▲ 3.3% |
Operating Margin % | 29.56% | 26.99% | 20.33% | 24.08% | 31.62% | 31.03% | 22.45% | 23.79% | 17.72% |
Operating Income Growth % | 3.67% | -0.78% | -0.27% | 123.1% | 40.31% | 4.38% | -7.56% | 29.42% | 3.32% |
Pretax Income | 8.55M▲ 0% | 8.49M▼ 0.8% | 8.46M▼ 0.3% | 18.89M▲ 123.1% | 26.5M▲ 40.3% | 27.66M▲ 4.4% | 25.57M▼ 7.6% | 33.09M▲ 29.4% | 34.19M▲ 3.3% |
Pretax Margin % | 29.56% | 26.99% | 20.33% | 24.08% | 31.62% | 31.03% | 22.45% | 23.79% | 17.72% |
Income Tax | 2.39M | 1.16M | 1.29M | 3.27M | 4.46M | 4.02M | 4.31M | 6.36M | 6.01M |
Effective Tax Rate % | 27.9% | 13.61% | 15.29% | 17.33% | 16.82% | 14.53% | 16.84% | 19.23% | 17.59% |
Net Income | 6.17M▲ 0% | 7.33M▲ 18.9% | 7.17M▼ 2.2% | 15.61M▲ 117.7% | 22.04M▲ 41.2% | 23.64M▲ 7.2% | 21.26M▼ 10.1% | 26.73M▲ 25.7% | 28.18M▲ 5.4% |
Net Margin % | 21.31% | 23.32% | 17.22% | 19.91% | 26.3% | 26.52% | 18.67% | 19.21% | 14.61% |
Net Income Growth % | 1.28% | 18.89% | -2.21% | 117.72% | 41.18% | 7.25% | -10.06% | 25.71% | 5.42% |
Net Income (Continuing) | 6.17M | 7.33M | 7.17M | 15.61M | 22.04M | 23.64M | 21.26M | 26.73M | 28.18M |
EPS (Diluted) | 1.70▲ 0% | 2.02▲ 18.8% | 1.58▼ 21.8% | 2.07▲ 31.0% | 2.86▲ 38.2% | 3.15▲ 10.1% | 2.82▼ 10.5% | 3.25▲ 15.2% | 2.01▼ 38.2% |
EPS Growth % | 1.19% | 18.82% | -21.78% | 31.01% | 38.16% | 10.14% | -10.48% | 15.25% | -38.15% |
EPS (Basic) | 1.70 | 2.03 | 1.58 | 2.08 | 2.87 | 3.15 | 2.82 | 3.27 | 2.02 |
Diluted Shares Outstanding | 3.62M | 3.63M | 4.54M | 7.53M | 7.7M | 7.53M | 7.57M | 8.22M | 13.99M |
COFS Balance Sheet
ChoiceOne Financial Services, Inc. (COFS) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash & Short Term Investments | 192.43M | 186.29M | 399.14M | 654.31M | 1.13B | 573.69M | 570.03M | 575.52M | 642.41M |
Cash & Due from Banks | 36.84M | 19.69M | 59.56M | 79.52M | 31.89M | 43.94M | 55.43M | 96.4M | 87.99M |
Short Term Investments | 155.59M | 166.6M | 339.58M | 574.79M | 1.1B | 529.75M | 514.6M | 479.12M | 554.42M |
Total Investments | 558.32M | 595.32M | 1.19B | 1.69B | 2.17B | 2.15B | 2.33B | 2.42B | 3.94B |
Investments Growth % | 3.19% | 6.63% | 100.66% | 41.3% | 28.48% | -0.8% | 8.3% | 3.78% | 63.07% |
Long-Term Investments | 402.73M | 428.72M | 854.99M | 1.11B | 1.07B | 1.62B | 1.82B | 1.94B | 3.81B |
Accounts Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Goodwill & Intangibles | 13.73M | 13.73M | 58.88M | 65.78M | 63.91M | 62.76M | 61.8M | 61.04M | 161M |
Goodwill | 13.73M | 13.73M | 52.87M | 60.51M | 59.95M | 59.95M | 59.95M | 59.95M | 129.85M |
Intangible Assets | 0 | 0 | 6.01M | 5.27M | 3.96M | 2.81M | 1.85M | 1.1M | 31.15M |
