Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 54

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 7
Chunk 54
---
325,966

    21.1
    %

    281,515

    20.0
    %

     Non-Owner Occupied CRE Loans
    1E2
     
    387,102

    25.0
    %

    298,265

    21.1
    %

     Commercial & Industrial Loans
     2A2, 4A
     
    216,376

    14.0
    %

    219,849

    15.6
    %

     Farm & Agriculture Loans
     1B, 3
     
    48,246

    3.1
    %

    46,515

    3.3
    %

     Consumer & Other Loans
     6B, 6C, 6D, 8, 9b2,10B
     
    42,305

    2.7
    %

    48,033

    3.4
    %

     Total Loans

    1,545,640

    1,410,653

Average loan balances increased $191.2 million in the full year 2024 compared to the same period in 2023. Core loans grew organically by $114.5 million or 8.2% during 2024, with growth concentrated in Non-Owner Occupied CRE loans, which grew by $88.8 million, Owner Occupied CRE loans, which grew by $44.5 million, and 1-4 Family Loans, which grew by $33.1 million.  The growth in 1-4 Family loans was largely related to growth in loans to other financial institutions which were $39.9 million as of December 31, 2024, compared to $19.4 million as of December 31, 2023.  Loans to other financial institutions is comprised of a warehouse line of credit to facilitate mortgage loan originations and the interest rate fluctuates with the national mortgage market. This balance is short term in nature with an average life of under 30 days.  Management believes the short-term structure and low credit risk of this asset is advantageous in the current rate environment; however, this balance is volatile and could change based on the third party origination volume or discretion.  Loan interest including fee income increased $21.2 million in the full year 2024