Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 40

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 7
Chunk 40
---
2,111,970

    2,133,790

    Borrowings

    208,142

    141,507

    13,537

    Subordinated debt

    35,627

    35,382

    35,211

    Shareholders' equity

    226,547

    177,201

    178,415

    Assets

    2,668,556

    2,493,840

    2,373,374

    At year end

    Securities
     
    $
    896,123

    $
    939,576

    $
    972,802

    Gross loans

    1,552,928

    1,415,363

    1,194,616

    Deposits

    2,214,103

    2,122,055

    2,118,003

    Borrowings

    175,000

    200,000

    50,000

    Subordinated debt

    35,752

    35,507

    35,262

    Shareholders' equity

    260,415

    195,634

    168,874

    Assets

    2,723,243

    2,576,706

    2,385,915

    Selected financial ratios

    Return on average assets

    1.00
     
    %
     
    0.85
     
    %
     
    1.00
     
    %

    Return on average shareholders' equity

    11.80

    12.00

    13.25

    Cash dividend payout as a percentage of net income

    33.72

    37.21

    32.06

    Shareholders' equity to assets (at year end)

    9.56

    7.59

    7.08

 20

RECENT EVENTS 

ChoiceOne and Fentura Financial, Inc., the parent company of The State Bank, entered into a definitive merger agreement on July 25, 2024 pursuant to which ChoiceOne and Fentura would merge in an all-stock transaction (the “Merger”). The Merger was effective on March 1, 2025.

On July 26, 2024, ChoiceOne