ChoiceOne Financial Services, Inc. Financial Ratios — COFS

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	11.25	7.5	8.52	9	8.59	8.64	8.3	9.31	5.28	7.67	10.01	10.17	8.72	9.8	7.05
Return on Assets (%)	0.72	0.85	1	1.07	1.03	1.04	0.98	1.11	0.7	0.94	1.03	0.99	0.86	1.01	0.79
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	9.33	10.05	10.75	10.05	9.53	9.58	8.92	7.16	8.46	10.45	15.56	16.39	15.39	13.34	12.29
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	19.01	22.82	28.85	31.51	29.5	30.31	31.15	29.29	22.91	25.6	33.19	33.98	31.65	35.8	21.14
Profit Margin (%)	14.6	17.35	21.37	23.09	22.03	22.37	22.46	25.3	19.41	21.16	27.61	29.05	26.32	28.91	17.42
Net Income to Common Margin (%)	14.6	17.35	21.37	23.09	22.03	22.37	22.46	25.3	19.41	21.16	27.61	29.05	26.32	28.91	17.42
Effective Tax Rate (%)	23.18	23.96	25.93	26.71	25.3	26.2	27.9	13.61	15.29	17.33	16.82	14.53	16.84	19.23	17.59
Dvd Payout Ratio (%)	44.92	38.67	34.94	34.15	37.79	36.63	37.68	35.18	81.09	39.54	32.66	32.06	37.2	33.72	60.15
Sustainable Growth Rate (%)	6.2	4.6	5.54	5.93	5.34	5.48	5.17	6.03	1	4.64	6.74	6.91	5.47	6.5	2.81

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	30	- -	6	18	11	12	20	5	33	12	85	85	236	211	313
ST Debt	22	- -	- -	- -	- -	- -	- -	- -	33	- -	50	50	20	155	245
LT Debt	8	- -	6	18	11	12	20	5	- -	12	35	35	216	56	68
Total Debt/EBITDA	13.51	0.17	2.49	7.41	4.56	4.71	8.27	2.52	10.62	1.61	6.84	6.39	18.95	17.09	15.78
Net Debt/EBITDA	5.88	-7.54	-5.5	0.69	0.06	-0.96	-6.76	-6.96	-8.43	-8.71	4.28	3.1	14.49	9.24	11.35
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	11.19	11.43	11.93	11.85	12.09	11.9	11.8	12.11	13.75	11.27	9.48	10.09	9.59	10.95	11.36
Long-Term Debt/Equity (%)	14.59	0.69	10.38	27.74	16.23	17.16	26.48	6.5	0.1	5.46	15.8	20.88	110.16	21.41	14.71
Long-Term Debt/Capital (%)	9.84	0.72	9.43	22	14.17	14.54	20.99	6.05	0.09	5.43	11.32	10.82	44.64	10.95	8.41
Long-Term Debt/Total Assets (%)	1.7	0.08	1.24	3.34	2	2.03	3.13	0.78	0.01	0.65	1.48	1.48	8.36	2.05	1.55
Total Debt/Equity (%)	52.36	0.69	10.38	27.74	16.23	17.16	26.48	6.5	17.28	5.46	38.35	50.49	120.38	80.93	67.36
Total Debt/Capital (%)	35.33	0.72	9.43	22	14.17	14.54	20.99	6.05	14.83	5.43	27.49	26.16	48.79	41.41	38.49
Total Debt/Total Assets (%)	6.11	0.08	1.24	3.34	2	2.03	3.13	0.78	2.4	0.65	3.59	3.57	9.14	7.74	7.11
Net Debt to Equity	22.78	-30.76	-22.88	2.59	0.21	-3.5	-21.64	-17.96	-13.72	-29.53	23.97	24.47	92.05	43.78	48.45
Net Debt/Capital (%)	19.21	-47.08	-29.77	2.56	0.21	-3.59	-27.73	-21.66	-16.04	-44.99	19.15	14.65	42.14	27.66	31.04
EBITDA	2	2	3	2	2	3	2	2	3	8	12	13	12	12	20
