A Business at a Glance
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CHOICEONE FINANCIAL SERVICES INC
COFS
$459M
Mkt Cap
$32.72
-2.82%
CHOICEONE FINANCIAL SERVICES INC (COFS) has a current P/E ratio of 17.8, compared to its historical median P/E of 10.0. The stock is currently considered Expensive based on its historical valuation range.
CHOICEONE FINANCIAL SERVICES INC (COFS) has a 5-year average return on invested capital (ROIC) of 5.0%. This is below average and may indicate limited pricing power.
CHOICEONE FINANCIAL SERVICES INC (COFS) has a market capitalization of $459M. It is classified as a small-cap stock.
Yes, CHOICEONE FINANCIAL SERVICES INC (COFS) pays a dividend with a trailing twelve-month yield of 3.70%. The company also returns capital through share buybacks, with a buyback yield of 0.58%.
Based on historical P/E analysis, CHOICEONE FINANCIAL SERVICES INC (COFS) appears expensive. The current P/E of 17.8 is 78% above its historical median of 10.0. The estimated fair value CAGR (P/E method) is 4.8%.
CHOICEONE FINANCIAL SERVICES INC (COFS) operates in the State Commercial Banks industry, within the Financials sector.
ChoiceOne Financial Services, Inc. (the “Company”) is a financial holding company registered under the Bank Holding Company Act of 1956, as amended (“BHC Act”). The Company was incorporated on February 24, 1986, as a Michigan corporation. The Company was formed to create a bank holding company for the purpose of acquiring all of the capital stock of ChoiceOne Bank, which became a wholly owned subsidiary of the Company on April 6, 1987. Effective November 1, 2006, Valley Ridge Financial Corp., a one-bank holding company for Valley Ridge Bank (“VRB”), merged with and into the Company. In December 2006, VRB was consolidated into ChoiceOne Bank. Effective October 1, 2019, County Bank Corp. ("County"), a one-bank holding company for Lakestone Bank & Trust (“Lakestone”), merged with and into the Company. Lakestone was consolidated into ChoiceOne Bank in May 2020.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 228M | 228M | 139M | 114M | 89M | 84M |
| Net Income | 28M | 28M | 27M | 21M | 24M | 22M |
| EPS | $2.01 | $2.01 | $3.25 | $2.82 | $3.15 | $2.86 |
| Free Cash Flow | 25M | 25M | 45M | 42M | 43M | 35M |
| ROIC | 6.0% | 5.4% | 4.5% | 2.8% | 4.0% | 8.1% |
| Gross Margin | 69.8% | 69.8% | 75.0% | 78.8% | 91.0% | 94.8% |
| Debt/Equity | 0.00 | 0.00 | 1.11 | 2.91 | 4.51 | 0.39 |
| Dividends/Share | $1.21 | $1.13 | $1.09 | $1.05 | $1.01 | $0.94 |
| Operating Income | 5.7M | 5.7M | 5.2M | 26M | 28M | 26M |
| Operating Margin | 2.5% | 2.5% | 3.7% | 22.4% | 31.0% | 31.6% |
| ROE | 6.1% | 7.8% | 11.7% | 11.9% | 12.4% | 9.8% |
| Shares Outstanding | 14M | 14M | 8M | 8M | 8M | 8M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 26M | 27M | 28M | 30M | 31M | 42M | 78M | 84M | 89M | 114M | 139M | 228M | 228M |
| Gross Margin | 95.2% | 96.0% | 96.2% | 93.4% | 92.1% | 88.7% | 89.0% | 94.8% | 91.0% | 78.8% | 75.0% | 69.8% | 69.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 8.5M | 9.3M | 10.0M | 10M | 11M | 14M | 27M | 29M | 30M | 32M | 33M | 53M | 53M |
| EBIT | 7.8M | 7.7M | 8.3M | 8.6M | 8.5M | 8.5M | 19M | 26M | 28M | 26M | 5.2M | 5.7M | 5.7M |