PP&E (Net) | 12.86M | 15.88M | 24.27M | 29.49M | 29.88M | 28.23M | 29.75M | 27.1M | 48.11M |
Other Assets | 24.8M | 25.92M | 48.87M | 56.67M | 72.49M | 99.77M | 99.98M | 120.54M | -3.81B |
Total Current Assets | 192.43M | 186.29M | 399.14M | 654.31M | 1.13B | 573.69M | 570.03M | 575.87M | 642.41M |
Total Non-Current Assets | 454.12M | 484.25M | 986.99M | 1.27B | 1.24B | 1.81B | 2.01B | 2.15B | 209.11M |
Total Assets | 646.54M▲ 0% | 670.54M▲ 3.7% | 1.39B▲ 106.7% | 1.92B▲ 38.5% | 2.37B▲ 23.3% | 2.39B▲ 0.8% | 2.58B▲ 8.0% | 2.72B▲ 5.7% | 4.41B▲ 62.0% |
Asset Growth % | 6.45% | 3.71% | 106.72% | 38.47% | 23.31% | 0.81% | 8% | 5.69% | 61.96% |
Return on Assets (ROA) | 0.98% | 1.11% | 0.7% | 0.94% | 1.03% | 0.99% | 0.86% | 1.01% | 0.79% |
Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Debt | 27.42M | 10.03M | 33.2M | 12.42M | 85.02M | 85.26M | 235.51M | 210.75M | 316.1M |
Net Debt | -9.42M | -9.66M | -26.36M | -67.1M | 53.13M | 41.32M | 180.07M | 114M | 228.11M |
Long-Term Debt | 20.27M | 5.23M | 198K | 12.42M | 35.02M | 35.26M | 215.51M | 55.75M | 68.25M |
Short-Term Debt | 7.15M | 4.8M | 33M | 0 | 50M | 50M | 20M | 155M | 245.69M |
Other Liabilities | 2.73M | 3.02M | 6.19M | 5.08M | 7.7M | 13.78M | 23.51M | 37.97M | 3.63B |
Total Current Liabilities | 547M | 581.82M | 1.19B | 1.67B | 2.1B | 2.17B | 2.14B | 2.37B | 245.69M |
Total Non-Current Liabilities | 22.99M | 8.25M | 6.39M | 17.5M | 42.72M | 49.04M | 239.02M | 93.72M | 3.71B |
Total Liabilities | 569.99M | 590.07M | 1.19B | 1.69B | 2.15B | 2.22B | 2.38B | 2.46B | 3.95B |
Total Equity | 76.55M▲ 0% | 80.48M▲ 5.1% | 192.14M▲ 138.8% | 227.27M▲ 18.3% | 221.67M▼ 2.5% | 168.87M▼ 23.8% | 195.63M▲ 15.8% | 260.42M▲ 33.1% | 465.35M▲ 78.7% |
Equity Growth % | 6.77% | 5.13% | 138.75% | 18.28% | -2.46% | -23.82% | 15.85% | 33.11% | 78.7% |
Equity / Assets (Capital Ratio) | 11.84% | 12% | 13.86% | 11.84% | 9.37% | 7.08% | 7.59% | 9.56% | 10.55% |
Return on Equity (ROE) | 8.32% | 9.34% | 5.26% | 7.45% | 9.82% | 12.11% | 11.67% | 11.72% | 7.76% |
Book Value per Share | 21.16 | 22.18 | 42.33 | 30.18 | 28.78 | 22.44 | 25.84 | 31.68 | 33.26 |
Tangible BV per Share | 17.36 | 18.40 | 29.36 | 21.44 | 20.48 | 14.10 | 17.67 | 24.25 | 21.75 |
Common Stock | 50.29M | 54.52M | 162.61M | 178.75M | 171.91M | 172.28M | 173.51M | 206.78M | 398.39M |
Additional Paid-in Capital | 50.29M | 54.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retained Earnings | 26.02M | 26.69M | 28.05M | 37.49M | 52.33M | 68.39M | 73.7M | 91.41M | 102.64M |
