ChoiceOne Financial Services, Inc. operates as the bank holding company for ChoiceOne Bank, a chartered community bank that provides various banking services to corporations, partnerships, and individuals in Michigan. The company offers various deposit products, including time, savings, and demand deposits. It also provides commercial loans, such as business, industry, agricultural, construction, inventory, and real estate loans; consumer loans, including direct and indirect loans to consumers and purchasers of residential and real properties; and mortgage loans.

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TypePublic
HQSparta, US
Founded1898
Size (employees)135 (est)+8%
Websitechoiceone.com
ChoiceOne was founded in 1898 and is headquartered in Sparta, US
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Key People/Management at ChoiceOne

Kelly Potes

Kelly Potes

President & CEO, President & CEO
Lee Braford

Lee Braford

SVP Chief Credit Officer
Sheila Clark

Sheila Clark

SVP Human Resources Director
Adom Greenland

Adom Greenland

SVP Chief Operating Officer
Mary Johnson

Mary Johnson

SVP Operations / Cashier
Thomas Lampen

Thomas Lampen

SVP Chief Financial Officer
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ChoiceOne Office Locations

ChoiceOne has an office in Sparta
Sparta, US (HQ)
109 E Division St
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ChoiceOne Financials and Metrics

ChoiceOne Revenue

ChoiceOne's revenue was reported to be $29.85 m in FY, 2017
USD

Revenue (Q3, 2018)

8.1m

Gross profit (Q3, 2018)

7.4m

Gross profit margin (Q3, 2018), %

91.5%

Net income (Q3, 2018)

2.0m

EBIT (Q3, 2018)

5.6m

Market capitalization (5-Oct-2018)

98.1m

Cash (30-Sep-2018)

14.4m
ChoiceOne's current market capitalization is $98.1 m.
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

27.1m28.2m29.9m

Revenue growth, %

4%

Cost of goods sold

990.0k969.0k1.5m

Gross profit

26.1m27.2m28.4m
Quarterly
USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Revenue

6.7m6.8m6.8m7.1m7.2m6.9m7.4m7.6m7.3m7.8m8.1m

Cost of goods sold

253.0k246.0k241.0k247.0k236.0k306.0k348.0k385.0k392.0k545.0k690.0k

Gross profit

6.4m6.6m6.5m6.8m7.0m6.6m7.0m7.2m7.0m7.3m7.4m

Gross profit Margin, %

96%96%96%97%97%96%95%95%95%93%91%
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

20.5m16.7m11.2m14.8m36.8m

Inventories

316.0m349.3m369.0m398.8m

PP&E

12.0m11.8m11.8m12.6m12.9m

Goodwill

13.7m13.7m13.7m13.7m13.7m
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

5.1m5.7m5.7m6.1m6.2m

Depreciation and Amortization

2.6m986.0k2.5m2.6m2.5m

Cash From Operating Activities

10.4m7.5m4.0m10.9m8.1m

Purchases of PP&E

(40.7m)(41.8m)(70.9m)(69.5m)(56.1m)
Quarterly
USDQ3, 2013Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Net Income

3.7m2.6m4.1m1.6m3.1m4.5m1.3m2.7m4.4m1.4m3.1m4.8m1.7m3.5m5.5m

Depreciation and Amortization

1.9m1.3m1.9m244.0k1.2m1.8m651.0k1.3m2.0m602.0k1.2m1.8m507.0k1.0m1.6m

Cash From Operating Activities

7.9m4.4m5.5m2.3m3.2m4.8m5.3m6.4m8.2m2.1m3.4m5.7m1.7m4.7m7.0m

Cash From Investing Activities

(2.6m)(17.3m)(27.9m)382.0k1.0m(9.5m)(12.5m)(21.5m)(30.6m)(13.6m)(18.4m)(36.0m)(1.4m)(12.8m)(29.7m)
USDY, 2018

Financial Leverage

8.4 x
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ChoiceOne Online and Social Media Presence

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ChoiceOne Blogs

ChoiceOne Bank Announces Executive, Leadership Positions

ChoiceOne Bank recently announced the promotions of Troy Butler III, Scott Jennings, John Mousel, CFP®, Carrie Olson and Lianna den Dulk.
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ChoiceOne Company Life and Culture

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ChoiceOne Frequently Asked Questions

  • When was ChoiceOne founded?

    ChoiceOne was founded in 1898.

  • Who are ChoiceOne key executives?

    ChoiceOne's key executives are Kelly Potes, Lee Braford and Sheila Clark.

  • How many employees does ChoiceOne have?

    ChoiceOne has 135 employees.

  • What is ChoiceOne revenue?

    Latest ChoiceOne annual revenue is $29.9 m.

  • What is ChoiceOne revenue per employee?

    Latest ChoiceOne revenue per employee is $221.1 k.

  • Who are ChoiceOne competitors?

    Competitors of ChoiceOne include Randolph Bancorp, Hanmi Financial and Farmers & Merchants Bancorp.

  • Where is ChoiceOne headquarters?

    ChoiceOne headquarters is located at 109 E Division St, Sparta.

  • Where are ChoiceOne offices?

    ChoiceOne has an office in Sparta.

  • How many offices does ChoiceOne have?

    ChoiceOne has 1 office.