EBITDA-CapEx	2	2	2	2	1	1	1	-2	2	6	10	12	8	11	13
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	11.19	11.43	11.93	11.85	12.09	11.9	11.8	12.11	13.75	11.27	9.48	10.09	9.59	10.95	11.36
Long-Term Debt/Equity (%)	14.59	0.69	10.38	27.74	16.23	17.16	26.48	6.5	0.1	5.46	15.8	20.88	110.16	21.41	14.71
Long-Term Debt/Capital (%)	9.84	0.72	9.43	22	14.17	14.54	20.99	6.05	0.09	5.43	11.32	10.82	44.64	10.95	8.41
Long-Term Debt/Total Assets (%)	1.7	0.08	1.24	3.34	2	2.03	3.13	0.78	0.01	0.65	1.48	1.48	8.36	2.05	1.55
Total Debt/Equity (%)	52.36	0.69	10.38	27.74	16.23	17.16	26.48	6.5	17.28	5.46	38.35	50.49	120.38	80.93	67.36
Total Debt/Capital (%)	35.33	0.72	9.43	22	14.17	14.54	20.99	6.05	14.83	5.43	27.49	26.16	48.79	41.41	38.49
Total Debt/Total Assets (%)	6.11	0.08	1.24	3.34	2	2.03	3.13	0.78	2.4	0.65	3.59	3.57	9.14	7.74	7.11
CFO/Total Liabilities	2.86	2.15	2.29	1.55	0.8	2.04	1.42	1.69	0.77	0.5	1.76	2	1.95	1.91	0.81
CFO/CapEx	25.14	10.47	12.94	9.51	3.83	6.01	4.89	2.37	12.01	4.58	13.66	38.08	10.94	27.6	4.8
Altman's Z-Score	0.13	0.15	0.16	0.19	0.2	0.19	0.19	0.19	0.17	0.15	0.12	0.14	0.13	0.15	0.13

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	40	48	56	76	79	78	82	90	232	231	203	218	221	291	412
- Cash & Cash Equivalents	17	19	20	17	11	15	37	20	60	80	32	44	55	97	88
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	30	- -	6	18	11	12	20	5	33	12	85	85	236	211	313
Enterprise Value	-61	-105	-94	-65	-81	-99	-90	-91	-134	-411	-842	-271	-114	-74	503
Total Capital	86	59	68	83	80	85	97	86	224	229	309	326	483	509	814
Total Debt/Capital (%)	35.33	0.72	9.43	22	14.17	14.54	20.99	6.05	14.83	5.43	27.49	26.16	48.79	41.41	38.49
Total Debt / EV	-0.5	- -	-0.07	-0.28	-0.14	-0.12	-0.22	-0.06	-0.25	-0.03	-0.1	-0.31	-2.07	-2.86	0.62
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.11
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.3
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	15.8
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	13.08
Diluted Market Cap	40	48	57	76	79	78	82	91	232	232	204	218	221	293	413
Diluted Enterprise Value	53	29	42	78	79	76	65	76	205	165	257	259	401	407	639
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	36.06
TTM Sales	24	25	24	25	26	27	27	29	37	74	80	81	81	92	162
TTM EBITDA	2	2	3	2	2	3	2	2	3	8	12	13	12	12	20
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	13	10	10	7	4	11	8	10	9	8	38	44	46	47	32
TTM Free Cash Flow to Firm	13	11	11	8	5	13	10	14	10	10	40	45	51	49	38

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	3.09	4.52	5.06	9.22	15.66	6.13	8.42	6.41	23.23	22.5	5.05	4.78	4.37	6.01	10.74
