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ChoiceOne Financial Services

OTCPK:COFS
Snowflake Description

Flawless balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
COFS
OTCPK
$107M
Market Cap
  1. Home
  2. US
  3. Banks
Company description

ChoiceOne Financial Services, Inc. operates as the bank holding company for ChoiceOne Bank that provides community banking services to corporations, partnerships, and individuals in Michigan. The last earnings update was 23 days ago. More info.


Add to Portfolio Compare Print
COFS Share Price and Events
7 Day Returns
2.3%
OTCPK:COFS
-5.2%
US Banks
-3.1%
US Market
1 Year Returns
11.5%
OTCPK:COFS
-16.1%
US Banks
-1.7%
US Market
COFS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
ChoiceOne Financial Services (COFS) 2.3% 0% 1.7% 11.5% 45.5% 53.1%
US Banks -5.2% -7.8% -5.8% -16.1% 29.4% 33.3%
US Market -3.1% -5.3% -1.2% -1.7% 28.2% 35%
1 Year Return vs Industry and Market
  • COFS outperformed the Banks industry which returned -16.1% over the past year.
  • COFS outperformed the Market in United States of America which returned -1.7% over the past year.
Price Volatility
COFS
Industry
5yr Volatility vs Market

COFS Value

 Is ChoiceOne Financial Services undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of ChoiceOne Financial Services to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for ChoiceOne Financial Services.

OTCPK:COFS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $21.06 * 8.5%
$1.78
Book Value of Equity per Share Median Book Value from the past 5 years. $21.06
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:COFS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.559 (1 + (1- 21%) (6.73%))
0.725
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for OTCPK:COFS using Excess Returns Model Model

The calculations below outline how an intrinsic value for ChoiceOne Financial Services is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

OTCPK:COFS Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.5% – 7.5%) * $21.06)
$0.20
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.20 / (7.5% - 2.73%)
$4.24
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $21.06 + $4.24
$25.3
OTCPK:COFS Discount to Share Price
Calculation Result
Value per share (USD) From above. $25.30
Current discount Discount to share price of $29.50
= -1 x ($29.50 - $25.30) / $25.30
-16.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of ChoiceOne Financial Services is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for ChoiceOne Financial Services's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are ChoiceOne Financial Services's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:COFS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in USD $1.92
OTCPK:COFS Share Price ** OTCPK (2019-08-15) in USD $29.5
United States of America Banks Industry PE Ratio Median Figure of 598 Publicly-Listed Banks Companies 12.2x
United States of America Market PE Ratio Median Figure of 3,093 Publicly-Listed Companies 17.02x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of ChoiceOne Financial Services.

OTCPK:COFS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OTCPK:COFS Share Price ÷ EPS (both in USD)

= 29.5 ÷ 1.92

15.38x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ChoiceOne Financial Services is overvalued based on earnings compared to the US Banks industry average.
  • ChoiceOne Financial Services is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does ChoiceOne Financial Services's expected growth come at a high price?
Raw Data
OTCPK:COFS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.38x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
7.7%per year
United States of America Banks Industry PEG Ratio Median Figure of 272 Publicly-Listed Banks Companies 1.11x
United States of America Market PEG Ratio Median Figure of 2,115 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for ChoiceOne Financial Services, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on ChoiceOne Financial Services's assets?
Raw Data
OTCPK:COFS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in USD $23.64
OTCPK:COFS Share Price * OTCPK (2019-08-15) in USD $29.5
United States of America Banks Industry PB Ratio Median Figure of 599 Publicly-Listed Banks Companies 1.14x
United States of America Market PB Ratio Median Figure of 5,261 Publicly-Listed Companies 1.67x
OTCPK:COFS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OTCPK:COFS Share Price ÷ Book Value per Share (both in USD)

= 29.5 ÷ 23.64

1.25x

* Primary Listing of ChoiceOne Financial Services.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ChoiceOne Financial Services is overvalued based on assets compared to the US Banks industry average.
X
Value checks
We assess ChoiceOne Financial Services's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. ChoiceOne Financial Services has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

COFS Future Performance

 How is ChoiceOne Financial Services expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover ChoiceOne Financial Services, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is ChoiceOne Financial Services expected to grow at an attractive rate?
  • ChoiceOne Financial Services's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • ChoiceOne Financial Services's earnings growth is positive but not above the United States of America market average.
  • Unable to compare ChoiceOne Financial Services's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
OTCPK:COFS Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:COFS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 7.7%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 1.6%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:COFS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:COFS Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-06-30 30 7
2019-03-31 29 9 7
2018-12-31 29 10 7
2018-09-30 29 9 7
2018-06-30 29 9 7
2018-03-31 28 8 6
2017-12-31 28 8 6
2017-09-30 28 8 6
2017-06-30 27 8 6
2017-03-31 27 8 6
2016-12-31 27 11 6
2016-09-30 27 7 6

