Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 116

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 116
---
 108,331

        6.0

        N/A

        N/A

        Tier 1 capital (to average assets)

        189,912

        7.5

        101,337

        4.0

        N/A

        N/A

        ChoiceOne Bank

        Total capital (to risk weighted assets)
         
        $
        224,095

        12.4
         
        %
         
        $
        144,274

        8.0
         
        %
         
        $
        180,342

        10.0
         
        %

        Common equity Tier 1 capital (to risk weighted assets)

        212,283

        11.8

        81,154

        4.5

        117,223

        6.5

        Tier 1 capital (to risk weighted assets)

        212,283

        11.8

        108,205

        6.0

        144,274

        8.0

        Tier 1 capital (to average assets)

        212,283

        8.4

        101,244

        4.0

        126,555

        5.0

       Banking laws and regulations limit capital distributions by state-chartered banks. Generally, capital distributions are limited to undistributed net income for the current and prior two years. At December 31, 2024, approximately $48.7 million was available for the Bank to pay dividends to ChoiceOne assuming regulatory approval of any amount in excess of the applicable capital conservation buffer.  ChoiceOne’s ability to pay dividends to shareholders is dependent on the payment of dividends from the Bank, which is restricted by state law and regulations. Note 22 – Segment ReportingSegment Reporting  ChoiceOne Financial Services Inc. (the "Company") operates in one reportable segment, which is community banking. The Company provides a full range of financial services to individual and business customers through its network of branches and ATMs. The Company's products and services include deposit accounts, loans, mortgage banking, and other financial services.  At ChoiceOne Bank, the Chief Operating Decision Maker (CODM) is the Chairman and Chief Executive Officer. The CODM evaluates key metrics, such as consolidated net income and its major components, to develop strategies and allocate resources effectively. This analysis involves receiving comprehensive