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-61	-105	-94	-65	-81	-99	-90	-91	-134	-411	-842	-271	-114	-74	503
Low Price	9.31	10.2	12.89	14.97	20.18	19.37	20.41	21.39	24.5	16.86	22.76	19.2	15.84	21.52	24.89
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.11
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.3
Price/Earnings	11.46	11.2	11.03	13.29	13.68	12.84	13.3	12.32	32.29	14.81	9.23	9.21	10.39	10.9	14.61
Price/Earnings Average	11.03	10.79	10.56	11.1	13.18	12.34	12.64	12.49	28.35	13.88	8.88	7.37	8.64	8.83	14.81
Price/Earnings High	18.71	12.79	11.03	13.29	14.08	12.97	13.46	14.77	33.33	16.35	10.96	9.52	11.4	11.67	17.94
Price/Earnings Low	9.6	8.72	9.17	9.54	12.79	11.54	11.97	10.54	24.75	8.11	7.93	6.1	5.62	6.58	12.32
Price/Book Value	0.73	0.82	0.91	1.16	1.14	1.08	1.07	1.11	1.21	1.07	0.91	0.9	0.89	0.98	0.82
Price/Book Value Average	0.7	0.79	0.88	0.97	1.1	1.04	1.02	1.13	1.07	1	0.87	0.72	0.74	0.79	0.83
Price/Book Value High	1.18	0.94	0.92	1.16	1.18	1.09	1.09	1.33	1.25	1.18	1.08	0.94	0.98	1.05	1.01
Price/Book Value Low	0.61	0.64	0.76	0.83	1.07	0.97	0.97	0.95	0.93	0.59	0.78	0.6	0.48	0.59	0.69
Price/Tangible Book Value	0.96	1.06	1.21	1.47	1.41	1.35	1.31	1.35	1.74	1.43	1.29	2.05	1.65	1.46	1.34
Price/Tangible Book Value Average	0.92	1.02	1.16	1.22	1.36	1.3	1.24	1.37	1.53	1.34	1.24	1.64	1.37	1.18	1.36
Price/Tangible Book Value High	1.57	1.21	1.21	1.47	1.45	1.36	1.32	1.62	1.79	1.58	1.53	2.12	1.81	1.56	1.64
Price/Tangible Book Value Low	0.8	0.82	1	1.05	1.32	1.21	1.18	1.16	1.33	0.78	1.11	1.36	0.89	0.88	1.13
Price/Sales	1.67	1.94	2.36	3.07	3.01	2.87	2.99	3.12	6.27	3.14	2.55	2.67	2.73	3.15	2.54
Price/Sales Average	1.61	1.87	2.26	2.56	2.91	2.76	2.84	3.16	5.5	2.94	2.45	2.14	2.27	2.55	2.58
Price/Sales High	2.73	2.22	2.36	3.07	3.1	2.9	3.02	3.74	6.47	3.46	3.03	2.77	3	3.37	3.13
Price/Sales Low	1.4	1.51	1.96	2.2	2.82	2.58	2.69	2.67	4.81	1.72	2.19	1.77	1.48	1.9	2.15
Price/Cash Flow	3.21	4.95	5.42	10.13	19.75	7.15	10.14	9.07	25.16	27.28	5.4	4.91	4.77	6.19	12.94
Price/Cash Flow Average	3.09	4.77	5.19	8.46	19.03	6.88	9.64	9.2	22.09	25.56	5.19	3.93	3.96	5.01	13.12
Price/Cash Flow High	5.24	5.66	5.42	10.13	20.33	7.23	10.26	10.88	25.97	30.1	6.41	5.08	5.23	6.62	15.89
Price/Cash Flow Low	2.69	3.85	4.51	7.27	18.46	6.43	9.13	7.76	19.29	14.93	4.64	3.25	2.58	3.74	10.91
Price/Free Cash Flow Average	2.97	4.35	4.85	7.7	15.1	5.89	8	6.5	20.4	21.08	4.85	3.83	3.63	4.87	10.89
Price/Free Cash Flow High	5.04	5.16	5.07	9.22	16.12	6.2	8.52	7.69	23.98	24.83	5.99	4.95	4.79	6.43	13.2
Price/Free Cash Flow Low	2.59	3.52	4.21	6.62	14.64	5.52	7.58	5.48	17.81	12.31	4.34	3.17	2.36	3.63	9.06
