CHOICEONE FINANCIAL SERVICES INC COFS

Financials SIC 6022 - State Commercial Banks NAICS Finance and Insurance › Credit Intermediation and Related Activities › Depository Credit Intermediation › Commercial Banking derived Nasdaq

ChoiceOne Financial Services, Inc. (the "Company") is a financial holding company registered under the Bank Holding Company Act of 1956, as amended ("BHC Act"). The Company was incorporated on February 24, 1986, as a Michigan corporation. The Company was formed to create a bank holding company for the purpose of acquiring all of the capital stock of ChoiceOne Bank, which became a wholly owned subsidiary of the Company on April 6, 1987. Effective November 1, 2006, Valley Ridge Financial Corp., a one-bank holding company for Valley Ridge Bank ("VRB"), merged with and into the Company. In December 2006, VRB was consolidated into ChoiceOne Bank. Effective October 1, 2019, County Bank Corp. ("County"), a one-bank holding company for Lakestone Bank & Trust ("Lakestone"), merged with and into the Company. Lakestone was consolidated into ChoiceOne Bank in May 2020. On July 1, 2020, Community Shores Bank Corporation ("Community Shores"), a one bank holding company for Community Shores Bank, merged with and into the Company. Community Shores Bank was consolidated into ChoiceOne Bank in October 2020. ChoiceOne Bank owns all of the outstanding common stock of ChoiceOne Insurance Agencies, Inc., an independent insurance agency headquartered in Sparta, Michigan (the "Insurance Agency"). On July 18, 2023, the Company organized 109 Technologies, LLC as a wholly owned subsidiary of the Company with the intent to own intellectual property for a fintech product licensed to third party banks and bank holding companies. On March 1, 2025, the Company completed the merger (the "Merger") of Fentura Financial, Inc. ("Fentura"), the former parent company of The State Bank, with and into the Company with the Company surviving the merger. On March 14, 2025, ChoiceOne Bank completed the consolidation of The State Bank with and into ChoiceOne Bank with ChoiceOne Bank surviving the consolidation.

Last close 34.26 2026-10-23
Market cap $512.4M 2026-06-30 share count
52-week range 26.63 - 35.40

Valuation FY2025 figures against the last close

P/S27.0x
P/E17.0x
P/FCF20.3x
EV/EBITDA—
Dividend yield3.3%
Diluted EPS2.01

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $19.0M$12.8M$113.9M$89.1M$64.6M$55.7M$32.5M$24.5M$22.0M$20.3M
Interest expense $137.1M$74.4M$65.9M$67.3M$4.0M$4.6M$4.7M$2.5M$1.5M$969.0K
Pre-tax income $34.2M$33.1M$25.6M$27.7M$26.5M$18.9M$8.5M$8.5M$8.6M$8.3M
Income tax $6.0M$6.4M$4.3M$4.0M$4.5M$3.3M$1.3M$1.2M$2.4M$2.2M
Net income $28.2M$26.7M$21.3M$23.6M$22.0M$15.6M$7.2M$7.3M$6.2M$6.1M
EPS, basic 2.023.272.823.152.872.081.582.031.701.68
EPS, diluted 2.013.252.823.152.862.071.582.021.701.68
Shares, diluted (wtd. avg.) 14.0M8.2M7.6M7.5M7.7M7.5M4.5M3.6M3.6M3.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $88.0M$96.8M$55.4M$43.9M$31.9M$79.5M$59.6M$19.7M$36.8M$14.8M
Property, plant and equipment $48.1M$27.1M$29.8M$28.2M$29.9M$29.5M$24.3M$15.9M$12.9M$12.6M
Goodwill $129.9M$59.9M$59.9M$59.9M$59.9M$60.5M$52.9M$13.7M$13.7M$13.7M
Other intangibles $31.1M$1.1M$1.9M———————
Total assets $4.41B$2.72B$2.58B$2.39B$2.37B$1.92B$1.39B$670.5M$646.5M$607.4M
Total liabilities $3.95B$2.46B$2.38B$2.22B$2.15B$1.69B$1.19B$590.1M$570.0M$535.7M
Retained earnings $102.6M$91.4M$73.7M$68.4M$52.3M$37.5M$28.1M$26.7M$26.0M$26.0M
Total equity $465.4M$260.4M$195.6M$160.8M$221.7M$227.3M$192.1M$80.5M$76.5M$71.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $31.8M$47.1M$46.3M$44.3M$37.7M$8.5M$9.2M$10.0M$8.1M$10.9M
Depreciation and amortisation $3.6M$2.5M$2.5M$2.7M$2.6M$2.7M$1.6M$1.2M$1.4M$1.1M
Stock-based compensation $883.0K$720.0K$1.0M$958.0K$812.0K$512.0K$373.0K$344.0K$317.0K$380.0K
Capital expenditure $6.6M$1.7M$4.2M$1.2M$2.8M$1.9M$766.0K$4.2M$1.7M$1.8M
Investing cash flow $106.7M-$96.3M-$181.2M-$89.8M-$521.4M-$250.8M$36.4M-$43.9M-$18.3M-$41.5M
Financing cash flow -$147.3M$90.6M$146.4M$57.5M$436.0M$262.2M-$5.7M$16.8M$32.2M$34.2M
Dividends paid $16.9M$9.0M$7.9M$7.6M$7.2M$6.2M$5.8M$2.6M$2.3M$2.2M
Buybacks $2.7M$0$0$682.0K$7.8M$0$67.0K$523.0K$203.0K$794.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-014320.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 50M 100M 150M Revenue, FY2016: 20.3M Net income, FY2016: 6.1M Revenue, FY2017: 22M Net income, FY2017: 6.2M Revenue, FY2018: 24.5M Net income, FY2018: 7.3M Revenue, FY2019: 32.5M Net income, FY2019: 7.2M Revenue, FY2020: 55.7M Net income, FY2020: 15.6M Revenue, FY2021: 64.6M Net income, FY2021: 22M Revenue, FY2022: 89.1M Net income, FY2022: 23.6M Revenue, FY2023: 113.9M Net income, FY2023: 21.3M Revenue, FY2024: 12.8M Net income, FY2024: 26.7M Revenue, FY2025: 19M Net income, FY2025: 28.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $20.3M $22.0M $24.5M $32.5M $55.7M $64.6M $89.1M $113.9M $12.8M $19.0M
Gross profit — — — — — — — — — —
Net income $6.1M $6.2M $7.3M $7.2M $15.6M $22.0M $23.6M $21.3M $26.7M $28.2M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Shareholder vote Item 5.07
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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