ChoiceOne Financial Services Inc (COFS)

Name: ChoiceOne Financial Services Inc Financial Statements
Creator: Quarter Results

Financial Services | Banks Regional

Latest reporting period: 2026-03-31

Latest Quarter

2026-03-31

Revenue

$59.1M

Net Income

$13.7M

Operating Margin

28.2%

Free Cash Flow

$23.9M

Debt / Assets

89.4%

Values are in USD and rounded to the nearest whole number unless noted.

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Income statement quarterly history for ChoiceOne Financial Services Inc (COFS).
Income Statement (Quarterly)	2026-03-31	2025-03-31	2024-12-31	2024-09-30
Revenue	59,090,000	44,881,000	36,032,000	36,557,000
Cost of Revenue	16,633,000	26,811,000	11,889,000	11,867,000
Gross Profit	42,457,000	18,070,000	24,143,000	24,690,000
Operating Expenses
R&D Expenses	0	0	0	0
SG&A Expenses	1,246,000	11,031,000	9,392,000	8,930,000
Operating Expenses	25,776,000	35,665,000	15,344,000	15,417,000
Operating Income	16,681,000	-17,595,000	8,799,000	9,273,000
Interest Expense	16,633,000	13,648,000	11,689,000	11,442,000
Income Before Tax	16,681,000	-17,595,000	8,799,000	9,273,000
Income Tax Expense	2,977,000	-3,689,000	1,640,000	1,925,000
Net Income	13,704,000	-13,906,000	7,159,000	7,348,000
Per Share
EPS	0.91	-1.70	0.83	0.86
EPS Diluted	0.00	0.00	0.00	0.00

Income statement annual history for ChoiceOne Financial Services Inc (COFS).
Income Statement (Annual)	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	192,886,000	139,099,000	113,886,000	81,386,000	79,835,000
Cost of Revenue	80,701,000	47,287,000	33,245,000	0	0
Gross Profit	112,185,000	91,812,000	80,641,000	81,386,000	0
Operating Expenses
R&D Expenses	0	0	0	0	0
SG&A Expenses	62,051,000	35,531,000	33,868,000	30,391,000	35,489,000
Operating Expenses	77,997,000	58,723,000	55,074,000	2,939,000	0
Operating Income	34,188,000	33,089,000	25,567,000	35,404,000	0
Interest Expense	65,888,000	46,662,000	33,095,000	7,746,000	3,977,000
Income Before Tax	34,188,000	33,089,000	25,567,000	27,658,000	26,498,000
Income Tax Expense	6,012,000	6,362,000	4,306,000	4,018,000	4,456,000
Net Income	28,176,000	26,727,000	21,261,000	23,640,000	22,042,000
Per Share
EPS	2.02	3.27	2.82	3.15	2.94
EPS Diluted	0.00	0.00	0.00	0.00	0.00

Balance sheet quarterly history for ChoiceOne Financial Services Inc (COFS).
Balance Sheet (Quarterly)	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Assets
Cash and Cash Equivalents	87,988,000	96,401,000	55,433,000	43,943,000
Short Term Investments	554,420,000	479,117,000	514,598,000	546,897,000
Net Receivables	11,000,000	0	0	0
Inventory	0	0	0	0
Total Current Assets	642,408,000	575,868,000	55,433,000	590,840,000
Property Plant Equipment	48,110,000	27,099,000	29,750,000	28,232,000
Goodwill and Intangibles	161,003,000	61,042,000	61,800,000	62,755,000
Total Assets	4,410,551,000	2,723,243,000	2,576,706,000	2,385,914,000
Liabilities
Account Payables	0	0	0	0
Short Term Debt	245,688,000	155,000,000	30,000,000	50,000,000
Total Current Liabilities	245,688,000	2,369,103,000	1,793,587,000	50,000,000
Long Term Debt	70,414,000	55,752,000	205,902,000	85,262,000
Total Liabilities	3,945,198,000	2,462,828,000	2,381,072,000	2,217,040,000
Shareholders Equity
Retained Earnings	102,641,000	91,414,000	73,699,000	68,394,000
Total Shareholders Equity	465,353,000	260,415,000	195,634,000	168,874,000

