Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 115

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 115
---
63,031

        $
        326,317

        Commitments to fund loans (at market rates)

        46,932

        11,129

        90,178

        27,939

       Commitments to fund loans are generally made for periods of 180 days or less. The fixed rate loan commitments have interest rates ranging from 4.63% to 10.00% and maturities ranging from 1 year to 30 years.

Note 21 – Regulatory CapitalChoiceOne and the Bank are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. The prompt corrective action regulations provide five classifications, including well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. Depending upon the capital category to which an institution is assigned, the regulators' corrective powers include: prohibiting the acceptance of brokered deposits; requiring the submission of a capital restoration plan; placing limits on asset growth and restrictions on activities; requiring the institution to issue additional capital stock (including additional voting stock) or be acquired; restricting transactions with affiliates; restricting the interest rate the institution may pay on deposits; ordering a new election of directors of the institution; requiring that senior executive officers or directors be dismissed; prohibiting the institution from accepting deposits from correspondent banks; requiring the institution to divest certain subsidiaries; prohibiting the payment of principal or interest on subordinated debt; and ultimately, appointing a receiver for the institution. At year-end 2024 and 2023, the Bank was categorized as well capitalized under the regulatory framework for prompt corrective action. 

 87

Actual capital levels and minimum required levels for ChoiceOne and the Bank were as follows: 

        Minimum Required

        to be Well

        Minimum Required

        Capitalized Under

        for Capital

        Prompt Corrective

        (Dollars in thousands)
         
        Actual

        Adequacy Purposes

        Action Regulations

        Amount

        Ratio

        Amount

        Ratio

        Amount

        Ratio

        December 31, 2024

        ChoiceOne Financial Services Inc.

        Total capital (to risk weighted assets)
         
        $
        287,927

        14.5
         
        %
         
        $
        158,