ChoiceOne Financial Services, Inc. (COFS)

COFS Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	89.58	68.38	52.82	48.66	46.87
Interest Income on Investments	31.52	30.6	22.24	15.96	8.84
Total Interest Income	121.1	98.98	75.06	64.62	55.72
Interest Paid on Deposits	34.17	23.99	5.85	3.31	4.18
Interest Paid on Borrowings	12.49	9.11	1.9	0.67	0.47
Total Interest Expense	46.66	33.1	7.75	3.98	4.64
Net Interest Income	74.44	65.89	67.31	60.64	51.07
Net Interest Income Growth (YoY)	12.99%	-2.12%	11.00%	18.74%	83.89%
Trust Income	0.91	0.77	0.73	0.79	0.74
Mortgage Banking Activities	1.05	0.82	1.01	2.34	3.18
Gain (Loss) on Sale of Investments	0.2	-0.32	-1.76	0.44	1.15
Other Non-Interest Income	14.26	12.35	12.66	11.18	9.51
Total Non-Interest Income	18	14.91	14.07	19.19	22.7
Non-Interest Income Growth (YoY)	20.72%	5.93%	-26.69%	-15.44%	155.61%
Revenues Before Loan Losses	92.44	80.79	81.39	79.84	73.77
Provision for Loan Losses	0.63	0.15	0.25	0.42	4
Revenue	91.81	80.64	81.14	79.42	69.77
Revenue Growth (YoY)	13.85%	-0.61%	2.16%	13.83%	90.35%
Salaries and Employee Benefits	33.41	30.96	29.43	28.49	26.03
Occupancy Expenses	5.8	5.72	5.98	6.02	5.78
Federal Deposit Insurance	1.34	1.18	0.72	0.8	0.45
Amortization of Goodwill & Intangibles	0.76	0.96	1.15	1.31	1.5
Selling, General & Administrative	11.18	11.65	11.56	11.63	12.43
Other Non-Interest Expense	5.21	4.61	4.64	4.68	4.7
Total Non-Interest Expense	57.68	55.07	53.48	52.92	50.88
EBT Excluding Unusual Items	34.13	25.57	27.66	26.5	18.89
Pretax Income	33.09	25.57	27.66	26.5	18.89
Income Tax Expense	6.36	4.31	4.02	4.46	3.27
Net Income	26.73	21.26	23.64	22.04	15.61
Net Income to Common	26.73	21.26	23.64	22.04	15.61
Net Income Growth	25.71%	-10.06%	7.25%	41.18%	117.72%
Basic Shares Outstanding	8	8	8	8	8
Diluted Shares Outstanding	8	8	8	8	8
Shares Change (YoY)	8.57%	0.60%	-2.28%	2.27%	65.92%
EPS (Basic)	3.27	2.82	3.15	2.87	2.08
EPS (Diluted)	3.25	2.82	3.15	2.86	2.07
EPS Growth	15.25%	-10.48%	10.14%	38.16%	31.03%
Dividend Per Share	1.090	1.050	1.010	0.940	0.820
Dividend Growth	3.81%	3.96%	7.45%	14.63%	2.50%
Effective Tax Rate	19.23%	16.84%	14.53%	16.82%	17.33%

Source: S&P Capital IQ. Banks template. Financial Sources.