— · Financial Statements

ChoiceOne Financial Services, Inc. (COFS) Financial Statements

$34.26 —: COFS Market Cap $512.38M

ChoiceOne Financial Services, Inc. most recently reported annual revenue of $193.0M, net profit of $28.0M. Revenue grew at an average annual rate of 19.9% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

ChoiceOne Financial Services, Inc.: Revenue rose from $28.0M in 2016 to $193.0M in 2025, a change of +589.3% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 29.3% to 17.7%, a shift of -11.6 percentage points; the most recent year shows net profit of $28.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$28.0M$29.0M$31.0M$42.0M$78.0M$84.0M$89.0M$114.0M$139.0M$193.0M
Operating Expenses$20.0M$20.0M$23.0M$33.0M$60.0M$57.0M$61.0M$88.0M$106.0M$159.0M
Operating Profit$8.0M$9.0M$8.0M$8.0M$19.0M$26.0M$28.0M$26.0M$33.0M$34.0M
Operating Margin29.3%29.6%27.0%20.3%24.1%31.6%31.0%22.4%23.8%17.7%
Other Income$0$0$0$0$0$0$0$0$0$0
Interest$1.0M$1.0M$2.0M$5.0M$5.0M$4.0M$8.0M$33.0M$47.0M$66.0M
Depreciation$3.0M$2.0M$2.0M$3.0M$8.0M$12.0M$13.0M$12.0M$12.0M$20.0M
Profit Before Tax$8.0M$9.0M$8.0M$8.0M$19.0M$26.0M$28.0M$26.0M$33.0M$34.0M
Tax$26.2M$27.9M$13.6M$15.3M$17.3M$16.8M$14.5M$16.8M$19.2M$17.6M
Net Profit$6.0M$6.0M$7.0M$7.0M$16.0M$22.0M$24.0M$21.0M$27.0M$28.0M
EPS$1.68$1.70$2.02$1.58$2.07$2.86$3.15$2.82$3.25$2.01
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$30.0M$32.0M$32.0M$34.0M$37.0M$36.0M$45.0M$60.0M$62.0M$60.0M$59.0M$1.0M
Operating Expenses$24.0M$26.0M$26.0M$26.0M$27.0M$27.0M$62.0M$44.0M$44.0M$44.0M$42.0M$18.0M
Operating Profit$6.0M$6.0M$7.0M$8.0M$9.0M$9.0M$-18.0M$17.0M$18.0M$17.0M$17.0M$-17.0M
Operating Margin20.7%20.1%21.1%24.0%25.4%24.4%-39.2%27.6%29.6%27.8%28.2%-1335.5%
Interest$10.0M$11.0M$12.0M$12.0M$11.0M$12.0M$14.0M$18.0M$17.0M$18.0M$17.0M$17.0M
Profit Before Tax$6.0M$6.0M$7.0M$8.0M$9.0M$9.0M$-18.0M$17.0M$18.0M$17.0M$17.0M$15.0M
Tax$17.4M$17.9M$17.6M$19.4M$20.8M$18.6M$21.0M$18.8M$19.9M$17.4M$17.9M$17.1M
Net Profit$5.0M$5.0M$6.0M$7.0M$7.0M$7.0M$-14.0M$14.0M$15.0M$14.0M$14.0M$12.0M
EPS$0.68$0.70$0.74$0.87$0.85$0.84$-1.30$0.90$0.97$0.92$0.91$0.83

Over the 10 years reported for ChoiceOne Financial Services, Inc., borrowings increased from $20.0M in 2016 to $313.0M in 2025, cash stood at $88.0M in the latest year, shareholders' equity was $398.0M, current assets covered current liabilities 0.06 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$607.0M$647.0M$671.0M$1.4B$1.9B$2.4B$2.4B$2.6B$2.7B$4.4B
Current Assets$189.0M$192.0M$186.0M$399.0M$654.0M$1.1B$574.0M$570.0M$576.0M$222.0M
Cash$15.0M$37.0M$20.0M$60.0M$80.0M$32.0M$44.0M$55.0M$96.0M$88.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$0$0$0$0$0$0$0$0$0$0
Fixed Assets$13.0M$13.0M$16.0M$24.0M$29.0M$30.0M$28.0M$30.0M$27.0M$48.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$541.0M$558.0M$595.0M$1.2B$1.7B$2.2B$2.2B$2.3B$2.4B$3.9B
Other Assets$14.0M$14.0M$14.0M$53.0M$61.0M$60.0M$60.0M$60.0M$60.0M$130.0M
Total Liabilities$536.0M$570.0M$590.0M$1.2B$1.7B$2.1B$2.2B$2.4B$2.5B$3.9B
Current Liabilities$520.0M$547.0M$582.0M$1.2B$1.7B$2.1B$2.2B$2.1B$2.4B$3.8B
Borrowings$20.0M$27.0M$10.0M$33.0M$12.0M$85.0M$85.0M$236.0M$211.0M$313.0M
Other Liabilities$515.0M$543.0M$580.0M$1.2B$1.7B$2.1B$2.1B$2.1B$2.3B$3.6B
Equity$46.0M$50.0M$55.0M$163.0M$179.0M$172.0M$172.0M$174.0M$207.0M$398.0M
Reserves$72.0M$77.0M$80.0M$192.0M$227.0M$222.0M$169.0M$196.0M$260.0M$465.0M

For ChoiceOne Financial Services, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $25.0M; free cash flow was positive in 10 of 10 years; financing activities used $51.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$11.0M$8.0M$10.0M$9.0M$8.0M$38.0M$44.0M$46.0M$49.0M$32.0M
Investing Cash Flow$-43.0M$-20.0M$-48.0M$36.0M$-253.0M$-524.0M$-91.0M$-186.0M$-100.0M$100.0M
Financing Cash Flow$35.0M$27.0M$34.0M$-5.0M$292.0M$370.0M$65.0M$4.0M$92.0M$-51.0M
Net Cash Flow$4.0M$22.0M$-17.0M$40.0M$20.0M$-48.0M$12.0M$161.0M$41.0M$-9.0M
Free Cash Flow$9.0M$6.0M$6.0M$8.0M$7.0M$35.0M$43.0M$42.0M$47.0M$25.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.03
EV / EBITDA—
FCF Yield—
Quick Ratio—
Interest Coverage—
Return 1Y17.94%
Return 3Y61.17%
Return 5Y60.50%

ChoiceOne Financial Services, Inc. (COFS) financials — frequently asked questions

What is ChoiceOne Financial Services, Inc.'s annual revenue?

ChoiceOne Financial Services, Inc. (COFS) reported annual revenue of $193.0M in its most recent fiscal year.

What is ChoiceOne Financial Services, Inc.'s net profit?

ChoiceOne Financial Services, Inc. (COFS) reported net profit of $28.0M in its most recent fiscal year.

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