Choiceone Financial Services Inc
COFS Nasdaq State Commercial Banks Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$228M
63.6%
vs prior year
Efficiency ratio
Noninterest expense as a share of revenue. Lower is better for banks.
49.5%
7.3 pts
Net income
Profit after all expenses, interest and tax.
$28.2M
5.4%
Return on equity
Net income as a share of average shareholders' equity.
7.8%
4.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $4.14 EPS (TTM)
What Choiceone Financial Services Inc does
No business description yet.
- Legal name
- CHOICEONE FINANCIAL SERVICES INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 13, 2026
- Accession · CIK
- 0001193125-26-105046
0000803164
Revenue and margins
Choiceone Financial Services Inc had $228M of revenue in fiscal 2025, up 63.6% on the year before.
FY16
Revenue $27.2M
FY17
Revenue $28.4M
FY18
Revenue $29.0M
FY19
Revenue $36.9M
FY20
Revenue $73.8M
FY21
Revenue $79.8M
FY22
Revenue $89.1M
FY23
Revenue $114M
FY24
Revenue $139M
FY25
Revenue $228M
Q3 '23
Revenue $2.9M
Q4 '23
Revenue $105M
Q1 '24
Revenue $32.5M
Q2 '24
Revenue $3.2M
Q3 '24
Revenue $3.4M
Q4 '24
Revenue $36.0M
Q1 '25
Revenue $44.9M
Q2 '25
Revenue $4.8M
Q3 '25
Revenue $5.3M
Q4 '25
Revenue $60.5M
Q1 '26
Revenue $59.1M
Q2 '26
Revenue $5.4M
FY16
Net interest share 71.1%
Efficiency ratio 69.7%
FY17
Net interest share 72.5%
Efficiency ratio 68.1%
FY18
Net interest share 76.1%
Efficiency ratio 70.6%
FY19
Net interest share 75.2%
Efficiency ratio 77.1%
FY20
Net interest share 69.2%
Efficiency ratio 69.0%
FY21
Net interest share 76.0%
Efficiency ratio 66.3%
FY22
Net interest share 75.5%
Efficiency ratio 60.0%
FY23
Net interest share 57.9%
Efficiency ratio 48.4%
FY24
Net interest share 53.5%
Efficiency ratio 42.2%
FY25
Net interest share 60.2%
Efficiency ratio 49.5%
Net interest share
Efficiency ratio
Q3 '23
Net interest share 552.7%
Efficiency ratio 467.6%
Q4 '23
Net interest share 15.7%
Efficiency ratio 13.1%
Q1 '24
Net interest share 50.7%
Efficiency ratio 42.1%
Q2 '24
Net interest share 579.5%
Efficiency ratio 450.4%
Q3 '24
Net interest share 604.2%
Efficiency ratio 460.1%
Q4 '24
Net interest share 53.7%
Efficiency ratio 42.6%
Q1 '25
Net interest share 58.6%
Efficiency ratio 79.5%
Q2 '25
Net interest share 753.9%
Efficiency ratio 529.4%
Q3 '25
Net interest share 711.4%
Efficiency ratio 496.0%
Q4 '25
Net interest share 60.9%
Efficiency ratio 41.9%
Q1 '26
Net interest share 62.0%
Efficiency ratio 43.6%
Q2 '26
Net interest share 675.8%
Efficiency ratio 479.8%
Net interest share
Efficiency ratio
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 2.0% a year. Loss periods are shown in red.
