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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% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 81.39 | 80.79 | 92.44 | 161.74 |
| Operating Revenue | - | 81.39 | 80.79 | 92.44 | 161.74 |
| Selling General And Administration | - | 31.88 | 33.87 | 35.53 | 55.73 |
| Interest Income | - | 75.06 | 98.98 | 121.10 | 202.96 |
| Interest Expense | - | 7.75 | 33.10 | 46.66 | 65.89 |
| Net Interest Income | - | 67.31 | 65.89 | 74.44 | 137.07 |
| Pretax Income | - | 27.66 | 25.57 | 33.09 | 34.19 |
| Tax Provision | - | 4.02 | 4.31 | 6.36 | 6.01 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.01 | 0.02 | -0.16 | -3.10 |
| Net Income Continuous Operations | - | 23.64 | 21.26 | 26.73 | 28.18 |
| Net Income From Continuing And Discontinued Operation | - | 23.64 | 21.26 | 26.73 | 28.18 |
| Net Income From Continuing Operation Net Minority Interest | - | 23.64 | 21.26 | 26.73 | 28.18 |
| Net Income | - | 23.64 | 21.26 | 26.73 | 28.18 |
| Net Income Common Stockholders | - | 23.64 | 21.26 | 26.73 | 28.18 |
| Net Income Including Noncontrolling Interests | - | 23.64 | 21.26 | 26.73 | 28.18 |
| Normalized Income | - | 23.56 | 21.14 | 27.41 | 42.67 |
| Diluted NI Availto Com Stockholders | - | 23.64 | 21.26 | 26.73 | 28.18 |
| Basic Average Shares | - | 7.50 | 7.54 | 8.17 | 13.95 |
| Diluted Average Shares | - | 7.50 | 7.54 | 8.22 | 14.02 |
| Reconciled Depreciation | - | 13.34 | 12.43 | 12.33 | 19.87 |
| Total Unusual Items | - | 0.10 | 0.15 | -0.84 | -17.60 |
| Total Unusual Items Excluding Goodwill | - | 0.10 | 0.15 | -0.84 | -17.60 |
| 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 | 0.96 | 0.76 | 5.82 |
| Depreciation And Amortization In Income Statement | - | 1.15 | 0.96 | 0.76 | 5.82 |
| General And Administrative Expense | - | 31.11 | 33.15 | 34.74 | 54.75 |
| Other Gand A | 6.80 | - | - | - | - |
| Salaries And Wages | - | 30.39 | 31.96 | 33.41 | 52.74 |
| Insurance And Claims | - | 0.72 | 1.18 | 1.34 | 2.01 |
| Selling And Marketing Expense | - | 0.76 | 0.72 | 0.79 | 0.98 |
| Amortization | - | 1.15 | 0.96 | 0.76 | 5.82 |
| Amortization Of Intangibles Income Statement | - | 1.15 | 0.96 | 0.76 | 5.82 |
| 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 | 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 | $470M | 16.67↑ premium | 1.01 | 6.1% | - |
| Greenlight Capital Re, Ltd. | GLRE | $497M | 6.64 | 0.70 | 10.6% | - |
| American Coastal Insurance Corporation | ACIC | $489M | 4.58 | 1.54 | 33.6% | - |
| First Business Financial Services, Inc. | FBIZ | $482M | 9.59 | 1.34 | 14.0% | - |
| AlTi Global, Inc. |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| ALTI |
| $461M |
| -3.85 |
| 1.81 |
| -47.1% |
| -5.59 |
| Greene County Bancorp, Inc. | GCBC | $459M | 14.74 | 1.92 | 13.0% | - |
| Orange County Bancorp, Inc. | OBT | $457M | 10.97 | 1.61 | 14.6% | - |
| Ponce Financial Group, Inc. | PDLB | $455M | 15.84 | 1.44 | 9.1% | - |
| Investors Title Company | ITIC | $445M | 12.64 | 1.66 | 13.1% | - |
| Peer Median | - | 10.28 | 1.57 | 13.1% | -5.59 | |