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COFS (ChoiceOne Financial Services) Piotroski F-Score : 8 (As of Mar. 18, 2025)


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What is ChoiceOne Financial Services Piotroski F-Score?

Good Sign:

Piotroski F-Score is 8, indicates a very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

ChoiceOne Financial Services has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for ChoiceOne Financial Services's Piotroski F-Score or its related term are showing as below:

COFS' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 8

During the past 13 years, the highest Piotroski F-Score of ChoiceOne Financial Services was 8. The lowest was 4. And the median was 6.


ChoiceOne Financial Services Piotroski F-Score Historical Data

The historical data trend for ChoiceOne Financial Services's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

ChoiceOne Financial Services Piotroski F-Score Chart

ChoiceOne Financial Services Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 6.00 6.00 4.00 8.00

ChoiceOne Financial Services Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 4.00 5.00 7.00 8.00

Competitive Comparison of ChoiceOne Financial Services's Piotroski F-Score

For the Banks - Regional subindustry, ChoiceOne Financial Services's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


ChoiceOne Financial Services's Piotroski F-Score Distribution in the Banks Industry

For the Banks industry and Financial Services sector, ChoiceOne Financial Services's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where ChoiceOne Financial Services's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was 5.634 + 6.586 + 7.348 + 7.159 = $26.73 Mil.
Cash Flow from Operations was 15.314 + 15.736 + -6.412 + 24.008 = $48.65 Mil.
Revenue was 20.525 + 22.454 + 25.115 + 24.343 = $92.44 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(2576.706 + 2670.699 + 2623.067 + 2726.003 + 2723.243) / 5 = $2663.9436 Mil.
Total Assets at the begining of this year (Dec23) was $2,576.71 Mil.
Long-Term Debt & Capital Lease Obligation was $55.75 Mil.
Total Assets was $2,723.24 Mil.
Total Liabilities was $2,462.83 Mil.
Net Income was 5.633 + 5.213 + 5.122 + 5.293 = $21.26 Mil.

Revenue was 20.683 + 19.576 + 19.93 + 20.602 = $80.79 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(2385.915 + 2409.886 + 2483.726 + 2574.196 + 2576.706) / 5 = $2486.0858 Mil.
Total Assets at the begining of last year (Dec22) was $2,385.92 Mil.
Long-Term Debt & Capital Lease Obligation was $215.51 Mil.
Total Assets was $2,576.71 Mil.
Total Liabilities was $2,381.07 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

ChoiceOne Financial Services's current Net Income (TTM) was 26.73. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

ChoiceOne Financial Services's current Cash Flow from Operations (TTM) was 48.65. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec23)
=26.727/2576.706
=0.01037255

ROA (Last Year)=Net Income/Total Assets (Dec22)
=21.261/2385.915
=0.00891105

ChoiceOne Financial Services's return on assets of this year was 0.01037255. ChoiceOne Financial Services's return on assets of last year was 0.00891105. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

ChoiceOne Financial Services's current Net Income (TTM) was 26.73. ChoiceOne Financial Services's current Cash Flow from Operations (TTM) was 48.65. ==> 48.65 > 26.73 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=55.752/2663.9436
=0.02092837

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=215.507/2486.0858
=0.08668526

ChoiceOne Financial Services's gearing of this year was 0.02092837. ChoiceOne Financial Services's gearing of last year was 0.08668526. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Dec24)=Total Assets/Total Liabilities
=2723.243/2462.828
=1.1057382

Current Ratio (Last Year: Dec23)=Total Assets/Total Liabilities
=2576.706/2381.072
=1.08216215

ChoiceOne Financial Services's current ratio of this year was 1.1057382. ChoiceOne Financial Services's current ratio of last year was 1.08216215. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

ChoiceOne Financial Services's number of shares in issue this year was 9.052. ChoiceOne Financial Services's number of shares in issue last year was 7.603. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=26.727/92.437
=0.28913747

Net Margin (Last Year: TTM)=Net Income/Revenue
=21.261/80.791
=0.2631605

ChoiceOne Financial Services's net margin of this year was 0.28913747. ChoiceOne Financial Services's net margin of last year was 0.2631605. ==> This year's net margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec23)
=92.437/2576.706
=0.0358741

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=80.791/2385.915
=0.03386164

ChoiceOne Financial Services's asset turnover of this year was 0.0358741. ChoiceOne Financial Services's asset turnover of last year was 0.03386164. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+1+0+1+1
=8

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

ChoiceOne Financial Services has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

ChoiceOne Financial Services  (NAS:COFS) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


ChoiceOne Financial Services Piotroski F-Score Related Terms

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ChoiceOne Financial Services Business Description

Traded in Other Exchanges
N/A
Address
109 East Division Street, Sparta, MI, USA, 49345
ChoiceOne Financial Services Inc is a full-service banking institution. It is engaged in the business of providing personal and business banking solutions, borrowing solutions, and treasury notes and bonds services. The bank's product and services portfolio consist of time, savings and demand deposits, safe deposit services, automated transaction machine services, commercial and consumer loans, commercial lending to business, industry, agricultural, construction, inventory, and real estate categories. Its primary market area is Kent, Muskegon, Newaygo, and Ottawa counties in western Michigan, and Lapeer, Macomb, and St. Clair counties in southeastern Michigan in the communities where the Bank's respective offices are located.
Executives
Bradley F. Mcginnis director 109 EAST DIVISION STREET, SPARTA MI 49345
Burke Michael J Jr director, officer: President 109 EAST DIVISION STREET, SPARTA MI 49345
Kelly Potes officer: V.P. - ChoiceOne Insur. (Sub.) 109 EAST DIVISION STREET, SPARTA MI 49345
Gregory A Mcconnell director 109 EAST DIVISION STREET, SPARTA MI 49345
Greg L. Armock director 109 EAST DIVISION STREET, SPARTA MI 49345
Adom Greenland officer: S.V.P. - ChoiceOne Bank (Sub.) 109 EAST DIVISION STREET, SPARTA MI 49345
Harold J Burns director 109 EAST DIVISION STREET, SPARTA MI 49345
Eric E Burrough director 109 EAST DIVISION STREET, SPARTA MI 49345
Keith D. Brophy director 109 EAST DIVISION STREET, SPARTA MI 49345
Jack Hendon director 109 EAST DIVISION STREET, SPARTA MI 49345
Essex Bruce John Jr director 109 EAST DIVISION STREET, SPARTA MI 49345
Michelle M Wendling director 109 EAST DIVISION STREET, SPARTA MI 49345
Curt E Coulter director 109 EAST DIVISION STREET, SPARTA MI 49345
David J Churchill director 109 EAST DIVISION STREET, SPARTA MI 49345
Lee A Braford officer: VP-ChoiceOne Bank (Subsidiary) 109 EAST DIVISION STREET, SPARTA MI 49345