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • ChoiceOne Financial Services's earnings are expected to grow by 7.7% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if ChoiceOne Financial Services is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:COFS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from ChoiceOne Financial Services Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:COFS Past Financials Data
Date (Data in USD Millions) EPS *
2019-06-30 1.92
2019-03-31 2.02
2018-12-31 2.03
2018-09-30 1.90
2018-06-30 1.82
2018-03-31 1.76
2017-12-31 1.70
2017-09-30 1.79
2017-06-30 1.78
2017-03-31 1.73
2016-12-31 1.68
2016-09-30 1.55

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if ChoiceOne Financial Services will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess ChoiceOne Financial Services's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
ChoiceOne Financial Services has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

COFS Past Performance

  How has ChoiceOne Financial Services performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare ChoiceOne Financial Services's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • ChoiceOne Financial Services's year on year earnings growth rate has been positive over the past 5 years.
  • ChoiceOne Financial Services's 1-year earnings growth exceeds its 5-year average (5.9% vs 5.5%)
  • ChoiceOne Financial Services's earnings growth has not exceeded the US Banks industry average in the past year (5.9% vs 33.2%).
Earnings and Revenue History
ChoiceOne Financial Services's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from ChoiceOne Financial Services Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:COFS Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 29.52 6.97 18.99
2019-03-31 29.28 7.31 18.37
2018-12-31 28.95 7.33 17.99
2018-09-30 28.61 6.87 17.85
2018-06-30 28.52 6.58 17.72
2018-03-31 28.22 6.38 17.49
2017-12-31 27.89 6.17 17.29
2017-09-30 27.55 6.49 16.82
2017-06-30 27.44 6.45 16.60
2017-03-31 27.27 6.26 16.55
2016-12-31 27.22 6.09 16.39
2016-09-30 26.93 5.62 16.41
2016-06-30 26.45 5.39 16.20
2016-03-31 26.13 5.38 15.74
2015-12-31 25.96 5.74 15.63
2015-09-30 25.82 6.08 15.20
2015-06-30 25.68 6.18 14.91
2015-03-31 25.21 6.09 14.72
2014-12-31 24.57 5.70 14.31
2014-09-30 24.16 5.49 14.14
2014-06-30 23.46 5.13 13.99
2014-03-31 23.46 5.11 13.91
2013-12-31 23.54 5.09 13.88
2013-09-30 23.41 4.85 13.86
2013-06-30 23.40 4.77 13.88
2013-03-31 22.59 4.48 13.66
2012-12-31 22.05 4.26 13.51
2012-09-30 21.46 4.18 13.21

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • ChoiceOne Financial Services has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • ChoiceOne Financial Services used its assets less efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if ChoiceOne Financial Services improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess ChoiceOne Financial Services's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
ChoiceOne Financial Services has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

COFS Health

 How is ChoiceOne Financial Services's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of ChoiceOne Financial Services's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from ChoiceOne Financial Services Company Filings, last reported 1 month ago.

OTCPK:COFS Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 85.66 7.22 13.69
2019-03-31 82.70 20.23 16.30
2018-12-31 80.48 10.03 18.91
2018-09-30 76.99 25.64 14.43
2018-06-30 76.27 24.25 11.88
2018-03-31 75.61 12.72 13.99
2017-12-31 76.55 27.42 36.03
2017-09-30 76.31 36.72 12.73
2017-06-30 75.53 26.59 17.05
2017-03-31 73.30 32.77 11.32
2016-12-31 71.70 20.21 14.19
2016-09-30 73.58 44.35 12.64
2016-06-30 72.40 50.70 13.47
2016-03-31 71.43 24.78 12.57
2015-12-31 69.84 20.79 10.09
2015-09-30 69.50 15.05 12.39
2015-06-30 68.10 52.91 15.39
2015-03-31 67.79 42.03 9.75
2014-12-31 66.19 45.11 16.24
2014-09-30 65.11 42.17 10.79
2014-06-30 64.00 36.74 20.74
2014-03-31 62.50 26.69 14.43
2013-12-31 61.56 32.43 20.13
2013-09-30 60.80 28.62 13.69
2013-06-30 60.59 31.58 10.34
2013-03-31 61.43 18.77 17.75
2012-12-31 60.51 19.99 18.72
2012-09-30 60.34 25.69 26.97
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • ChoiceOne Financial Services has an acceptable proportion of non-loan assets held.
  • ChoiceOne Financial Services's liabilities are made up of primarily low risk sources of funding.
  • Loans at ChoiceOne Financial Services are broadly funded by customer deposits.
  • ChoiceOne Financial Services's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • ChoiceOne Financial Services has a sufficient allowance for bad loans.
  • ChoiceOne Financial Services has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess ChoiceOne Financial Services's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. ChoiceOne Financial Services has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

