Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 52

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 7
Chunk 52
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 (Dollars in thousands)

    2024

    2023

    Equity securities
    $
    7,782

    $
    7,505

    Available for Sale Securities at fair value

    U.S. Government and federal agency
    $
    -

    $
    -

    U.S. Treasury notes and bonds
     
    80,502

    80,194

    State and municipal
     
    228,236

    234,682

    Mortgage-backed
     
    160,970

    188,501

    Corporate
     
    212

    204

    Asset-backed securities
     
    9,197

    11,017

    Total
    $
    479,117

    $
    514,598

    Held to Maturity Securities at amortized cost

    U.S. Government and federal agency
    $
    2,978

    $
    2,972

    U.S. Treasury notes and bonds
     
    -

    State and municipal
     
    196,510

    196,098

    Mortgage-backed
     
    174,323

    188,329

    Corporate
     
    20,495

    20,013

    Asset-backed securities
     
    228

    547

    Total
    $
    394,534

    $
    407,959

Total investment securities declined $48.9 million from December 31, 2023 to December 31, 2024.  ChoiceOne purchased $16.8 million of securities in 2024. Securities totaling $11.8 million were called or matured in 2024. ChoiceOne received principal payments for municipal and mortgage-backed securities totaling $48.0 million during 2024.

At December 31, 2024, the Company had $116.6 million in unrealized losses on its investment securities, including $61.1 million in unrealized losses on available for sale securities and $55.5 million in unrealized losses on held to maturity securities. Unrealized losses on corporate and municipal bonds have not been recognized into income because management believes the issuers are of high credit quality, and management does not intend to sell prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to