Balance sheet annual history for ChoiceOne Financial Services Inc (COFS).
Balance Sheet (Annual)	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Assets
Cash and Cash Equivalents	87,988,000	96,401,000	55,433,000	43,943,000	31,887,000
Short Term Investments	554,420,000	479,117,000	514,598,000	546,897,000	1,098,885,000
Net Receivables	11,000,000	0	0	0	0
Inventory	0	0	0	0	0
Total Current Assets	642,408,000	575,868,000	55,433,000	590,840,000	1,156,630,000
Property Plant Equipment	48,110,000	27,099,000	29,750,000	28,232,000	29,880,000
Goodwill and Intangibles	161,003,000	61,042,000	61,800,000	62,755,000	63,908,000
Total Assets	4,410,551,000	2,723,243,000	2,576,706,000	2,385,914,000	2,366,682,000
Liabilities
Account Payables	0	0	0	0	0
Short Term Debt	245,688,000	155,000,000	30,000,000	50,000,000	0
Total Current Liabilities	245,688,000	2,369,103,000	1,793,587,000	50,000,000	0
Long Term Debt	70,414,000	55,752,000	205,902,000	85,262,000	85,017,000
Total Liabilities	3,945,198,000	2,462,828,000	2,381,072,000	2,217,040,000	2,145,013,000
Shareholders Equity
Retained Earnings	102,641,000	91,414,000	73,699,000	68,394,000	52,332,000
Total Shareholders Equity	465,353,000	260,415,000	195,634,000	168,874,000	221,669,000

Cash flow quarterly history for ChoiceOne Financial Services Inc (COFS).
Cash Flow Statement (Quarterly)	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Operating Activities
Net Income	28,176,000	26,727,000	21,261,000	23,640,000
Depreciation & Amortization	0	12,333,000	3,432,000	13,342,000
Stock Based Compensation	0	720,000	1,005,000	958,000
Change in Working Capital	-15,219,000	13,973,000	12,991,000	1,997,000
Operating Cash Flow	20,653,000	48,646,000	45,225,000	45,017,000
Investing Activities
Capital Expenditure	-6,627,000	-1,706,000	-4,234,000	-1,164,000
Investments	0	-1,706,000	-4,234,000	-1,164,000
Investing Cash Flow	-29,421,000	-97,910,000	-180,108,000	-90,496,000
Financing Activities
Debt Repayment	-80,213,000	-25,000,000	-150,000,000	-726,000,000
Common Stock Issued/Repurchased	-1,787,000	32,767,000	-149,769,000	-595,000
Dividends Paid	-16,949,000	-9,012,000	-7,910,000	-7,578,000
Financing Cash Flow	-96,751,000	90,582,000	146,373,000	57,536,000
Summary
Free Cash Flow	23,884,000	46,940,000	40,991,000	43,853,000
Net Change in Cash	-96,751,000	41,318,000	11,490,000	12,056,000

Cash flow annual history for ChoiceOne Financial Services Inc (COFS).
Cash Flow Statement (Annual)	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Operating Activities
Net Income	28,176,000	26,727,000	21,261,000	23,640,000	22,042,000
Depreciation & Amortization	0	12,333,000	3,432,000	13,342,000	12,425,000
Stock Based Compensation	0	720,000	1,005,000	958,000	812,000
Change in Working Capital	-15,219,000	13,973,000	12,991,000	1,997,000	297,000
Operating Cash Flow	20,653,000	48,646,000	45,225,000	45,017,000	37,699,000
Investing Activities
Capital Expenditure	-6,627,000	-1,706,000	-4,234,000	-1,164,000	-2,759,000
Investments	0	-1,706,000	-4,234,000	-1,164,000	-2,759,000
Investing Cash Flow	-29,421,000	-97,910,000	-180,108,000	-90,496,000	-521,374,000
Financing Activities
Debt Repayment	-80,213,000	-25,000,000	-150,000,000	-726,000,000	-14,326,000
Common Stock Issued/Repurchased	-1,787,000	32,767,000	-149,769,000	-595,000	-7,647,000
Dividends Paid	-16,949,000	-9,012,000	-7,910,000	-7,578,000	-7,200,000
Financing Cash Flow	-96,751,000	90,582,000	146,373,000	57,536,000	436,043,000
Summary
Free Cash Flow	23,884,000	46,940,000	40,991,000	43,853,000	34,940,000
Net Change in Cash	-96,751,000	41,318,000	11,490,000	12,056,000	-47,632,000