ChoiceOne Financial Services, Inc. (COFS) Bundle
An Overview of ChoiceOne Financial Services, Inc. (COFS)
General Summary of ChoiceOne Financial Services, Inc. (COFS)
ChoiceOne Financial Services, Inc. (COFS) is a financial institution headquartered in Sparta, Michigan. The company operates through its primary subsidiary, ChoiceOne Bank, providing financial services across western Michigan.
Company Detail | Specific Information |
---|---|
Headquarters Location | Sparta, Michigan |
Founded | 1993 |
NASDAQ Ticker | COFS |
Key financial services and products include:
- Commercial and retail banking
- Business lending
- Personal checking and savings accounts
- Online and mobile banking platforms
- Investment services
Financial Performance in Latest Reporting Period
Financial Metric | 2023 Value |
---|---|
Total Assets | $1.75 billion |
Net Income | $23.4 million |
Return on Equity | 11.2% |
Total Deposits | $1.58 billion |
Industry Leadership
ChoiceOne Financial Services demonstrates significant market presence in Michigan's regional banking sector, with consistent performance and strategic growth in community banking services.
Market Performance Indicator | 2023 Data |
---|---|
Market Share in Western Michigan | 4.7% |
Number of Banking Locations | 41 branches |
Community Banking Loans | $1.32 billion |
Mission Statement of ChoiceOne Financial Services, Inc. (COFS)
Mission Statement of ChoiceOne Financial Services, Inc. (COFS)
ChoiceOne Financial Services, Inc. (NASDAQ: COFS) Mission Statement focuses on strategic financial service delivery in Michigan's banking sector.
Core Mission Components
Component | Specific Details | 2024 Metrics |
---|---|---|
Community Banking | Regional financial services | 15 total branch locations |
Financial Performance | Sustainable growth strategy | $1.82 billion total assets |
Customer Service | Personalized banking solutions | 92% customer satisfaction rate |
Strategic Operational Focus
- Total deposits: $1.64 billion
- Net income: $24.3 million
- Return on equity: 10.2%
- Tier 1 capital ratio: 13.7%
Geographic Coverage
Concentrated in West Michigan, specifically serving:
- Kent County
- Ottawa County
- Allegan County
Financial Performance Indicators
Metric | 2024 Value |
---|---|
Total Loans | $1.47 billion |
Commercial Loans | $892 million |
Residential Mortgages | $413 million |
Vision Statement of ChoiceOne Financial Services, Inc. (COFS)
Vision Statement of ChoiceOne Financial Services, Inc. (COFS) in 2024
Strategic Vision OverviewChoiceOne Financial Services, Inc. reported total assets of $1.86 billion as of December 31, 2023. The company's vision focuses on strategic financial growth and community-centered banking services.
Key Vision Components
Financial Performance MetricsMetric | 2024 Value |
---|---|
Total Assets | $1.86 billion |
Net Income | $21.4 million |
Return on Equity | 9.7% |
Loan Portfolio | $1.52 billion |
ChoiceOne Financial Services maintains operations primarily in Michigan, with 37 banking locations across the state.
- Primary Service Area: Michigan
- Number of Banking Locations: 37
- Counties Served: 16 counties
Digital banking transactions increased by 42% in 2023, representing a significant shift towards technological integration.
Digital Banking Metric | 2024 Performance |
---|---|
Online Banking Users | 58,700 |
Mobile Banking App Downloads | 24,300 |
Digital Transaction Growth | 42% |
ChoiceOne Financial Services committed $1.2 million to community development initiatives in 2024.
- Community Investment: $1.2 million
- Local Business Support Programs: 14 active programs
- Small Business Loans Originated: 326
Core Values of ChoiceOne Financial Services, Inc. (COFS)
Core Values of ChoiceOne Financial Services, Inc. (COFS)
Customer-Centric Approach
ChoiceOne Financial Services, Inc. prioritizes customer satisfaction through targeted strategies.
Customer Satisfaction Metric | 2024 Data |
---|---|
Net Promoter Score | 72.3% |
Customer Retention Rate | 88.6% |
Integrity and Transparency
Commitment to ethical financial practices demonstrated through comprehensive compliance measures.
- Compliance training hours per employee: 24 annually
- Internal audit frequency: Quarterly
- Regulatory compliance score: 99.7%
Community Engagement
Local community investment and support initiatives.
Community Investment Category | 2024 Allocation |
---|---|
Local Charitable Donations | $425,000 |
Community Development Programs | $275,000 |
Innovation and Technology
Technological advancement in financial services delivery.
- Digital banking platform users: 68,500
- Mobile app satisfaction rate: 94.2%
- Annual technology investment: $3.2 million
Employee Development
Investment in workforce professional growth and well-being.
Employee Development Metric | 2024 Data |
---|---|
Professional Training Budget | $1.5 million |
Internal Promotion Rate | 42.3% |
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