Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 109

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 109
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) plan allows employees to contribute to their individual accounts under the plan amounts up to the IRS maximum. Matching company contributions to the plan are discretionary. Expense for matching company contributions under the plan was $649,000, $594,000, and $650,000 in 2024, 2023, and 2022, respectively.

Note 15 - Stock Based Compensation Options to buy stock have been granted to key employees to provide them with additional equity interests in ChoiceOne under the Stock Incentive Plan of 2012, which is expired. Compensation expense in connection with stock options granted was $0 in 2024 and 2023 and 

 77

$4,000 in 2022.  The Equity Incentive Plan of 2022 was approved by the Company’s shareholders at the Annual Meeting held on May 25, 2022. The Equity Incentive Plan of 2022 provides for the issuance of up to 200,000 shares of common stock. At December 31, 2024, there were 141,996 shares available for future grants. A summary of stock options activity during the year ended December 31, 2024 was as follows: 

        Weighted

        Weighted

        average

        average

        exercise

        Grant Date

        Shares

        price

        Fair Value

        Options outstanding at January 1, 2024

        13,131

        $
        24.19

        $
        3.36

        Options granted

        -

        -

        -

        Options exercised

        (6,858
        )

        23.39

        3.36

        Options forfeited or expired

        -

        -

        -

        Options outstanding, end of year

        6,273

        $
        25.07

        $
        3.37

        Options exercisable at December 31, 2024

        6,273

        $
        25.07

        $
        3.37

       The exercise prices for options outstanding and exercisable at the end of 2024 ranged from $20.86 to $27.25 per share. The weighted average remaining contractual life of options outstanding and exercisable at the end of 2024 was approximately 3.56 years.The intrinsic value of all outstanding and exercisable stock options was $66,000, $67,000, and $76,000 respectively,