FY16
Net income $6.1M
FY17
Net income $6.2M
FY18
Net income $7.3M
FY19
Net income $7.2M
FY20
Net income $15.6M
FY21
Net income $22.0M
FY22
Net income $23.6M
FY23
Net income $21.3M
FY24
Net income $26.7M
FY25
Net income $28.2M
Q3 '23
Net income $5.1M
Q4 '23
Net income $5.3M
Q1 '24
Net income $5.6M
Q2 '24
Net income $6.6M
Q3 '24
Net income $7.3M
Q4 '24
Net income $7.2M
Q1 '25
Net income −$13.9M
Q2 '25
Net income $13.5M
Q3 '25
Net income $14.7M
Q4 '25
Net income $13.9M
Q1 '26
Net income $13.7M
Q2 '26
Net income $12.5M
FY16
Diluted EPS $1.68
FY17
Diluted EPS $1.70
FY18
Diluted EPS $2.02
FY19
Diluted EPS $1.58
FY20
Diluted EPS $2.07
FY21
Diluted EPS $2.86
FY22
Diluted EPS $3.15
FY23
Diluted EPS $2.82
FY24
Diluted EPS $3.25
FY25
Diluted EPS $2.01
Q3 '23
Diluted EPS $0.68
Q4 '23
Diluted EPS $0.70
Q1 '24
Diluted EPS $0.74
Q2 '24
Diluted EPS $0.87
Q3 '24
Diluted EPS $0.85
Q4 '24
Diluted EPS $0.79
Q1 '25
Diluted EPS −$1.29
Q2 '25
Diluted EPS $0.90
Q3 '25
Diluted EPS $0.97
Q4 '25
Diluted EPS $1.43
Q1 '26
Diluted EPS $0.91
Q2 '26
Diluted EPS $0.83
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
FY16
ROE 8.5%
ROTE 10.5%
Efficiency ratio 69.7%
FY17
ROE 8.3%
ROTE 9.8%
Efficiency ratio 68.1%
FY18
ROE 9.3%
ROTE 11.0%
Efficiency ratio 70.6%
FY19
ROE 5.3%
ROTE 5.1%
Efficiency ratio 77.1%
FY20
ROE 7.4%
ROTE 9.4%
Efficiency ratio 69.0%
FY21
ROE 9.8%
ROTE 13.6%
Efficiency ratio 66.3%
FY22
ROE 12.4%
ROTE 23.4%
Efficiency ratio 60.0%
FY23
ROE 11.9%
ROTE 15.9%
Efficiency ratio 48.4%
FY24
ROE 11.7%
ROTE 13.4%
Efficiency ratio 42.2%
FY25
ROE 7.8%
ROTE 9.3%
Efficiency ratio 49.5%
ROE
ROTE
Efficiency ratio
Dividends, buybacks and share count
Choiceone Financial Services Inc returned $19.6M to shareholders in fiscal 2025, 78% of free cash flow. The diluted share count rose 70.2%.
FY16
Dividends $2.2M
Buybacks $0.8M
FY17
Dividends $2.3M
Buybacks $0.2M
FY18
Dividends $2.6M
Buybacks $0.5M
FY19
Dividends $5.8M
Buybacks $0.1M
FY20
Dividends $6.2M
Buybacks $0.0M
FY21
Dividends $7.2M
Buybacks $7.8M
FY22
Dividends $7.6M
Buybacks $0.7M
FY23
Dividends $7.9M
Buybacks $0.0M
FY24
Dividends $9.0M
Buybacks $0.0M
FY25
Dividends $16.9M
Buybacks $2.7M
Dividends
Buybacks
Q3 '23
Dividends $2.0M
Buybacks $0.0M
Q4 '23
Dividends $2.0M
Buybacks $0.0M
Q1 '24
Dividends $2.0M
Buybacks $0.0M
Q2 '24
Dividends $2.0M
Buybacks —
Q3 '24
Dividends $2.4M
Buybacks —
Q4 '24
Dividends $2.5M
Buybacks —
Q1 '25
Dividends $4.2M
Buybacks $2.1M
Q2 '25
Dividends $4.2M
Buybacks −$2.1M
Q3 '25
Dividends $4.2M
Buybacks —
Q4 '25
Dividends $4.4M
Buybacks —
Q1 '26
Dividends $4.3M
Buybacks $1.4M
Q2 '26
Dividends $4.3M
Buybacks $1.1M
Dividends
Buybacks
FY16
Diluted shares 0.00B
FY17
Diluted shares 0.00B
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.01B
FY21
Diluted shares 0.01B
FY22
Diluted shares 0.01B
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
Balance sheet
Loans, deposits and capital at each fiscal year end.
