Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 33

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1
Chunk 33
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ured Cash Sweep ("ICS") deposits are excluded from the above table as these deposits are 100% guaranteed.

Core deposits, which we define as insured branch deposits less certificates of deposit, totaled $1.1 billion or 51.2% of total deposits at December 31, 2024. 

At December 31, 2024, the Bank had no material foreign deposits.

 9

Return on Equity and Assets

The following schedule presents certain financial ratios of the Company for the years ended December 31:

    2024

    2023

    2022

    Return on assets (net income divided by average total assets)
     
    1.00
     
    %
     
    0.85
     
    %
     
    1.00
     
    %

    Return on equity (net income divided by average equity)
     
    11.80
     
    %
     
    12.00
     
    %
     
    13.25
     
    %

    Dividend payout ratio (dividends declared per share divided by net income per share)
     
    33.72
     
    %
     
    37.21
     
    %
     
    32.06
     
    %

    Equity to assets ratio (average equity divided by average total assets)
     
    8.49
     
    %
     
    7.11
     
    %
     
    7.52
     
    %