Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 96

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 96
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41,958

        $
        279,120

        $
        65,487

        $
        344,607

       (1) It is noted that write-offs in the tables above do not include checking account write-offs.   Checking account write-offs during the full year 2024 were $607,000 compared to $480,000 during the full year 2023.    Included within the loan categories above were loans in the process of foreclosure. As of December 31, 2024 and 2023, loans in the process of foreclosure totaled $1.5 million and $846,000, respectively. During the year ended December 31, 2024, the amortized cost basis of a loan modified for a borrower facing financial difficulties was $121,000. This loan was classified as single-family residential, and a term extension was granted. However, after the modification, the 

 65

loan became over 90 days past due and experienced payment defaults, leading to its transfer into Other Real Estate Owned before the year-end. The following tables present the amortized cost basis of the loans modified to borrowers experiencing financial difficulty disaggregated by class of financing receivable and type of concession granted during the full year 2024 and 2023.    

        For the period ended:
        December 31, 2024

        Term Extension

        % of Total

        Class of

        (Dollars in thousands)
        Amortized

        Financing

        Cost Basis

        Receivable

        Residential real estate
        $
        121

        0
        %

        Total
        $
        121

        For the period ended:
        December 31, 2023

        Term Extension

        % of Total

        Class of

        (Dollars in thousands)
        Amortized

        Financing

        Cost Basis

        Receivable

        Commercial and industrial
        $
        60

        0
        %

        Residential real estate
         
        129

        0
        %

        Total
        $
        189

        The following table presents the financial effect by type of modification made to borrowers experiencing financial difficulty and class of financing receivable during the full year 2024 and 2023.    

        For the period ended:
        December 31, 2024

        Term Extension

        Residential real estate
        Provided with new five year payment