| Op. Margin | 30.1% | 28.4% | 29.3% | 28.7% | 27.0% | 20.3% | 24.1% | 31.6% | 31.0% | 22.4% | 3.7% | 2.5% | 2.5% |
| Net Income | 5.7M | 5.7M | 6.1M | 6.2M | 7.3M | 7.2M | 16M | 22M | 24M | 21M | 27M | 28M | 28M |
| Net Margin | 22.1% | 21.2% | 21.6% | 20.7% | 23.3% | 17.2% | 19.9% | 26.3% | 26.5% | 18.7% | 19.2% | 12.4% | 12.4% |
| Non-Recurring | 0 | 0 | 0 | 908K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 8.9% | 8.4% | 8.6% | 8.3% | 5.1% | 2.8% | 5.7% | 8.1% | 4.0% | 2.8% | 4.5% | 5.4% | 6.0% |
| ROE | 8.9% | 8.4% | 8.6% | 8.3% | 9.3% | 5.3% | 7.4% | 9.8% | 12.4% | 11.9% | 11.7% | 7.8% | 6.1% |
| ROA | 1.1% | 1.0% | 1.0% | 1.0% | 1.1% | 0.7% | 0.9% | 1.0% | 1.0% | 0.9% | 1.0% | 0.8% | 0.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 7.5M | 4.0M | 11M | 8.1M | 10.0M | 9.2M | 8.5M | 38M | 44M | 46M | 47M | 32M | 32M |
| Free Cash Flow | 6.7M | 2.9M | 9.1M | 6.4M | 5.7M | 8.4M | 6.6M | 35M | 43M | 42M | 45M | 25M | 25M |
| Owner Earnings | 6.0M | 2.4M | 9.1M | 6.4M | 8.4M | 6.9M | 3.7M | 33M | 40M | 42M | 43M | 21M | 21M |
| CapEx | 786K | 1.0M | 1.8M | 1.7M | 4.2M | 766K | 1.9M | 2.8M | 1.2M | 4.2M | 1.7M | 6.6M | 6.6M |
| Maint. CapEx | 1.4M | 1.4M | 1.5M | 1.4M | 1.2M | 2.0M | 4.2M | 3.9M | 3.8M | 3.4M | 3.2M | 9.4M | 9.4M |
| Growth CapEx | 0 | 0 | 362K | 267K | 3.0M | 0 | 0 | 0 | 0 | 802K | 0 | 0 | 0 |
| D&A | 1.4M | 1.4M | 1.5M | 1.4M | 1.2M | 2.0M | 4.2M | 3.9M | 3.8M | 3.4M | 3.2M | 9.4M | 9.4M |
| CapEx/OCF | 10.5% | 26.1% | 16.6% | 20.5% | 42.3% | 8.3% | 21.8% | 7.3% | 2.6% | 9.1% | 3.5% | N/A | 20.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.9M | 2.2M | 2.2M | 2.3M | 2.6M | 5.8M | 6.2M | 7.2M | 7.6M | 7.9M | 9.0M | 17M | 17M |
| Dividend Yield | 2.5% | 2.2% | 2.1% | 2.0% | 1.9% | 5.9% | 3.5% | 4.4% | 5.0% | 4.8% | 4.0% | N/A | 3.7% |
| Share Buybacks | 203K | 371K | 794K | 203K | 523K | 67K | 0 | 7.8M | 682K | 0 | 0 | 2.7M | 2.7M |
| Buyback Yield | 0.4% | 0.7% | 1.4% | 0.3% | 0.8% | 0.1% | N/A | 4.6% | 0.4% | N/A | N/A | 0.0% | 0.6% |
| Stock-Based Comp | 60K | 118K | 380K | 317K | 344K | 373K | 512K | 812K | 958K | 1.0M | 720K | 883K | 883K |
| Debt Repayment | 0 | 0 | 0 | 0 | 144M | 110M | 34M | 14M | 726M | 270M | 340M | 80M | 80M |
| Balance Sheet | |||||||||||||
| Net Debt | -157M | -169M | -178M | -179M | -36M | -284M | -644M | -1.0B | 152M | -31K | -286M | -642M | -87M |
| Cash & Equiv. | 17M | 11M | 15M | 37M | 20M | 60M | 80M | 32M | 44M | 55M | 97M | 88M | 88M |
| Long-Term Debt | N/A | N/A | N/A | N/A | 129M | 115M | 10M | 88M | 726M | 420M | 315M | N/A | 502K |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.00 | 1.60 | 0.60 | 0.04 | 0.39 | 4.51 | 2.91 | 1.11 | 0.00 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.1 |
| Equity | 66M | 70M | 72M | 77M | 80M | 192M | 227M | 222M | 161M | 196M | 260M | 465M | 465M |
| Total Assets | 550M | 568M | 607M | 647M | 671M | 1.4B | 1.9B | 2.4B | 2.4B | 2.6B | 2.7B | 4.4B | 4.4B |
| Total Liabilities | 483M | 498M | 536M | 570M | 590M | 1.2B | 1.7B | 2.1B | 2.2B | 2.4B | 2.5B | 3.9B | 3.9B |
| Intangibles | 827K | 379K | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.9M | 1.1M | 31M | 31M |