EV/Sales Average	2.16	1.11	1.67	2.63	2.91	2.67	2.24	2.66	4.79	2.03	3.12	2.65	4.5	3.79	3.97
EV/Sales High	3.28	1.46	1.77	3.14	3.11	2.81	2.42	3.24	5.76	2.55	3.69	3.27	5.23	4.61	4.52
EV/Sales Low	1.95	0.75	1.37	2.27	2.82	2.49	2.09	2.17	4.09	0.81	2.86	2.28	3.71	3.14	3.54
EV/EBITDA Average	23.15	11.08	15.5	26.18	30.55	27.84	25.06	37.15	56.59	19.41	20.03	16.15	29.26	28.38	32.35
EV/EBITDA High	35.17	14.55	16.43	31.23	32.62	29.32	27.13	45.22	68.01	24.41	23.72	19.97	33.98	34.53	36.79
EV/EBITDA Low	20.91	7.51	12.73	22.61	29.63	25.98	23.38	30.26	48.34	7.72	18.34	13.9	24.09	23.51	28.81
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	11.11	13.1	15.5	20.86	21.59	21.54	22.67	25	31.96	30.81	26.49	29	29.3	35.64	29.52
High Price	18.14	14.97	15.51	20.86	22.22	21.77	22.95	29.99	32.99	34	31.45	29.99	32.14	38.15	36.26
Enterprise Value Average	52	27	40	65	76	73	61	77	177	150	249	216	364	350	643
Enterprise Value High	79	36	42	77	81	77	66	94	213	188	295	266	422	426	731
Enterprise Value Low	47	19	33	56	74	68	57	63	151	59	228	185	299	290	572

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	4	4	4	4	4	4	4	4	7	8	8	8	8	9	15
Diluted Weighted Avg Shares	4	4	4	4	4	4	4	4	7	8	8	8	8	8	14
Basic Weighted Avg Shares	4	4	4	4	4	4	4	4	7	8	8	8	8	8	14
Revenue per Share	6.64	6.74	6.58	6.8	7.16	7.5	7.59	8.02	5.1	9.83	10.39	10.84	10.72	11.31	11.6
EBITDA per Share	0.62	0.68	0.71	0.68	0.68	0.72	0.68	0.57	0.43	1.03	1.62	1.78	1.65	1.51	1.43
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.97	1.17	1.41	1.57	1.58	1.68	1.7	2.03	0.99	2.08	2.87	3.15	2.82	3.27	2.02
Basic EPS from Cont Ops	0.97	1.17	1.41	1.57	1.58	1.68	1.7	2.03	0.99	2.08	2.87	3.15	2.82	3.27	2.02
Diluted EPS, GAAP	0.97	1.17	1.4	1.56	1.58	1.68	1.7	2.02	0.99	2.07	2.86	3.15	2.82	3.25	2.01
Diluted EPS from Cont Ops	0.97	1.17	1.4	1.56	1.58	1.68	1.7	2.02	0.99	2.07	2.86	3.15	2.82	3.25	2.01
Dividend per Share	0.44	0.45	0.49	0.54	0.6	0.61	0.64	0.71	0.8	0.82	0.94	1.01	1.05	1.1	1.22
Cash Flow per Share	3.46	2.65	2.86	2.06	1.09	3.01	2.24	2.76	1.27	1.13	4.91	5.91	6.15	5.76	2.28
Free Cash Flow per Basic Share	3.32	2.39	2.64	1.84	0.81	2.51	1.78	1.59	1.16	0.88	4.55	5.75	5.58	5.55	1.81
Cash & Equivalents per Share	36.26	42.15	43.21	43.86	47.08	52.13	53.18	51.57	55.09	87.17	147.23	76.44	75.61	70.46	15.94
Book Value per Share	15.31	15.96	16.95	17.94	18.86	19.92	21.09	22.48	26.32	28.81	29.2	32.07	32.79	36.48	35.94
Tangible Book Value per Share	11.59	12.37	12.85	14.23	15.32	15.97	17.36	18.48	18.39	21.51	20.54	14.14	17.75	24.39	22.06

ChoiceOne Financial Services, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)