Detailed financial statements for ChoiceOne Financial Services, Inc. (COFS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
ChoiceOne Financial Services, Inc. functions as the holding company for ChoiceOne Bank, which delivers a comprehensive range of community banking services to businesses (corporations and partnerships) and individual clients across Michigan. The institution offers diverse deposit solutions, including time, savings, and demand accounts, alongside access to safe deposit boxes and automated teller machine (ATM) facilities.
Analysis Summary
ChoiceOne Financial Services, Inc. reported revenue of $192.9M in the most recent fiscal year, growing at a 5-year CAGR of 19.7%. Net income reached $28.2M, with a 12.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 62.3%, operating margin 19.2%, net margin 30.0%. Free cash flow grew at 30.6% CAGR over 5 years.
At the current price of $33.36, COFS trades at a P/E of 9.07 and an ROE of 11.72%. Market capitalisation stands at $499M.
Balance sheet quality for COFS: current ratio of 0.1, net debt of $91.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $25.2M represents 89% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $28.2M | $28.9M | $31.4M | $41.6M | $78.4M | $83.8M | $89.1M | $113.9M | $139.1M | $192.9M |
| Cost of Revenue | $969000 | $2.0M | $2.5M | $4.7M | $8.6M | $4.4M | $8.0M | $33.2M | $47.3M | $80.7M |
| Gross Profit | $27.2M | $27.0M | $28.9M | $36.9M | $69.8M | $79.4M | $81.1M | $80.6M | $91.8M | $112.2M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $10.4M | $10.7M | $11.5M | $15.0M | $27.6M | $31.0M | $31.9M | $33.9M | $35.5M | $62.1M |
| Operating Expenses | $19.0M | $18.4M | $20.5M | $28.5M | $50.9M | $52.9M | $53.5M | $55.1M | $58.7M | $78.0M |
| Operating Income | $8.3M | $8.6M | $8.5M | $8.5M | $18.9M | $26.5M | $27.7M | $25.6M | $33.1M | $34.2M |
| EBITDA | $10.9M | $11.0M | $10.6M | $11.6M | $26.6M | $38.9M | $41.0M | $38.0M | $45.4M | $54.1M |
| Interest Expense | $969000 | $1.5M | $2.5M | $4.7M | $4.6M | $4.0M | $7.7M | $33.1M | $46.7M | $65.9M |
| Pre-tax Income | $8.3M | $8.6M | $8.5M | $8.5M | $18.9M | $26.5M | $27.7M | $25.6M | $33.1M | $34.2M |
| Income Tax | $2.2M | $2.4M | $1.2M | $1.3M | $3.3M | $4.5M | $4.0M | $4.3M | $6.4M | $6.0M |
| Net Income | $6.1M | $6.2M | $7.3M | $7.2M | $15.6M | $22.0M | $23.6M | $21.3M | $26.7M | $28.2M |
| EPS | $1.68 | $1.70 | $2.02 | $1.58 | $2.08 | $2.87 | $3.15 | $2.82 | $3.27 | $2.02 |
| EPS (Diluted) | $1.68 | $1.70 | $2.02 | $1.58 | $2.07 | $2.86 | $3.15 | $2.82 | $3.25 | $2.01 |
| Shares Outstanding (Diluted) | $3.6M | $3.6M | $3.6M | $4.5M | $7.5M | $7.7M | $7.5M | $7.6M | $8.2M | $14.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $61.8M | $60.5M | $59.1M | $1.2M |
| Gross Profit | $44.5M | $42.1M | $42.5M | -$15.4M |
| Operating Income | $18.3M | $16.8M | $16.7M | -$16.7M |
| EBITDA | $23.8M | $22.1M | $21.6M | -$21.6M |
| Net Income | $14.7M | $13.9M | $13.7M | $12.5M |
| EPS | $0.98 | $0.92 | $0.91 | $0.83 |
| EPS (Diluted) | $0.97 | $0.92 | $0.91 | $0.83 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $14.8M | $36.8M | $19.7M | $59.6M | $79.5M | $31.9M | $43.9M | $55.4M | $96.4M | $88.0M |