Accumulated OCI | -50.05M | -55.26M | 1.48M | 11.03M | -2.58M | -71.8M | -51.58M | -37.78M | -35.67M |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
COFS Cash Flow Statement
ChoiceOne Financial Services, Inc. (COFS) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 8.09M | 9.96M | 9.2M | 8.48M | 37.7M | 44.33M | 46.48M | 48.65M | 20.65M |
Operating CF Growth % | -25.96% | 23.05% | -7.56% | -7.87% | 344.67% | 17.58% | 4.86% | 4.66% | -57.54% |
Net Income | 6.17M | 7.33M | 7.17M | 15.61M | 22.04M | 23.64M | 21.26M | 26.73M | 28.18M |
Depreciation & Amortization | 2.45M | 2.08M | 3.13M | 7.71M | 12.43M | 13.34M | 12.43M | 12.33M | 0 |
Deferred Taxes | 62K | 209K | 310K | 202K | 924K | -15K | -24K | -271K | 0 |
Other Non-Cash Items | -541K | 295K | -2.41M | -8.84M | 1.2M | 4.41M | -1.18M | -4.84M | 7.7M |
Working Capital Changes | -366K | -302K | 635K | -6.72M | 297K | 2M | 12.99M | 13.97M | -15.22M |
Cash from Investing | -18.3M | -43.85M | 36.35M | -250.75M | -521.37M | -89.81M | -181.37M | -97.91M | -29.42M |
Purchase of Investments | -56.12M | -31.45M | -209.76M | -375.67M | -637.94M | -65.54M | -6.43M | -16.84M | 0 |
Sale/Maturity of Investments | 75.2M | 16.17M | 226.73M | 170.73M | 83.94M | 106.83M | 51.48M | 59.77M | 0 |
Net Investment Activity | 19.08M | -15.28M | 16.97M | -204.94M | -554M | 41.29M | 45.05M | 42.93M | 0 |
Acquisitions | 0 | 0 | 20.64M | 35.64M | 0 | 0 | 0 | 0 | 0 |
Other Investing | -35.72M | -24.37M | -486K | -79.59M | 35.38M | -129.93M | -222.18M | -139.13M | -29.42M |
Cash from Financing | 32.24M | 16.75M | -5.69M | 262.23M | 436.04M | 57.54M | 146.37M | 90.58M | -96.75M |
Dividends Paid | -2.32M | -2.58M | -5.82M | -6.17M | -7.2M | -7.58M | -7.91M | -9.01M | -16.95M |
Share Repurchases | -203K | -523K | -364K | 0 | -7.79M | -682K | 0 | 0 | -2.68M |
Stock Issued | 98K | 77K | 142K | 134K | 139K | 172K | 231K | 32.77M | 892K |
Net Stock Activity | -105K | -446K | -222K | 134K | -7.65M | -510K | 231K | 32.77M | -1.79M |
Debt Issuance (Net) | 1000K | -1000K | 1000K | -1000K | 1000K | 0 | 1000K | -1000K | -1000K |
Other Financing | 26.8M | 34.81M | -4.61M | 292.14M | 377.72M | 65.62M | 4.05M | 91.83M | 2.2M |
Net Change in Cash | 22.03M▲ 0% | -17.15M▼ 177.8% | 39.87M▲ 332.5% | 19.96M▼ 49.9% | -47.63M▼ 338.6% | 12.06M▲ 125.3% | 11.49M▼ 4.7% | 41.32M▲ 259.6% | -96.75M▼ 334.2% |
Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.76M |
Cash at Beginning | 14.81M | 36.84M | 19.69M | 59.56M | 79.52M | 31.89M | 43.94M | 55.43M | 96.75M |
Cash at End | 36.84M | 19.69M | 59.56M | 79.52M | 31.89M | 43.94M | 55.43M | 96.75M | 0 |
