ChoiceOne Financial Services, Inc. (COFS) Financial Statements (2024 and earlier)

Company Profile

Business Address 109 E DIVISION
SPARTA, MI 49345-0186
State of Incorp. MI
Fiscal Year End December 31
Industry (SIC) 6022 - State Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments85,10963,88852,50959,47148,58498,258
Cash and cash equivalents76,81055,18943,94351,49440,29689,976
Short-term investments8,2998,6998,5667,9778,2888,282
Total current assets:85,10963,88852,50959,47148,58498,258
Noncurrent Assets
Property, plant and equipment29,08528,63328,23228,94729,12229,678
Intangible assets, net (including goodwill)62,25062,50362,75563,00863,30463,606
Goodwill59,94659,94659,94659,94659,94659,946
Intangible assets, net (excluding goodwill)2,3042,5572,8093,0623,3583,660
Total noncurrent assets:91,33591,13690,98791,95592,42693,284
Other undisclosed assets2,307,2822,254,8622,242,4192,212,1032,219,1952,185,236
TOTAL ASSETS:2,483,7262,409,8862,385,9152,363,5292,360,2052,376,778
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Noncurrent Liabilities
Other undisclosed liabilities2,304,4862,241,1742,217,0412,206,8722,193,7452,185,660
Total liabilities:2,304,4862,241,1742,217,0412,206,8722,193,7452,185,660
Equity
Equity, attributable to parent, including:179,240168,712168,874156,657166,460191,118
Accumulated other comprehensive loss(60,921)(67,878)(71,797)(78,982)(65,072)(36,362)
Retained earnings67,28164,02668,39463,66459,72855,988
Other undisclosed equity, attributable to parent172,880172,564172,277171,975171,804171,492
Total equity:179,240168,712168,874156,657166,460191,118
TOTAL LIABILITIES AND EQUITY:2,483,7262,409,8862,385,9152,363,5292,360,2052,376,778

Income Statement (P&L) ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Revenues24,02821,99720,02719,49718,35918,483
Net investment income23,31621,39820,63519,28517,66617,474
Cost of revenue
(Provision for Loan, Lease, and Other Losses)
 (25)(150)(100)  
Gross profit:24,02821,97219,87719,39718,35918,483
Operating expenses(4,279)(4,535)(4,510)(4,518)(4,289)(4,313)
Other operating income, net
(Noninterest Income, Other Operating Income)
691887 1445431,126
Other undisclosed operating loss   (1,812)   
Operating income:20,44018,32413,55515,02314,61315,296
Nonoperating income
(Bank Owned Life Insurance Income)
269263519259254280
Interest and debt expense(7,225)(4,386)(3,269)(1,947)(1,377)(1,153)
Income from continuing operations before equity method investments, income taxes:13,48414,20110,80513,33513,49014,423
Other undisclosed loss from continuing operations before income taxes(7,231)(7,538)(3,055)(6,466)(6,928)(7,947)
Income from continuing operations before income taxes:6,2536,6637,7506,8696,5626,476
Income tax expense(1,040)(1,030)(1,066)(1,056)(947)(948)
Income from continuing operations:5,2135,6336,6845,8135,6155,528
Income before gain (loss) on sale of properties:5,8135,6155,528
Net income available to common stockholders, diluted:5,2135,6336,6845,8135,6155,528

Comprehensive Income ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Net income:5,2135,6336,6845,8135,6155,528
Other comprehensive income (loss)6,9573,9197,185(13,910)(28,710)(33,786)
Comprehensive income (loss), net of tax, attributable to parent:12,1709,55213,869(8,097)(23,095)(28,258)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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