| Retained Earnings | 19M | 22M | 26M | 26M | 27M | 28M | 37M | 52M | 68M | 74M | 91M | 103M | 103M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.86 | 0.83 | 0.84 | 0.85 | 1.01 | 1.58 | 2.07 | 2.86 | 3.15 | 2.82 | 3.25 | 2.01 | 2.01 |
| Owner EPS | 0.90 | 0.35 | 1.25 | 0.88 | 1.16 | 1.51 | 0.50 | 4.28 | 5.27 | 5.56 | 5.25 | 1.53 | 1.53 |
| Book Value | 10.00 | 10.09 | 9.89 | 10.55 | 11.08 | 42.33 | 30.13 | 28.76 | 21.43 | 25.95 | 31.67 | 33.20 | 33.20 |
| Cash Flow/Share | 1.13 | 0.57 | 1.51 | 1.11 | 1.37 | 2.03 | 1.12 | 4.89 | 5.91 | 6.15 | 5.73 | 2.27 | 2.68 |
| Dividends/Share | 0.30 | 0.32 | 0.31 | 0.32 | 0.36 | 1.40 | 0.82 | 0.94 | 1.01 | 1.05 | 1.09 | 1.13 | 1.21 |
| Shares Out. | 6.6M | 6.9M | 7.3M | 7.3M | 7.3M | 4.5M | 7.5M | 7.7M | 7.5M | 7.5M | 8.2M | 14.0M | 14.0M |
| Valuation | |||||||||||||
| P/E Ratio | 8.7 | 9.6 | 9.1 | 10.0 | 9.3 | 16.2 | 11.8 | 7.7 | 7.8 | 10.2 | 10.5 | N/A | 16.3 |
| P/FCF | 13.4 | 35.8 | 12.2 | 19.2 | 23.8 | 13.8 | 27.9 | 4.8 | 4.3 | 5.1 | 6.2 | N/A | 18.2 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 65.4 |
| Price/Book | 0.7 | 0.8 | 0.8 | 0.8 | 0.8 | 0.6 | 0.8 | 0.8 | 1.1 | 1.1 | 1.1 | N/A | 1.0 |
| Price/Sales | 1.7 | 2.0 | 1.9 | 2.0 | 2.4 | 2.7 | 2.4 | 2.1 | 1.9 | 2.1 | 2.4 | N/A | 2.0 |
| FCF Yield | 13.5% | 5.3% | 16.4% | 10.4% | 8.4% | 7.3% | 3.6% | 20.7% | 23.3% | 19.5% | 16.2% | N/A | 5.5% |
| Market Cap | 50M | 55M | 56M | 62M | 68M | 116M | 185M | 169M | 185M | 216M | 280M | 0 | 459M |
| Avg. Price | 11.57 | 14.25 | 14.61 | 15.67 | 18.98 | 21.74 | 23.34 | 21.29 | 20.13 | 22.08 | 27.23 | 0.00 | 32.72 |
| Year-End Price | 13.58 | 15.20 | 15.31 | 16.98 | 18.83 | 25.57 | 24.48 | 21.88 | 24.65 | 28.70 | 34.11 | 0.00 | 32.72 |
CHOICEONE FINANCIAL SERVICES INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
CHOICEONE FINANCIAL SERVICES INC trades at 17.8x trailing earnings, compared to its 15-year median P/E of 10.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 13.4x vs a median of 12.2x. The company's 5-year average ROIC is 5.0% with a gross margin of 81.9%. Total shareholder yield (dividends + buybacks) is 4.3%. At current prices, the estimated annualized return to fair value is +15.8%.
CHOICEONE FINANCIAL SERVICES INC (COFS) reported annual revenue of $228 million in its most recent fiscal year, based on SEC EDGAR filings.
CHOICEONE FINANCIAL SERVICES INC (COFS) has a net profit margin of 12.4%. This is a healthy margin.
CHOICEONE FINANCIAL SERVICES INC (COFS) generated $25 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CHOICEONE FINANCIAL SERVICES INC (COFS) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
CHOICEONE FINANCIAL SERVICES INC (COFS) reported earnings per share (EPS) of $2.01 in its most recent fiscal year.
CHOICEONE FINANCIAL SERVICES INC (COFS) has a return on equity (ROE) of 7.8%. This indicates moderate shareholder returns.
CHOICEONE FINANCIAL SERVICES INC (COFS) has a 5-year average gross margin of 81.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for CHOICEONE FINANCIAL SERVICES INC (COFS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CHOICEONE FINANCIAL SERVICES INC (COFS) has a book value per share of $33.20, based on its most recent annual SEC filing.