Interest Paid | 1.47M | 2.3M | 4.5M | 4.87M | 3.72M | 7.58M | 27.48M | 49.9M | 65.11M |
Income Taxes Paid | 2.12M | 850K | 1.03M | 5M | 3.25M | 1.99M | 4.45M | 6.35M | 7.29M |
Free Cash Flow | 6.43M▲ 0% | 5.75M▼ 10.7% | 8.44M▲ 46.8% | 6.63M▼ 21.5% | 34.94M▲ 427.3% | 43.16M▲ 23.5% | 42.25M▼ 2.1% | 46.94M▲ 11.1% | 23.88M▼ 49.1% |
FCF Growth % | -29.36% | -10.66% | 46.76% | -21.46% | 427.32% | 23.53% | -2.12% | 11.11% | -49.12% |
COFS Banking Ratios
ChoiceOne Financial Services, Inc. (COFS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | 8.61% | 8.32% | 9.34% | 5.26% | 7.45% | 9.82% | 12.11% | 11.67% | 11.72% | 7.76% |
Return on Assets (ROA) | 1.04% | 0.98% | 1.11% | 0.7% | 0.94% | 1.03% | 0.99% | 0.86% | 1.01% | 0.79% |
Net Interest Margin | 3.18% | 3.18% | 3.29% | 2% | 2.66% | 2.56% | 2.82% | 2.56% | 2.73% | 3.11% |
Efficiency Ratio | 67.29% | 63.66% | 65.07% | 68.38% | 64.89% | 63.14% | 60% | 48.36% | 42.22% | 40.44% |
Equity / Assets | 11.8% | 11.84% | 12% | 13.86% | 11.84% | 9.37% | 7.08% | 7.59% | 9.56% | 10.55% |
Book Value / Share | 19.75 | 21.16 | 22.18 | 42.33 | 30.18 | 28.78 | 22.44 | 25.84 | 31.68 | 33.26 |
NII Growth | 5.34% | 6.31% | 7.3% | 25.87% | 83.89% | 18.74% | 11% | -2.12% | 12.99% | 84.13% |
Dividend Payout | 36.63% | 37.68% | 35.18% | 81.09% | 39.54% | 32.66% | 32.06% | 37.2% | 33.72% | 60.15% |
Related:COFS Dividend History·COFS Revenue History·COFS Price History·COFS P/E History·COFS Financial Ratios·COFS Institutional Holders
COFS SEC Filings & Documents
ChoiceOne Financial Services, Inc. (COFS) SEC filings — annual & quarterly reports (10-K, 10-Q)
COFS Frequently Asked Questions
ChoiceOne Financial Services, Inc. (COFS) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
ChoiceOne Financial Services, Inc. (COFS) grew revenue by 38.7% over the past year. This is strong growth.
Yes, ChoiceOne Financial Services, Inc. (COFS) is profitable, generating $28.2M in net income for fiscal year 2025 (14.6% net margin).
Dividend & Returns
Yes, ChoiceOne Financial Services, Inc. (COFS) pays a dividend with a yield of 3.80%. This makes it attractive for income-focused investors.
ChoiceOne Financial Services, Inc. (COFS) has a return on equity (ROE) of 7.8%. This is below average, suggesting room for improvement.
Industry Metrics
ChoiceOne Financial Services, Inc. (COFS) has a net interest margin (NIM) of 3.1%. This indicates healthy earnings from lending activities.
ChoiceOne Financial Services, Inc. (COFS) has an efficiency ratio of 40.4%. This is excellent, indicating strong cost control.