Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 30

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1
Chunk 30
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    Residential real estate
     
    134,340

    146,036

    280,376

    Loans to other financial institutions
     
    -

    -

    -

    Totals
    $
    912,085

    $
    389,569

    $
    1,301,654

 7

Loan maturities are classified according to the contractual maturity date or the anticipated amortization period, whichever is appropriate. The anticipated amortization period is used in the case of loans where a balloon payment is due before the end of the loan’s normal amortization period. At the time the balloon payment is due, the loan can either be rewritten or payment in full can be requested. The decision regarding whether the loan will be rewritten or a payment in full will be requested will be based upon the loan’s payment history, the borrower’s current financial condition, and other relevant factors.

The following table reflects the composition of our allowance for credit losses, non-accrual loans, and nonperforming loans as a percentage of total loans represented by each class of loans as of the dates indicated:

    (Dollars in thousands)
    Agricultural

    Commercial and industrial

    Consumer

    Commercial real estate

    Construction real estate

    Residential real estate

    Loans to other financial institutions
     
    Totals

    Loans

    December 31, 2024
    $
    48,221

    $
    228,256

    $
    29,412

    $
    901,130

    $
    17,042

    $
    281,701

    $
    39,878
     
    $
    1,545,640

    Allowance for credit losses year ended December 31, 2024
    $
    90

    $
    2,260

    $
    733

    $
    9,460

    $
    59

    $
    3,890

    $
    60
     
    $
    16,552

    Allowance as a percentage of loan category
     
    0.19
    %

    0.99
    %

    2.49
    %

    1.05
    %

    0.35
    %

    1.38
    %

    0.15
    %
     
    1.07
    %