| Short-term Investments | $174.4M | $155.6M | $166.6M | $339.6M | $574.8M | $1.10B | $529.7M | $514.6M | $479.1M | $134.3M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $189.2M | $192.4M | $186.3M | $399.1M | $654.3M | $1.13B | $573.7M | $570.0M | $575.9M | $222.3M |
| Property, Plant & Equipment | $12.6M | $12.9M | $15.9M | $24.3M | $29.5M | $29.9M | $28.2M | $29.8M | $27.1M | $48.1M |
| Goodwill | $13.7M | $13.7M | $13.7M | $52.9M | $60.5M | $59.9M | $59.9M | $59.9M | $59.9M | $129.9M |
| Intangible Assets | 0 | 0 | 0 | $6.0M | $5.3M | $4.0M | $2.8M | $1.9M | $1.1M | $28.0M |
| Total Assets | $607.4M | $646.5M | $670.5M | $1.39B | $1.92B | $2.37B | $2.39B | $2.58B | $2.72B | $4.41B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $7.9M | $7.1M | $4.8M | $33.0M | 0 | $50.0M | $50.0M | $20.0M | $155.0M | $245.0M |
| Total Current Liabilities | $520.3M | $547.0M | $581.8M | $1.19B | $1.67B | $2.10B | $2.17B | $2.14B | $2.37B | $3.85B |
| Long-term Debt | $12.3M | $20.3M | $5.2M | $198000 | $12.4M | $35.0M | $35.3M | $215.5M | $55.8M | $68.5M |
| Total Liabilities | $535.7M | $570.0M | $590.1M | $1.19B | $1.69B | $2.15B | $2.22B | $2.38B | $2.46B | $3.95B |
| Retained Earnings | $26.0M | $26.0M | $26.7M | $28.1M | $37.5M | $52.3M | $68.4M | $73.7M | $91.4M | $102.6M |
| Total Equity | $71.7M | $76.5M | $80.5M | $192.1M | $227.3M | $221.7M | $168.9M | $195.6M | $260.4M | $465.4M |
| Total Debt | $20.2M | $27.4M | $10.0M | $33.2M | $12.4M | $85.0M | $85.3M | $235.5M | $210.8M | $313.5M |
| Net Debt | -$169.0M | -$165.0M | -$176.3M | -$365.9M | -$641.9M | -$1.05B | -$488.4M | -$334.5M | -$364.8M | $91.2M |
| Working Capital | -$331.1M | -$354.6M | -$395.5M | -$788.5M | -$1.02B | -$971.5M | -$1.59B | -$1.57B | -$1.79B | -$3.62B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $99.0M | $88.0M | $83.9M | $88.6M |
| Total Assets | $4.30B | $4.41B | $4.39B | $4.46B |
| Total Liabilities | $3.85B | $3.95B | $3.92B | $3.97B |
| Total Equity | $449.6M | $465.4M | $470.0M | $482.7M |
| Total Debt | $246.4M | $313.5M | $233.4M | $343.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $6.1M | $6.2M | $7.3M | $7.2M | $15.6M | $22.0M | $23.6M | $21.3M | $26.7M | $28.2M |
| Depreciation & Amortization | $2.6M | $2.5M | $2.1M | $3.1M | $7.7M | $12.4M | $13.3M | $12.4M | $3.5M | $19.9M |
| Stock-based Compensation | $380000 | $317000 | $344000 | $373000 | $512000 | $812000 | $958000 | $1.0M | $720000 | $883000 |
| Change in Working Capital | -$148000 | -$366000 | -$302000 | $635000 | -$6.7M | $297000 | $2.0M | $13.0M | -$817000 | -$15.2M |
| Operating Cash Flow | $10.9M | $8.1M | $10.0M | $9.2M | $8.5M | $37.7M | $44.3M | $46.5M | $48.6M | $31.8M |
| Capital Expenditure | -$1.8M | -$1.7M | -$4.2M | -$766000 | -$1.9M | -$2.8M | -$1.2M | -$4.2M | -$1.7M | -$6.6M |
| Acquisitions | 0 | 0 | 0 | $20.6M | $35.6M | 0 | 0 | 0 | 0 | $173.1M |
| Stock Repurchased | -$794000 | -$203000 | -$523000 | -$364000 | 0 | -$7.8M | -$682000 | 0 | 0 | -$2.7M |