FY16
Loans $365M
Deposits $512M
FY17
Loans $394M
Deposits $540M
FY18
Loans $404M
Deposits $577M
FY19
Loans $798M
Deposits $1.2B
FY20
Loans $1.1B
Deposits $1.7B
FY21
Loans $1.0B
Deposits $2.1B
FY22
Loans $1.2B
Deposits $2.1B
FY23
Loans $1.4B
Deposits $2.1B
FY24
Loans —
Deposits $2.2B
FY25
Loans —
Deposits $3.6B
Loans
Deposits
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $1.0B | $1.2B | $1.4B | — | — |
| Deposits | $2.1B | $2.1B | $2.1B | $2.2B | $3.6B |
| Loans / deposits | 49.2% | 55.8% | 65.7% | — | — |
| Total assets | $2.4B | $2.4B | $2.6B | $2.7B | $4.4B |
| Shareholders' equity | $222M | $161M | $196M | $260M | $465M |
| Goodwill | $59.9M | $59.9M | $59.9M | $59.9M | $130M |
| Intangible assets | — | — | $1.9M | $1.1M | $31.1M |
| Provision / loans | 0.0% | 0.0% | 0.0% | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $27.2M | $28.4M | $29.0M | $36.9M | $73.8M | $79.8M | $89.1M | $114M | $139M | $228M |
| Net interest income | $19.3M | $20.6M | $22.1M | $27.8M | $51.1M | $60.6M | $67.3M | $65.9M | $74.4M | $137M |
| Noninterest income | $7.9M | $7.8M | $6.9M | $9.2M | $22.7M | $19.2M | $14.1M | $14.9M | $18.0M | $24.7M |
| Noninterest expense | $19.0M | $19.3M | $20.5M | $28.5M | $50.9M | $52.9M | $53.5M | $55.1M | $58.7M | $113M |
| Provision for credit losses | — | $0.5M | $0.0M | $0.0M | $4.0M | $0.4M | $0.3M | $0.2M | $0.6M | $14.8M |
| Interest expense | $1.0M | $1.5M | $2.5M | $4.7M | $4.6M | $4.0M | $7.7M | $33.1M | — | — |
| Pretax income | $8.3M | $8.6M | $8.5M | $8.5M | $18.9M | $26.5M | $27.7M | $25.6M | $33.1M | $34.2M |
| Income tax | $2.2M | $2.4M | $1.2M | $1.3M | $3.3M | $4.5M | $4.0M | $4.3M | $6.4M | $6.0M |
| Net income | $6.1M | $6.2M | $7.3M | $7.2M | $15.6M | $22.0M | $23.6M | $21.3M | $26.7M | $28.2M |
| Net income to common | $6.1M | $6.2M | $7.3M | $7.2M | $15.6M | $22.0M | $23.6M | $21.3M | $26.7M | $28.2M |
| Diluted EPS | $1.68 | $1.70 | $2.02 | $1.58 | $2.07 | $2.86 | $3.15 | $2.82 | $3.25 | $2.01 |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.00B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B |
| Cash flow | ||||||||||
| Cash from operations | $10.9M | $8.1M | $10.0M | $9.2M | $8.5M | $37.7M | $44.3M | $46.3M | $47.1M | $31.8M |
| Capital expenditure | $1.8M | $1.7M | $4.2M | $0.8M | $1.9M | $2.8M | $1.2M | $4.2M | $1.7M | $6.6M |
| Free cash flow | $9.1M | $6.4M | $5.7M | $8.4M | $6.6M | $34.9M | $43.2M | $42.1M | $45.4M | $25.2M |
| Depreciation and amortization | $1.1M | $1.4M | $1.2M | $1.6M | $2.7M | $2.6M | $2.7M | $2.5M | $2.5M | $3.6M |
| Stock-based compensation | $0.4M | $0.3M | $0.3M | $0.4M | $0.5M | $0.8M | $1.0M | $1.0M | $0.7M | $0.9M |
| Share buybacks | $0.8M | $0.2M | $0.5M | $0.1M | $0.0M | $7.8M | $0.7M | $0.0M | $0.0M | $2.7M |
| Dividends paid | $2.2M | $2.3M | $2.6M | $5.8M | $6.2M | $7.2M | $7.6M | $7.9M | $9.0M | $16.9M |