COFS Dividends

 What is ChoiceOne Financial Services's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.71%
Current annual income from ChoiceOne Financial Services dividends.
If you bought $2,000 of ChoiceOne Financial Services shares you are expected to receive $54 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • ChoiceOne Financial Services's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.5%).
  • ChoiceOne Financial Services's dividend is below the markets top 25% of dividend payers in United States of America (3.9%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:COFS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 480 Stocks 3.4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2009 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:COFS Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-05 0.800 2.925
2018-11-14 0.720 2.888
2018-10-26 0.720 2.773
2018-08-14 0.720 2.640
2018-07-25 0.720 2.738
2018-05-15 0.680 2.599
2018-04-26 0.686 2.683
2018-03-29 0.648 2.655
2017-09-06 0.648 2.892
2017-08-11 0.648 2.973
2017-07-26 0.648 2.975
2017-05-15 0.617 2.838
2017-04-28 0.617 2.842
2017-03-27 0.617 2.950
2016-11-14 0.617 2.906
2016-06-06 0.617 3.040
2016-05-16 0.617 2.968
2016-03-28 0.617 2.986
2015-11-12 0.617 2.910
2015-08-17 0.617 2.955
2015-05-13 0.544 2.654
2015-04-27 0.544 2.566
2015-03-13 0.544 2.626
2014-11-14 0.544 2.623
2014-08-14 0.544 2.907
2014-05-14 0.508 3.031
2014-03-31 0.508 3.137
2013-09-12 0.508 3.305
2013-08-14 0.472 3.124
2013-05-15 0.472 3.114
2013-04-01 0.472 3.281
2012-08-24 0.472 3.450
2012-08-14 0.435 3.219
2012-05-14 0.435 3.306
2012-03-30 0.435 3.491
2012-01-30 0.435 3.969
2011-11-15 0.435 4.162
2011-11-01 0.435 4.176
2011-08-12 0.435 4.078
2011-05-16 0.435 4.184
2011-03-28 0.435 4.182
2011-02-04 0.435 4.172
2010-11-30 0.435 3.777
2010-11-15 0.435 4.290
2010-11-10 0.435 4.205
2010-09-02 0.435 4.411
2010-06-03 0.435 4.752
2010-02-25 0.435 5.599
2009-11-25 0.435 5.847
2009-11-16 0.435 5.895
2009-11-03 0.435 5.825
2009-05-29 0.435 6.053
2009-02-26 0.435 7.369
2008-11-17 0.617 9.671
2008-10-31 0.617 7.413

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of ChoiceOne Financial Services's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (5.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess ChoiceOne Financial Services's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can ChoiceOne Financial Services afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. ChoiceOne Financial Services has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

COFS Management

 What is the CEO of ChoiceOne Financial Services's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kelly Potes
COMPENSATION $1,042,830
AGE 57
TENURE AS CEO 3.2 years
CEO Bio

Mr. Kelly J. Potes, CFP has been President and Director of ChoiceOne Financial Services Inc. and Choiceone Bank (Sparta, MI) since June 22, 2015 and has been its Chief Executive Officer since June 1, 2016. Mr. Potes served as a Senior Vice President of Retail Banking & GM Investments/Ins for Choiceone Bank from January 2011 to June 22, 2015. Mr. Potes served as a Senior Vice President and General Manager of ChoiceOne Insurance Agencies, Inc., a subsidiary of ChoiceONe Bank from January 2001 to June 22, 2015. He served as Senior Vice President of ChoiceOne Bank since January 2011. Mr. Potes served as Senior Vice President of Investments of ChoiceOne Financial Services Inc. He served as the President of Kent-Ottawa Financial Advisors, Inc., a financial consulting firm, from December 1998 to 2001 and Vice President of Retail Services of the ChoiceONe Bank from May 1984 to 1998. Mr. Potes joined ChoiceOne Bank in 1984 and held various management positions including Assistant Controller, Bank Investment Portfolio Manager, Head of ALCO, Head of Bank Retail Services and Head of Investment Services. He served as a Director of ChoiceOne Insurance Agencies Inc. since January 2001. He serves as a Trustee of the Sparta Board of Education. Holding numerous community positions throughout his career, Mr. Potes is a board member and past president of the Rotary Club of Sparta, Michigan. He is also a board member of the Pension & Health Committee for West Michigan Conference of the United Methodist Church, a member of the Community Bank Initiatives (CBI) and its Member Services Advisory Board and past president, treasurer and trustee of the Sparta Board of Education. He has attained Certified Financial Planner (CFP) designation, Series 7, 24, 63 and 66 securities licenses and the State of Michigan life, health and variable contracts licenses. He graduated from the American Bankers Association Stonier Graduate School of Banking held at the Wharton School of Business, University of Pennsylvania. He graduated from Grand Valley State University with a Bachelor of Business Administration in Finance.

