ChoiceOne Financial Services, Inc. (COFS)

COFS Income Statement

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

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	85.77	68.38	52.82	48.66	46.87	26.78
Interest Income on Investments	32.26	30.6	22.24	15.96	8.84	5.7
Total Interest Income	118.03	98.98	75.06	64.62	55.72	32.47
Interest Paid on Deposits	33.89	23.99	5.85	3.31	4.18	4.19
Interest Paid on Borrowings	12.49	9.11	1.9	0.67	0.47	0.51
Total Interest Expense	46.38	33.1	7.75	3.98	4.64	4.7
Net Interest Income	71.65	65.89	67.31	60.64	51.07	27.77
Net Interest Income Growth (YoY)	7.43%	-2.12%	11.00%	18.74%	83.89%	25.87%
Trust Income	0.86	0.77	0.73	0.79	0.74	0.16
Mortgage Banking Activities	0.82	0.82	1.01	2.34	3.18	0.82
Gain (Loss) on Sale of Investments	0.45	-0.32	-1.76	0.44	1.15	0.02
Other Non-Interest Income	13.26	12.35	12.66	11.18	9.51	6.69
Total Non-Interest Income	16.85	14.91	14.07	19.19	22.7	8.88
Non-Interest Income Growth (YoY)	15.35%	5.93%	-26.69%	-15.44%	155.61%	28.32%
Revenues Before Loan Losses	88.5	80.79	81.39	79.84	73.77	36.65
Provision for Loan Losses	0.8	0.15	0.25	0.42	4	-
Revenue	87.7	80.64	81.14	79.42	69.77	36.65
Revenue Growth (YoY)	7.77%	-0.61%	2.16%	13.83%	90.35%	26.61%
Salaries and Employee Benefits	31.47	30.96	29.43	28.49	26.03	14
Occupancy Expenses	5.56	5.72	5.98	6.02	5.78	3.49
Federal Deposit Insurance	1.55	1.18	0.72	0.8	0.45	0.05
Amortization of Goodwill & Intangibles	0.81	0.96	1.15	1.31	1.5	0.35
Selling, General & Administrative	11.97	11.65	11.56	11.63	12.43	7.73
Other Non-Interest Expense	5.16	4.61	4.64	4.68	4.7	2.86
Total Non-Interest Expense	56.51	55.07	53.48	52.92	50.88	28.48
EBT Excluding Unusual Items	31.19	25.57	27.66	26.5	18.89	8.18
Pretax Income	30.74	25.57	27.66	26.5	18.89	8.47
Income Tax Expense	5.88	4.31	4.02	4.46	3.27	1.29
Net Income	24.86	21.26	23.64	22.04	15.61	7.17
Net Income to Common	24.86	21.26	23.64	22.04	15.61	7.17
Net Income Growth	9.75%	-10.06%	7.25%	41.18%	117.72%	-2.21%
Basic Shares Outstanding	8	8	8	8	8	5
Diluted Shares Outstanding	8	8	8	8	8	5
Shares Change (YoY)	3.99%	0.60%	-2.28%	2.27%	65.92%	25.11%
EPS (Basic)	3.18	2.82	3.15	2.87	2.08	1.58
EPS (Diluted)	3.16	2.82	3.15	2.86	2.07	1.58
EPS Growth	5.14%	-10.48%	10.14%	38.16%	31.03%	-21.79%
Dividend Per Share	1.080	1.050	1.010	0.940	0.820	0.800
Dividend Growth	3.85%	3.96%	7.45%	14.63%	2.50%	12.68%
Effective Tax Rate	19.12%	16.84%	14.53%	16.82%	17.33%	15.29%

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