Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 104

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 104
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 in excess of the net liability position.  ChoiceOne's derivative liability with the correspondent bank was $686,000 and $0 at December 31, 2024 and December 31, 2023, respectively.  Cash pledged as collateral to the correspondent bank was $0 and $0 at December 31, 2024 and December 31, 2023, respectively.  Interest rate swaps entered into with commercial loan customers had notional amounts aggregating $56.5 million as of December 31, 2024 and $0 at December 31, 2023. Associated credit exposure is generally mitigated by securing the interest rate swaps with the underlying collateral of the loan instrument that has been hedged.

Note 9 – DepositsDeposit balances as of December 31 consisted of the following: 

        (Dollars in thousands)
        2024

        2023

        Noninterest-bearing demand deposits
        $
        524,945

        $
        547,625

        Interest-bearing demand deposits
         
        630,155

        599,681

        Money market deposits
         
        290,012

        247,602

        Savings deposits
         
        338,109

        336,851

        Local certificates of deposit
         
        394,371

        366,851

        Brokered certificates of deposit
         
        36,511

        23,445

        Total deposits
        $
        2,214,103

        $
        2,122,055

       Scheduled maturities of certificates of deposit as of December 31, 2024 were as follows: 

        (Dollars in thousands)

        2025
        $
        413,786

        2026
         
        10,077

        2027
         
        3,033

        2028
         
        2,342

        2029
         
        1,377

        Thereafter
         
        267

        Total
        $
        430,882

       The Bank had certificates of deposit issued in denominations of $250,000 or greater totaling $210.5 million and $199.7 million at December 31, 2024 and 2023, respectively. The Bank held $36.5 million and $23.4 million in broker