Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 75

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 75
---
35,507

    Other liabilities (Notes 12)

    37,973

    23,510

    Total liabilities

    2,462,828

    2,381,072

    Shareholders’ Equity

    Preferred stock; shares authorized: 100,000; shares outstanding: none

    -

    -

    Common stock and paid-in capital, no par value; shares authorized: 30,000,000; shares outstanding: 8,965,483 at December 31, 2024 and 7,548,217 at December 31, 2023 (Note 16)

    206,780

    173,513

    Retained earnings

    91,414

    73,699

    Accumulated other comprehensive income, net

    (37,779
    )

    (51,578
    )

    Total shareholders’ equity

    260,415

    195,634

    Total liabilities and shareholders’ equity
     
    $
    2,723,243

    $
    2,576,706

See accompanying notes to consolidated financial statements.

 40

ChoiceOne Financial Services, Inc.

Consolidated Statements of Income

 41

    Year Ended

    (Dollars in thousands, except per share data)
     
    December 31,

    2024

    2023

    2022

    Interest income

    Loans, including fees
     
    $
    89,580

    $
    68,384

    $
    52,823

    Securities:

    Taxable

    21,228

    21,169

    15,583

    Tax exempt

    5,614

    5,629

    6,163

    Other

    4,682

    3,798

    491

    Total interest income

    121,104

    98,980

    75,060

    Interest expense

    Deposits

    34,174

    23,990

    5,845

    Advances from Federal Home Loan Bank

    2,041

    1,771

    117

    Other

    10,447

    7,334

    1,784

    Total interest expense

    46,662

    33