| Dividends Paid | -$2.2M | -$2.3M | -$2.6M | -$5.8M | -$6.2M | -$7.2M | -$7.6M | -$7.9M | -$9.0M | -$16.9M |
| Free Cash Flow | $9.1M | $6.4M | $5.7M | $8.4M | $6.6M | $34.9M | $43.2M | $42.2M | $46.9M | $25.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $15.3M | $14.0M | -$177000 | $29.9M |
| Capital Expenditure | -$1.6M | -$2.1M | -$1.5M | $1.5M |
| Free Cash Flow | $13.7M | $11.9M | -$1.7M | $31.5M |
| Dividends Paid | -$4.2M | -$4.3M | -$4.3M | -$4.3M |
| Stock-based Compensation | $242000 | $259000 | $298000 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.7% | +8.6% | +32.4% | +88.3% | +6.9% | +6.3% | +27.8% | +22.1% | +38.7% | |
| Net Income Growth (YoY) | +1.3% | +18.9% | -2.2% | +117.7% | +41.2% | +7.2% | -10.1% | +25.7% | +5.4% | |
| EPS Growth (YoY) | +1.2% | +18.8% | -21.8% | +31.6% | +38.0% | +9.8% | -10.5% | +16.0% | -38.2% | |
| Shares Change (YoY) | -0.3% | +0.3% | +25.1% | +65.9% | +2.3% | -2.3% | +0.6% | +8.6% | +70.2% | |
| FCF Growth (YoY) | -29.4% | -10.7% | +46.8% | -21.5% | +427.3% | +23.5% | -2.1% | +11.1% | -46.3% | |
| Gross Margin | 96.6% | 93.2% | 92.1% | 88.7% | 89.0% | 94.8% | 91.0% | 70.8% | 66.0% | 58.2% |
| Operating Margin | 29.3% | 29.6% | 27.0% | 20.3% | 24.1% | 31.6% | 31.0% | 22.4% | 23.8% | 17.7% |
| EBITDA Margin | 38.5% | 38.0% | 33.6% | 27.8% | 33.9% | 46.4% | 46.0% | 33.4% | 32.7% | 28.0% |
| Net Margin | 21.6% | 21.3% | 23.3% | 17.2% | 19.9% | 26.3% | 26.5% | 18.7% | 19.2% | 14.6% |
| FCF Margin | 32.3% | 22.2% | 18.3% | 20.3% | 8.5% | 41.7% | 48.4% | 37.1% | 33.7% | 13.1% |
| Effective Tax Rate | 26.2% | 27.9% | 13.6% | 15.3% | 17.3% | 16.8% | 14.5% | 16.8% | 19.2% | 17.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.51 | $1.78 | $1.58 | $1.86 | $0.88 | $4.54 | $5.73 | $5.58 | $5.71 | $1.80 |
| Dividends Per Share | $0.61 | $0.64 | $0.71 | $1.28 | $0.82 | $0.93 | $1.01 | $1.04 | $1.10 | $1.21 |
| Shares Outstanding (Basic) | $3.6M | $3.6M | $3.6M | $4.5M | $7.5M | $7.7M | $7.5M | $7.5M | $8.2M | $13.9M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. FMP does not expose regulatory Tier 1 directly.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 11.72% |
| Return on Invested Capital | 3.36% |
| Return on Assets | 1.23% |
| Gross Margin | 62.28% |
| Operating Margin | 19.22% |
| Net Margin | 29.96% |
Financial Health
| Debt / Equity | 0.71 |
| Current Ratio | 0.17 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -0.82 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 12.82 | 13.34 | 12.38 | 20.23 | 14.81 | 9.23 | 9.21 | 10.39 | 10.90 | 14.61 |
| P/B | 1.09 | 1.07 | 1.13 | 0.76 | 1.02 | 0.92 | 1.29 | 1.13 | 1.12 | 0.88 |
| P/S | 2.77 | 2.83 | 2.88 | 3.48 | 2.95 | 2.43 | 2.44 | 1.94 | 2.09 | 2.13 |
| Gross Margin | 96.6% | 93.2% | 92.1% | 88.7% | 89.0% | 94.8% | 91.0% | 70.8% | 66.0% | 58.2% |
| Operating Margin | 29.3% | 29.6% | 27.0% | 20.3% | 24.1% | 31.6% | 31.0% | 22.4% | 23.8% | 17.7% |
| Net Margin | 21.6% | 21.3% | 23.3% | 17.2% | 19.9% | 26.3% | 26.5% | 18.7% | 19.2% | 14.6% |
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Explore sector: Financial Services · Banks - Regional
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