CEO Compensation
  • Kelly's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Kelly's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the ChoiceOne Financial Services management team in years:

3.5
Average Tenure
56
Average Age
  • The tenure for the ChoiceOne Financial Services management team is about average.
Management Team

Kelly Potes

TITLE
President
COMPENSATION
$1M
AGE
57
TENURE
3.2 yrs

Adom Greenland

TITLE
Senior VP & COO of Choiceone Bank
COMPENSATION
$193K
AGE
38
TENURE
2.6 yrs

Brad Henion

TITLE
Senior VP & Chief Lending Officer of Choiceone Bank
COMPENSATION
$203K
AGE
49
TENURE
3.8 yrs

Tom Lampen

TITLE
Senior VP
COMPENSATION
$88K
AGE
63
TENURE
23.6 yrs

Mary Johnson

TITLE
Senior VP of Operations & Secretary
AGE
55

Lianna den Dulk

TITLE
Human Resource Officer

Todd LaVictoire

TITLE
VP & Controller

Dan Wheat

TITLE
Mortgage Loan Originator

Sheila Clark

TITLE
Senior VP & Human Resources Director of Choiceone Bank
AGE
63
Board of Directors Tenure

Average tenure and age of the ChoiceOne Financial Services board of directors in years:

5.7
Average Tenure
57
Average Age
  • The tenure for the ChoiceOne Financial Services board of directors is about average.
Board of Directors

Paul Johnson

TITLE
Chairman of the Board
COMPENSATION
$39K
AGE
69
TENURE
5.7 yrs

Kelly Potes

TITLE
President
COMPENSATION
$1M
AGE
57
TENURE
4.2 yrs

Roxanne Page

TITLE
Vice Chairman of the Board
COMPENSATION
$31K
AGE
49
TENURE
5.7 yrs

Jim Bosserd

TITLE
Director
COMPENSATION
$32K
AGE
69
TENURE
18.3 yrs

Jack Hendon

TITLE
Director
COMPENSATION
$29K
AGE
63
TENURE
6 yrs

Greg Armock

TITLE
Director
COMPENSATION
$26K
AGE
49
TENURE
1.6 yrs

Nels Nyblad

TITLE
Director
COMPENSATION
$27K
AGE
65
TENURE
11.2 yrs

Keith Brophy

TITLE
Director
COMPENSATION
$29K
AGE
56
TENURE
4.8 yrs

Bradley McGinnis

TITLE
Director
COMPENSATION
$5K
AGE
47
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by ChoiceOne Financial Services individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
06. Aug 19 Buy Greg Armock Individual 02. Aug 19 02. Aug 19 2,010 $29.50 $59,295
20. May 19 Buy Keith Brophy Individual 20. May 19 20. May 19 700 $29.00 $20,300
17. May 19 Buy Roxanne Page Individual 16. May 19 16. May 19 1,330 $28.75 $38,238
16. May 19 Buy Keith Brophy Individual 15. May 19 15. May 19 1,100 $30.00 $31,920
09. May 19 Buy Keith Brophy Individual 07. May 19 07. May 19 1,100 $27.23 $29,953
09. Nov 18 Sell Mary Johnson Individual 31. Oct 18 31. Oct 18 -1,002 $26.07 $-26,122
X
Management checks
We assess ChoiceOne Financial Services's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. ChoiceOne Financial Services has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

COFS News

Simply Wall St News

COFS Company Info

Description

ChoiceOne Financial Services, Inc. operates as the bank holding company for ChoiceOne Bank that provides community banking services to corporations, partnerships, and individuals in Michigan. The company offers various deposit products, including time, savings, checking, and demand deposits, as well as certificates of deposit. It also provides commercial loans, such as business, industry, agricultural, construction, inventory, and real estate loans; and consumer loans comprising direct and indirect loans to consumers and purchasers of residential and real properties. In addition, the company offers safe deposit and automated transaction machine services; and alternative investment products, including annuities and mutual funds, as well as sells insurance policies, such as life and health for commercial and consumer clients. It operates 14 full-service offices in Kent, Ottawa, Muskegon, and Newaygo counties in Michigan. The company was founded in 1898 and is headquartered in Sparta, Michigan.

Details
Name: ChoiceOne Financial Services, Inc.
COFS
Exchange: OTCPK
Founded: 1898
$107,171,081
3,632,918
Website: http://www.choiceone.com
Address: ChoiceOne Financial Services, Inc.
109 East Division Street,
Sparta,
Michigan, 49345,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OTCPK COFS Common Stock Pink Sheets LLC US USD 24. Nov 1999
Number of employees
Current staff
Staff numbers
158
ChoiceOne Financial Services employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/08/16 23:47
End of day share price update: 2019/08/15 00:00
Last earnings filing: 2019/07/24
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.