Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 49

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 7
Chunk 49
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 balance of subordinated debentures was relatively flat in 2024 compared to the same period in the prior year.

The following table presents the cost of deposits and the cost of funds for the years ended December 31, 2024, December 31, 2023, and December 31, 2022.

    Year Ended December 31,

    2024

    2023

    2022

    Cost of deposits

    1.58
    %

    1.14
    %

    0.27
    %

    Cost of funds

    1.92
    %

    1.44
    %

    0.35
    %

 Provision and Allowance For Credit Losses

Table 3 – Provision and Allowance For Credit Losses

 25

    (Dollars in thousands)

    2024

    2023

    2022

    Allowance for credit losses at beginning of year
     
    $
    15,685

    $
    7,619

    $
    7,688

    Cumulative effect of change in accounting principle

    -

    7,165

    -

    Charge-offs:

    Agricultural

    -

    -

    -

    Commercial and industrial

    7

    158

    177

    Consumer

    800

    554

    496

    Commercial real estate

    -

    -

    Construction real estate

    -

    -

    -

    Residential real estate

    30

    27

    -

    Total

    837

    739

    673

    Recoveries:

    Agricultural

    -

    -

    -

    Commercial and industrial

    15

    66

    143

    Consumer

    374

    283

    206

    Commercial real estate

    -

    13

    3

    Construction real estate

    -

    -

    -

    Residential real estate

    15

    13

    2

    Total

    404

    375

    354

    Net charge-offs (recoveries)

    433

    364

    319

    Provision for credit losses

    1,300

    1,265

    250

    Allowance for credit losses at end of year
     
    $
    16,552