Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 111

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 111
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        Shares

        Per Share

        Outstanding at January 1, 2024

        68,183

        $
        26.16

        Granted

        24,724

        24.86

        Vested

        (18,131
        )

        28.37

        Forfeited

        (192
        )

        24.86

        Outstanding at December 31, 2024

        74,584

        $
        25.20

 78

 At December 31, 2024, there were 74,584 restricted stock units outstanding with an approximate stock value of $2.7 million based on ChoiceOne’s December 31, 2024 stock price of $35.64 per share.  At December 31, 2023, there were 68,183 restricted stock units outstanding with an approximate stock value of $2.0 million based on ChoiceOne’s December 31, 2023 stock price of $29.30 per share.  The grant date fair value of restricted stock units granted was $615,000 and $574,000 in 2024 and 2023, respectively.  The cost is expected to be recognized over a weighted average period of 1.31 years.  As of December 31, 2024, there was $784,000 of unrecognized compensation cost related to unvested shares granted.  ChoiceOne has granted performance stock units to a select group of employees under the Stock Incentive Plan of 2012 and the Equity Incentive Plan of 2022. Performance stock units outstanding as of December 31, 2024 vest on the five year anniversary of the grant date based on earnings per share growth rate from the date of the grant. Shares can vest at a rate of 125%, 100%, 75%, or 0% based on the growth rate achieved over the five year time frame. Certain additional vesting provisions apply. Each performance stock unit, once vested, is settled by delivery of one share of ChoiceOne common stock. ChoiceOne recognized compensation expense of $84,000, $81,000, and $47,000 in 2024, 2023, and 2022, respectively, in connection with performance stock units for current participants during these years. A summary of the activity for performance stock units outstanding during the year ended December 31, 2024 is presented below: