The bank maintains a stable equity-to-assets ratio of 0.11 as of 2026Q1, though the reliance on a $4.0 billion investment securities portfolio warrants caution regarding duration risk.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 580.2M | 222.26M | 575.52M | 570.03M | 573.69M | 1.13B | 654.31M | 399.14M | 186.29M | 192.43M | 189.2M | 171.32M | 159.17M | 156.56M | 153.53M | 131.4M | 19.07M | 9.96M | 9.25M | 10.92M | 9.94M | 4.99M | 3.62M | 4.72M | 5.72M | 4.93M | 4.9M | 4M | 5.05M | 3.77M | 4.95M |
| Cash & Due from Banks | 83.87M | 87.99M | 96.4M | 55.43M | 43.94M | 31.89M | 79.52M | 59.56M | 19.69M | 36.84M | 14.81M | 11.19M | 16.65M | 20.48M | 19.03M | 17.13M | 19.07M | 9.96M | 9.25M | 10.92M | 9.94M | 4.99M | 3.62M | 4.72M | 5.72M | 4.93M | 4.9M | 4M | 5.05M | 3.77M | 4.95M |
| Short Term Investments | 0 | 134.28M | 479.12M | 514.6M | 529.75M | 1.1B | 574.79M | 339.58M | 166.6M | 155.59M | 174.39M | 160.14M | 142.52M | 136.08M | 134.49M | 114.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 3.96B | 3.94B | 2.42B | 2.33B | 2.15B | 2.17B | 1.69B | 1.19B | 595.32M | 558.32M | 541.09M | 510.2M | 486.63M | 448.24M | 441.98M | 430.45M | 404.64M | 393.13M | 400.06M | 408.01M | 405.73M | 228.08M | 216.73M | 199.31M | 194.34M | 182.07M | 185.21M | 178.59M | 159.21M | 146.15M | 131.6M |
| Investments Growth % | 189.55% | 63.07% | 3.78% | 8.3% | -0.8% | 28.48% | 41.3% | 100.66% | 6.63% | 3.19% | 6.05% | 4.84% | 8.56% | 1.42% | 2.68% | 6.38% | 2.93% | -1.73% | -1.95% | 0.56% | 77.89% | 5.24% | 8.74% | 2.56% | 6.74% | -1.69% | 3.7% | 12.18% | 8.93% | 11.06% | 30.86% |
| Long-Term Investments | 15.35B | 3.81B | 1.94B | 1.82B | 1.62B | 1.07B | 1.11B | 854.99M | 428.72M | 402.73M | 366.7M | 350.07M | 344.11M | 312.16M | 307.49M | 316.18M | 404.64M | 393.13M | 400.06M | 408.01M | 405.73M | 228.08M | 216.73M | 199.31M | 194.34M | 182.07M | 185.21M | 178.59M | 159.21M | 146.15M | 131.6M |
| Accounts Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 859K |
| Goodwill & Intangibles | 159.32M | 157.84M | 61.04M | 61.8M | 62.76M | 63.91M | 65.78M | 58.88M | 13.73M | 13.73M | 13.73M | 14.11M | 14.55M | 15M | 15.45M | 15.9M | 16.7M | 17.29M | 17.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 129.85M | 129.85M | 59.95M | 59.95M | 59.95M | 59.95M | 60.51M | 52.87M | 13.73M | 13.73M | 13.73M | 13.73M | 13.73M | 13.73M | 13.73M | 13.73M | 13.73M | 13.73M | 13.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 29.46M | 27.99M | 1.1M | 1.85M | 2.81M | 3.96M | 5.27M | 6.01M | 0 | 0 | 0 | 379K | 827K | 1.27M | 1.72M | 2.17M | 2.97M | 3.56M | 4.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 48.67M | 48.11M | 27.1M | 29.75M | 28.23M | 29.88M | 29.49M | 24.27M | 15.88M | 12.86M | 12.59M | 11.85M | 11.79M | 11.99M | 12.12M | 12.08M | 12.53M | 11.92M | 11.74M | 11.87M | 11.62M | 5.6M | 4.91M | 4.08M | 4.45M | 5.77M | 5.37M | 4.91M | 4.09M | 3.66M | 2.99M |
| Other Assets | 139.88M | 173.98M | 120.54M | 99.98M | 99.77M | 72.49M | 56.67M | 48.87M | 25.92M | 24.8M | 25.16M | 20.4M | 20.01M | 18.85M | 20.32M | 20.36M | 27.59M | 33.62M | 24.65M | 20.8M | 19.9M | 9M | 6.55M | 6.89M | 7.22M | 4.54M | 5.72M | 5.6M | 2.25M | 2.75M | 1.33M |
| Total Current Assets | 86.17M | 222.26M | 575.87M | 570.03M | 573.69M | 1.13B | 654.31M | 399.14M | 186.29M | 192.43M | 189.2M | 171.32M | 159.17M | 156.56M | 153.53M | 131.4M | 19.07M | 9.96M | 9.25M | 10.92M | 9.94M | 4.99M | 3.62M | 4.72M | 5.72M | 4.93M | 4.9M | 4M | 5.05M | 3.77M | 5.81M |
| Total Non-Current Assets | 4.31B | 4.19B | 2.15B | 2.01B | 1.81B | 1.24B | 1.27B | 986.99M | 484.25M | 454.12M | 418.17M | 396.42M | 390.47M | 358.01M | 355.39M | 364.51M | 461.45M | 455.96M | 454.3M | 457.51M | 454.94M | 241.87M | 227.69M | 210.75M | 206.6M | 192.86M | 196.3M | 189.11M | 165.55M | 152.56M | 135.92M |
| Total Assets | 4.39B | 4.41B | 2.72B | 2.58B | 2.39B | 2.37B | 1.92B | 1.39B | 670.54M | 646.54M | 607.37M | 567.75M | 549.64M | 514.58M | 508.91M | 495.91M | 480.52M | 465.92M | 463.55M | 470.15M | 466.65M | 248.11M | 232.28M | 215.47M | 212.32M | 197.79M | 201.19M | 193.11M | 170.6M | 156.33M | 141.73M |
| Asset Growth % | 185.98% | 61.96% | 5.69% | 8% | 0.81% | 23.31% | 38.47% | 106.72% | 3.71% | 6.45% | 6.98% | 3.29% | 6.81% | 1.11% | 2.62% | 3.2% | 3.14% | 0.51% | -1.4% | 0.75% | 88.08% | 6.81% | 7.81% | 1.48% | 7.35% | -1.69% | 4.19% | 13.19% | 9.13% | 10.3% | 28.94% |
| Return on Assets (ROA) | 1.28% | 0.79% | 1.01% | 0.86% | 0.99% | 1.03% | 0.94% | 0.7% | 1.11% | 0.98% | 1.04% | 1.03% | 1.07% | 1% | 0.85% | 0.72% | 0.57% | 0.32% | 0.31% | 0.76% | 0.58% | 0.9% | 0.83% | 0.98% | 0.8% | 0.73% | 0.77% | 1.07% | 1.18% | 1.17% | 1.35% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 233.37M | 313.46M | 210.75M | 235.51M | 85.26M | 85.02M | 12.42M | 33.2M | 10.03M | 27.42M | 20.21M | 20.79M | 45.11M | 32.42M | 19.99M | 52.19M | 30.72M | 42.66M | 77.53M | 57.64M | 39.38M | 42.29M | 41.87M | 46.94M | 38.67M | 42.03M | 43.76M | 46.53M | 29.96M | 29.05M | 29.93M |
| Net Debt | 149.5M | 225.47M | 114M | 180.07M | 41.32M | 53.13M | -67.1M | -26.36M | -9.66M | -9.42M | 5.41M | 9.61M | 28.46M | 11.95M | 958K | 35.06M | 11.65M | 32.71M | 68.28M | 46.72M | 29.45M | 37.3M | 38.25M | 42.22M | 32.95M | 37.1M | 38.86M | 42.53M | 24.91M | 25.28M | 24.98M |
| Long-Term Debt | 68.37M | 68.46M | 55.75M | 215.51M | 35.26M | 35.02M | 12.42M | 198K | 5.23M | 20.27M | 12.3M | 11.33M | 18.36M | 6.39M | 420K | 8.45M | 8.47M | 21.98M | 39.96M | 35.93M | 23.91M | 9M | 9.75M | 16.5M | 14.25M | 35.13M | 36.21M | 37M | 26.65M | 26.99M | 25.2M |
| Short-Term Debt | 165M | 245M | 155M | 20M | 50M | 50M | 0 | 33M | 4.8M | 7.15M | 7.91M | 9.46M | 26.74M | 26.03M | 19.57M | 43.74M | 22.25M | 20.68M | 37.57M | 21.71M | 15.47M | 33.29M | 32.12M | 30.44M | 24.42M | 6.9M | 7.55M | 9.53M | 3.31M | 2.06M | 4.73M |
| Other Liabilities | 3.69B | 31.71M | 37.97M | 23.51M | 13.78M | 7.7M | 5.08M | 6.19M | 3.02M | 2.73M | 3.07M | 2.42M | 3.52M | 2.46M | 4.22M | -17.54M | 5.61M | 5.32M | -13.16M | 7.53M | 9.37M | 1.99M | 2.28M | 1.7M | 1.52M | 1.52M | 15.3M | 16.84M | 17.83M | 17.64M | 14.85M |
| Total Current Liabilities | 165M | 3.85B | 2.37B | 2.14B | 2.17B | 2.1B | 1.67B | 1.19B | 581.82M | 547M | 520.3M | 484.16M | 461.57M | 444.16M | 443.77M | 447.1M | 412.13M | 385.69M | 384.57M | 373.55M | 381.85M | 215.4M | 199.19M | 176.7M | 177.2M | 142.88M | 132.1M | 122.38M | 109.98M | 96.09M | 87.15M |