| Dividends and buybacks | $3.0M | $2.5M | $3.1M | $5.9M | $6.2M | $15.0M | $8.3M | $7.9M | $9.0M | $19.6M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $14.8M | $36.8M | $19.7M | $59.6M | $79.5M | $31.9M | $43.9M | $55.4M | $96.8M | $88.0M |
| Loans, net | $365M | $394M | $404M | $798M | $1.1B | $1.0B | $1.2B | $1.4B | — | — |
| Deposits | $512M | $540M | $577M | $1.2B | $1.7B | $2.1B | $2.1B | $2.1B | $2.2B | $3.6B |
| Property and equipment, net | $12.6M | $12.9M | $15.9M | $24.3M | $29.5M | $29.9M | $28.2M | $29.8M | $27.1M | $48.1M |
| Goodwill | $13.7M | $13.7M | $13.7M | $52.9M | $60.5M | $59.9M | $59.9M | $59.9M | $59.9M | $130M |
| Intangible assets | — | — | — | — | — | — | — | $1.9M | $1.1M | $31.1M |
| Total assets | $607M | $647M | $671M | $1.4B | $1.9B | $2.4B | $2.4B | $2.6B | $2.7B | $4.4B |
| Total liabilities | $536M | $570M | $590M | $1.2B | $1.7B | $2.1B | $2.2B | $2.4B | $2.5B | $3.9B |
| Preferred stock | — | — | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $71.7M | $76.6M | $80.5M | $192M | $227M | $222M | $161M | $196M | $260M | $465M |
| Margins | ||||||||||
| Net margin | 22.4% | 21.7% | 25.3% | 19.4% | 21.2% | 27.6% | 26.5% | 18.7% | 19.2% | 12.4% |
| FCF margin | 33.5% | 22.7% | 19.8% | 22.8% | 9.0% | 43.8% | 48.4% | 37.0% | 32.6% | 11.1% |
| Net interest share of revenue | 71.1% | 72.5% | 76.1% | 75.2% | 69.2% | 76.0% | 75.5% | 57.9% | 53.5% | 60.2% |
| Efficiency ratio | 69.7% | 68.1% | 70.6% | 77.1% | 69.0% | 66.3% | 60.0% | 48.4% | 42.2% | 49.5% |
| Returns | ||||||||||
| Return on equity | 8.5% | 8.3% | 9.3% | 5.3% | 7.4% | 9.8% | 12.4% | 11.9% | 11.7% | 7.8% |
| Return on assets | 1.0% | 1.0% | 1.1% | 0.7% | 0.9% | 1.0% | 1.0% | 0.9% | 1.0% | 0.8% |
| Return on tangible equity | 10.5% | 9.8% | 11.0% | 5.1% | 9.4% | 13.6% | 23.4% | 15.9% | 13.4% | 9.3% |
| Growth | ||||||||||
| Revenue growth | — | 4.2% | 2.1% | 27.5% | 99.7% | 8.2% | 11.6% | 27.8% | 22.1% | 63.6% |
| Net income growth | — | 1.3% | 18.9% | −2.2% | 117.7% | 41.2% | 7.2% | −10.1% | 25.7% | 5.4% |
| EPS growth | — | 1.2% | 18.8% | −21.8% | 31.0% | 38.2% | 10.1% | −10.5% | 15.2% | −38.2% |
| FCF growth | — | −29.4% | −10.7% | 46.8% | −21.5% | 427.3% | 23.5% | −2.5% | 7.8% | −44.5% |
| Share count change | — | 0.2% | −0.0% | 25.1% | 65.9% | 2.3% | −2.3% | 0.6% | 8.6% | 70.2% |
| Financial health | ||||||||||
| Loans / deposits | 71.2% | 73.0% | 70.1% | 69.1% | 63.4% | 49.2% | 55.8% | 65.7% | — | — |
| Provision / loans | — | 0.1% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% | — | — |
| Capital allocation | ||||||||||
| Capex / revenue | 6.7% | 5.8% | 14.5% | 2.1% | 2.5% | 3.5% | 1.3% | 3.7% | 1.2% | 2.9% |
| Stock comp / revenue | 1.4% | 1.1% | 1.2% | 1.0% | 0.7% | 1.0% | 1.1% | 0.9% | 0.5% | 0.4% |
| Payouts / FCF | 33.2% | 39.3% | 54.0% | 69.7% | 93.2% | 42.9% | 19.1% | 18.8% | 19.9% | 77.9% |
| Quality scores | ||||||||||
| Accruals ratio | −0.8% | −0.3% | −0.4% | −0.2% | 0.4% | −0.7% | −0.9% | −1.0% | −0.8% | −0.1% |
Source: SEC EDGAR XBRL filings (CIK 0000803164). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.