Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 81

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 81
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 Net change in deposits
     
    92,047

    4,052

    65,709

    Proceeds from borrowings
     
    315,000

    420,000

    726,000

    Payments on borrowings
     
    (340,000
    )

    (270,000
    )

    (726,000
    )

    Issuance of common stock
     
    674

    231

    172

    Repurchase of common stock
     
    -

    -

    (682
    )

    Share based compensation withholding obligation
     
    (220
    )

    -

    (85
    )

    Cash dividends
     
    (9,012
    )

    (7,910
    )

    (7,578
    )

    Cash proceeds from common stock offering
     
    32,093

    -

    -

    Net cash provided by/(used in) financing activities
     
    90,582

    146,373

    57,536

    Net change in cash and cash equivalents
     
    41,318

    11,490

    12,057

    Beginning cash and cash equivalents
     
    55,433

    43,943

    31,886

    Ending cash and cash equivalents
    $
    96,751

    $
    55,433

    $
    43,943

    Supplemental disclosures of cash flow information:

    Cash paid for interest
    $
    49,902

    $
    27,481

    $
    7,577

    Cash paid for income taxes
     
    6,350

    4,450

    1,989

    Loans transferred to other real estate owned
     
    650

    267

    -

 47

See accompanying notes to consolidated financial statements.

 48

Note 1 – Summary of Significant Accounting PoliciesPrinciples of Consolidation The consolidated financial statements include ChoiceOne Financial Services, Inc. (“ChoiceOne”), its wholly-owned subsidiaries, ChoiceOne Bank (the “Bank”) and 109 Technologies, LLC, and ChoiceOne Bank’s wholly-owned subsidiary, ChoiceOne Insurance Agencies, Inc. (the “Insurance Agency”). Intercompany transactions and balances have been eliminated in consolidation.  ChoiceOne owns all of the common