Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 118

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 118
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 stock outstanding. Based on ChoiceOne's closing stock price of $31.79 as of February 28, 2025, the transaction is valued at approximately $193.0 million. As the initial accounting for the business combination is incomplete at the time of issuance of this 10-K, we will not be disclosing an opening balance sheet in accordance with ASC 805-10-50-4.   Sale of Interest Rate Swaps On February 6, 2025, ChoiceOne sold $50 million of pay fixed receive floating interest rate swaps. The swaps have a fixed rate of 2.75% and a floating rate that will be determined periodically over the life of the swaps. This transaction resulted in a gain of approximately $3.6 million, which will be recognized over the 7 years remaining on the life of the swap.  The sale of these swaps is part of ChoiceOne's ongoing strategy to manage interest rate risk and optimize its balance sheet.  

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