Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 110

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 110
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 at December 31, 2024, December 31, 2023 and December 31, 2022. The aggregate intrinsic values of outstanding and exercisable options at December 31, 2024 were calculated based on the closing market price of the Company’s common stock on December 31, 2024 of $35.64 per share less the exercise price.Information pertaining to options outstanding at December 31, 2024 was as follows: 

        Exercise price of stock options:
         
        Number of options outstanding at year-end

        Number of options exercisable at year-end

        Average remaining contractual life (in years)

        $27.25

        3,000

        3,000

        4.39

        $25.65

        1,500

        1,500

        3.47

        $20.86

        1,653

        1,653

        2.32

        $21.13

        120

        120

        0.97

       The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model. ChoiceOne uses historical data to estimate the volatility of the market price of ChoiceOne stock and employee terminations within the valuation model. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. As of December 31, 2024, there was no unrecognized compensation expense related to stock options.ChoiceOne has granted restricted stock units to a select group of employees under the Stock Incentive Plan of 2012 and the Equity Incentive Plan of 2022. Restricted stock units outstanding as of December 31, 2024 vest on roughly the three year anniversary of the grant date. Certain additional vesting provisions apply. Each restricted stock unit, once vested, is settled by delivery of one share of ChoiceOne common stock. ChoiceOne recognized compensation expense of $596,000, $548,000, and $503,000 in 2024, 2023, and 2022, respectively, in connection with restricted stock units for current participants during these years. A summary of the activity for restricted stock units outstanding during the year ended December 31, 2024 is presented below: 

        Weighted

        Average Grant

        Date Fair Value

        Outstanding Restricted Stock Units