| Total Non-Current Liabilities | 3.76B | 100.17M | 93.72M | 239.02M | 49.04M | 42.72M | 17.5M | 6.39M | 8.25M | 22.99M | 15.37M | 13.75M | 21.88M | 8.86M | 4.64M | -9.09M | 14.08M | 27.3M | 26.8M | 43.46M | 33.28M | 10.99M | 12.03M | 18.2M | 15.77M | 36.64M | 51.51M | 53.84M | 44.48M | 44.7M | 40.05M |
| Total Liabilities | 3.92B | 3.95B | 2.46B | 2.38B | 2.22B | 2.15B | 1.69B | 1.19B | 590.07M | 569.99M | 535.67M | 497.9M | 483.45M | 453.02M | 448.41M | 438.01M | 426.21M | 412.99M | 411.37M | 417.01M | 415.13M | 226.39M | 211.22M | 194.9M | 192.97M | 179.52M | 183.6M | 176.22M | 154.46M | 140.79M | 127.19M |
| Total Equity | 470M | 465.35M | 260.42M | 195.63M | 168.87M | 221.67M | 227.27M | 192.14M | 80.48M | 76.55M | 71.7M | 69.84M | 66.19M | 61.56M | 60.51M | 57.9M | 54.31M | 52.93M | 52.19M | 53.14M | 51.52M | 21.72M | 21.07M | 20.57M | 19.36M | 18.27M | 17.59M | 16.89M | 16.14M | 15.54M | 14.54M |
| Equity Growth % | 271.5% | 78.7% | 33.11% | 15.85% | -23.82% | -2.46% | 18.28% | 138.75% | 5.13% | 6.77% | 2.66% | 5.52% | 7.52% | 1.74% | 4.49% | 6.61% | 2.62% | 1.42% | -1.8% | 3.15% | 137.23% | 3.08% | 2.44% | 6.25% | 5.94% | 3.89% | 4.15% | 4.63% | 3.89% | 6.88% | 5.46% |
| Equity / Assets (Capital Ratio) | 10.7% | 10.55% | 9.56% | 7.59% | 7.08% | 9.37% | 11.84% | 13.86% | 12% | 11.84% | 11.8% | 12.3% | 12.04% | 11.96% | 11.89% | 11.68% | 11.3% | 11.36% | 11.26% | 11.3% | 11.04% | 8.75% | 9.07% | 9.55% | 9.12% | 9.24% | 8.74% | 8.75% | 9.46% | 9.94% | 10.26% |
| Return on Equity (ROE) | 12.28% | 7.76% | 11.72% | 11.67% | 12.11% | 9.82% | 7.45% | 5.26% | 9.34% | 8.32% | 8.61% | 8.44% | 8.92% | 8.35% | 7.2% | 6.26% | 5.06% | 2.81% | 2.72% | 6.84% | 5.7% | 10.12% | 8.91% | 10.52% | 8.73% | 8.13% | 8.85% | 11.82% | 12.13% | 11.55% | 11.97% |
| Book Value per Share | 31.20 | 33.26 | 31.68 | 25.84 | 22.44 | 28.78 | 30.18 | 42.33 | 22.18 | 21.16 | 19.75 | 19.19 | 18.14 | 16.88 | 16.65 | 15.98 | 15.05 | 14.74 | 14.62 | 14.81 | 28.10 | 11.91 | 11.60 | 11.42 | 10.79 | 9.80 | 9.96 | 10.04 | 9.45 | 4.74 | 4.22 |
| Tangible BV per Share | 20.62 | 21.98 | 24.25 | 17.67 | 14.10 | 20.48 | 21.44 | 29.36 | 18.40 | 17.36 | 15.97 | 15.32 | 14.15 | 12.77 | 12.40 | 11.59 | 10.42 | 9.93 | 9.62 | 14.81 | 28.10 | 11.91 | 11.60 | 11.42 | 10.79 | 9.80 | 9.96 | 10.04 | 9.45 | 4.74 | 4.22 |
| Common Stock | 397.5M | 398.39M | 206.78M | 173.51M | 172.28M | 171.91M | 178.75M | 162.61M | 54.52M | 50.29M | 46.3M | 46.5M | 46.55M | 46.59M | 46.65M | 46.6M | 0 | 0 | 0 | 0 | 0 | 17.42M | 15.91M | 15.81M | 15.64M | 14.47M | 13.32M | 13.26M | 11.82M | 12.38M | 4.83M |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54.52M | 50.29M | 46.3M | 46.5M | 46.55M | 46.59M | 46.65M | 46.6M | 46.46M | 46.33M | 46.17M | 45.96M | 46.25M | 17.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7M | 5.29M |
| Retained Earnings | 112.01M | 102.64M | 91.41M | 73.7M | 68.39M | 52.33M | 37.49M | 28.05M | 26.69M | 26.02M | 26M | 22.14M | 18.57M | 14.81M | 11.5M | 8.89M | 6.95M | 5.81M | 5.9M | 6.67M | 5.29M | 4.59M | 5.05M | 4.26M | 3.22M | 3.68M | 4.22M | 3.68M | 4.07M | 2.99M | 4.3M |
