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ChoiceOne Financial Services, Inc. operates as the bank holding company for ChoiceOne Bank that provides various banking services in the Michigan. The company offers time, savings, and demand deposits, safe deposits, and automated transaction machine services. It also provides commercial lending products, such as business, industry, agricultural, construction, inventory, commercial, consumer, and real estate loans; credit and other financial services; mortgage banking; and consumer loans comprising direct and indirect loans to consumers and purchasers of residential and real properties. In addition, the company offers insurance policies, such as life and health for commercial and consumer clients; and alternative investment products, which include annuities and mutual funds through a registered broker, as well as owns intellectual property for a fintech product. Further, it provides trust and wealth management services. It serves individual and business customers through its network of branches and ATMs. ChoiceOne Financial Services, Inc. was founded in 1898 and is headquartered in Sparta, Michigan.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $162M | - | $28M | $25M | 6.1% | 75.0% | 5.4% |
| 2024 | $92M | - | $27M | $45M | 10.3% | 14.4% | 25.7% |
| 2023 | $81M | - | $21M | $42M | 10.9% | -0.7% | -10.1% |
| 2022 | $81M | - | $24M | $43M | 14.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 81.39 | 80.79 | 92.44 | 161.74 |
| Pretax Income | 27.66 | 25.57 | 33.09 | 34.19 |
| Tax Provision | 4.02 | 4.31 | 6.36 | 6.01 |
| Net Income | 23.64 | 21.26 | 26.73 | 28.18 |
| Net Income Common Stockholders | 23.64 | 21.26 | 26.73 | 28.18 |
| Interest Expense | 7.75 | 33.09 | 46.66 | 65.89 |
| Interest Income | 75.06 | 98.98 | 121.10 | 202.96 |
| Selling General And Administration | 31.88 | 33.87 | 35.53 | 55.73 |
| Normalized Income | 23.56 | 21.14 | 27.41 | 42.67 |
| Basic EPS | 3.15 | 2.82 | 3.27 | 0 |
| Diluted EPS | 3.15 | 2.82 | 3.25 | 0 |
| Tax Effect Of Unusual Items | 0.01 | 0.02 | -0.16 | -3.10 |
| Tax Rate For Calcs | 0.15 | 0.17 | 0.19 | 0.18 |
| Total Unusual Items | 0.10 | 0.15 | -0.84 | -17.59 |
| Total Unusual Items Excluding Goodwill | 0.10 | 0.15 | -0.84 | -17.59 |
| Net Income From Continuing Operation Net Minority Interest | 23.64 | 21.26 | 26.73 | 28.18 |
| Reconciled Depreciation | 13.34 | 12.43 | 12.33 | 19.87 |
| Net Interest Income | 67.31 | 65.89 | 74.44 | 137.07 |
| Net Income From Continuing And Discontinued Operation | 23.64 | 21.26 | 26.73 | 28.18 |
| Diluted Average Shares | 7.50 | 7.54 | 8.22 | 0 |
| Basic Average Shares | 7.50 | 7.54 | 8.17 | 0 |
| Diluted NI Availto Com Stockholders | 23.64 | 21.26 | 26.73 | 28.18 |
| Net Income Including Noncontrolling Interests | 23.64 | 21.26 | 26.73 | 28.18 |
| Net Income Continuous Operations | 23.64 | 21.26 | 26.73 | 28.18 |
| Special Income Charges | 0 | 0 | -1.04 | -17.37 |
| Restructuring And Mergern Acquisition | 0 | 0 | 1.04 | 17.37 |
| Gain On Sale Of Security | -1.76 | -0.32 | 0.20 | 0.61 |
| Depreciation Amortization Depletion Income Statement | 1.15 | 0.95 | 0.76 | 5.82 |
| Depreciation And Amortization In Income Statement | 1.15 | 0.95 | 0.76 | 5.82 |
| Amortization | 1.15 | 0.95 | 0.76 | 5.82 |
| Amortization Of Intangibles Income Statement | 1.15 | 0.95 | 0.76 | 5.82 |
| Selling And Marketing Expense | 0.76 | 0.72 | 0.79 | 0.98 |
| General And Administrative Expense | 31.11 | 33.15 | 34.74 | 54.75 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Insurance And Claims | 0.72 | 1.18 | 1.33 | 2.01 |
| Salaries And Wages | 30.39 | 31.96 | 33.41 | 52.74 |
| Operating Revenue | 81.39 | 80.79 | 92.44 | 161.74 |
| Occupancy And Equipment | 6.19 | 6.05 | 5.80 | 9.31 |
| Professional Expense And Contract Services Expense | 2.17 | 2.20 | 2.47 | 3.26 |
| Other Non Interest Expense | 12.08 | 12.01 | 13.13 | 21.24 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| ChoiceOne Financial Services, Inc.this co. | COFS | $450M | 7.13↓ discount | 0.97 | 6.1% | - |
| Bit Digital, Inc. | BTBT | $474M | - | 0.66 | -9.3% | -11.32 |
| First Business Financial Services, Inc. | FBIZ | $472M | 9.32 | 1.28 | 13.5% | - |
| Orange County Bancorp, Inc. | OBT | $456M | 9.98 | 1.60 | 14.6% | - |
| Investors Title Company |
| ITIC |
| $450M |
| 12.84 |
| 1.68 |
| 13.1% |
| 7.53 |
| Bankwell Financial Group, Inc. | BWFG | $419M | 10.53 | 1.31 | 11.7% | - |
| Bank7 Corp. | BSVN | $414M | 9.31 | 1.59 | 17.2% | - |
| Bank of Marin Bancorp | BMRC | $413M | - | 1.03 | -9.0% | - |
| Citizens & Northern Corporation | CZNC | $412M | 15.75 | 1.20 | 6.9% | - |
| Peer Median | - | 10.25 | 1.29 | 12.4% | -1.90 | |