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Income Statement (USD)
| Q3 '24 | QoQ | |
|---|---|---|
| Revenue | 26M | 11% |
| Gross Profit | 11M | 11.1% |
| Cost of Revenue | 16M | 11% |
| Operating expense | 5M | 13.7% |
| Net Income | 7.3M | 11.6% |
| EBITDA | 5.7M | 71.5% |
Balance Sheet (USD)
| Q3 '24 | QoQ | |
|---|---|---|
| Total Assets | 2.73B | 3.9% |
| Total Liabilities | 2.48B | 2.9% |
| Total Equity | 248M | 15.5% |
| Shares Outstanding | 9M | 18.3% |
Cash Flow (USD)
| Q3 '24 | QoQ | |
|---|---|---|
| Cash from operations | -6.4M | 140.7% |
| Cash from investing | -60M | 1573.1% |
| Cash from financing | 112M | 282.3% |
EPS
Financial Highlights for Choiceone Bank in Q3 '24
Choiceone Bank reported a revenue of 26M, which is a 11% change from the previous quarter. An increase in revenue typically indicates growing demand for the company's products or services. This positive change in revenue is a good sign, suggesting that the company's sales are moving in the right direction.
Gross Profit stood at 11M, marking a 11.1% change since the last quarter. Gross profit showcases the efficiency in production and sales processes.
Cost of Revenue was 16M, a 11% difference from the previous quarter. A rising cost of revenue may suggest increased production or sales costs, which can impact margins. However, if accompanied by a proportionate rise in revenue, it could indicate scaling operations.
Operating Expenses for this period were 5M, showing a 13.7% change from the last quarter. Operating expenses cover the costs of running daily business operations. A significant increase might indicate inefficiencies or investments in growth, while a decrease could suggest cost-saving measures or potential underinvestment in key areas.
Net Income for the quarter was 7.3M, showing a 11.6% change from the prior quarter. Net income provides a clear picture of the company's profitability after all expenses. An increase suggests the company is becoming more profitable, while a decrease may raise concerns about the company's financial health, unless there are specific one-time costs or investments.
The company's EBITDA for the quarter was 5.7M, showing a -71.5% change from the previous period. EBITDA gives insight into the company's operational profitability, excluding non-operating expenses like interest and taxes. A rising EBITDA indicates strong operational performance, while a declining EBITDA may signal operational challenges or increased costs.
It was a positive quarter for Choiceone Bank with growth in revenue, gross profit, and net income. Higher operating expenses might indicate increased investments or potential inefficiencies. A decline in EBITDA signals potential operational challenges or increased costs.