| Accumulated OCI | -39.51M | -35.67M | -37.78M | -51.58M | -71.8M | -2.58M | 11.03M | 1.48M | -55.26M | -50.05M | -46.9M | -45.3M | -45.48M | -46.45M | -44.29M | -44.19M | 900K | 787K | 116K | 521K | -19K | -17.72M | 103K | 489K | 492K | 182K | 132K | -53K | 247K | -6.84M | 113K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Asset-Liability Duration Mismatch
As reported in financial statements, ChoiceOne's total assets grew from $2.6 billion in 2023Q4 to $4.4 billion by 2026Q1, a trajectory that suggests the bank has successfully utilized inorganic growth strategies to scale its footprint within the competitive Michigan regional banking landscape.
The rapid expansion of the balance sheet appears to be driven by strategic M&A rather than organic loan demand alone. Investors should monitor whether this accelerated growth in assets can be sustained without diluting the bank's core credit culture or overextending its operational capacity.
Based on the provided quarterly data, the equity-to-assets ratio remained stable at approximately 0.11 as of 2026Q1, indicating that management has maintained a consistent capital buffer despite the significant balance sheet expansion and the integration of acquired entities over the past ten quarters.
The stability of the equity-to-assets ratio suggests that the bank is effectively managing its capital deployment to support growth while adhering to regulatory requirements. However, the bank's ability to maintain this ratio while navigating potential economic volatility in its core Michigan markets warrants continued scrutiny.
According to recent SEC filings, cash and equivalents stood at $83.9 million in 2026Q1, a figure that appears relatively lean compared to the $4.4 billion asset base, suggesting a high degree of reliance on the securities portfolio to manage short-term liquidity needs.
The concentration of assets in the investment portfolio, which reached $4.0 billion in 2026Q1, implies that the bank's liquidity is highly sensitive to market value fluctuations in its securities holdings. This structure may limit the bank's flexibility if it needs to rapidly pivot its funding strategy in a changing interest rate environment.
As evidenced by the balance sheet data, the investment securities portfolio accounts for over 90% of total assets as of 2026Q1, a non-obvious risk that suggests the bank's earnings are heavily exposed to duration risk and potential unrealized losses within its bond holdings.
This heavy weighting toward securities rather than a traditional loan-heavy balance sheet may indicate that the bank is currently prioritizing yield preservation over active credit expansion. Such a posture may leave the bank vulnerable to interest rate shocks that could impact the valuation of its primary asset class.
Quick answers to the most common questions about buying COFS stock.
As of 2025, ChoiceOne Financial Services, Inc. (COFS) had total assets of $4.41B including $222.3M in current assets.
ChoiceOne Financial Services, Inc. (COFS) carries total debt of $313.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ChoiceOne Financial Services, Inc. (COFS) has total shareholders' equity (book value) of $465.4M ($33.26 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ChoiceOne Financial Services, Inc. (COFS) reported a current ratio of 0.06x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.