Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 105

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 105
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ed certificates of deposit at December 31, 2024 and 2023, respectively. In addition, the Bank had $41.0 million and $36.2 million of certificates of deposit as of December 31, 2024, and December 31, 2023, respectively, that had been issued through the Certificate of Deposit Account Registry Service (“CDARS”).  

 74

Note 10 – BorrowingsBank Term Funding Program (“BTFP”)At December 31, loans from the BTFP were as follows:

        (Dollars in thousands)
         
        2024

        2023

        Maturity of May 2024 with fixed interest rate of 4.71%
         
        $
        -

        $
        160,000

        Maturity of December 2024 with fixed interest rate of 4.83%

        -

        10,000

        Total advances outstanding at year-end
         
        $
        -

        $
        170,000

      Federal Home Loan Bank AdvancesAt December 31, advances from the FHLB were as follows: 

        (Dollars in thousands)
         
        2024

        2023

        Maturity of January 2025 with fixed interest rate of 4.48%
         
        $
        135,000

        $
        -

        Maturity of July 2025 with fixed interest rate of 4.88%

        20,000

        20,000

        Maturity of January 2026 with fixed interest rate of 4.35%

        10,000

        -

        Maturity of December 2026 with fixed interest rate of 4.20%

        10,000

        10,000

        Total advances outstanding at year-end
         
        $
        175,000

        $
        30,000

       As of December 31, 2024, ChoiceOne had no borrowings from the Federal Reserve Bank, and had securities pledged with a carrying value of approximately $349.9 million and loans pledged with a carrying value of approximately $460.6 million. At December 31, 2023 ChoiceOne had securities pledged with a carrying value of approximately $526.4 million and loans pledged with a carrying value of approximately $433.2 million. Based on this collateral, the Bank was eligible to borrow an additional $674.1 million at year end