Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 93

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 93
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 considered by management to be aggregated into one reportable operating segment. ASU 2023-09 Improvements to Income Tax Disclosures In 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures.  The amendments in this update enhance transparency and decision usefulness of income tax disclosures. This ASU requires consistent categorization, greater disaggregation, and detailed disclosures related to income taxes paid. These changes aim to help users of financial statements understand factors contributing to differences between effective and statutory tax rates.  The disclosure is effective for annual reporting periods beginning after December 15, 2024. The Company is evaluating the impact this will have on the Company's income tax disclosures.

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Note 2 – SecuritiesOn January 1, 2022, ChoiceOne reassessed and transferred, at fair value, $428.4 million of securities classified as available for sale to the held to maturity classification.  The net unrealized after-tax loss of $2.7 million as of the transfer date remained in accumulated other comprehensive income to be amortized over the remaining life of the securities, offsetting the related amortization of discount or premium on the transferred securities.  No gains or losses were recognized at the time of the transfer.  The remaining net unamortized unrealized loss on transferred securities included in accumulated other comprehensive income was $2.0 million after tax as of December 31, 2024.The fair value of equity securities and the related gross unrealized gains and (losses) recognized in noninterest income at December 31 were as follows: 

        December 31, 2024

        Gross

        Gross

        (Dollars in thousands)
         
        Amortized

        Unrealized

        Unrealized

        Fair

        Cost

        Gains

        Losses

        Value

        Equity securities
         
        $
        8,043

        $
        397

        $
        (658
        )
         
        $
        7,782

        December 31, 2023

        Gross

        Gross

        (Dollars in thousands)
         
        Amortized

        Unrealized

        Unrealized

        Fair

        Cost

        Gains

        Losses

        Value

        Equity securities
         
        $
        7,960

        $
        212

        $
        (667
        )