Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 32

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1
Chunk 32
---
2023
     
    2022

    Average Balance

    Average Rate

    Average Balance

    Average Rate

    Average Balance

    Average Rate

    Noninterest-bearing demand
    $
    519,709

    -
     
    %
     
    $
    546,926

    -
     
    %
     
    $
    582,992

    -
     
    %

    Interest-bearing demand and money market deposits
     
    896,060

    1.45

    852,927

    1.18

    902,090

    0.39

    Savings
     
    334,310

    0.85

    370,074

    0.43

    452,542

    0.16

    Certificates of deposit
     
    415,626

    4.38

    342,043

    3.46

    196,166

    0.83

    Total
    $
    2,165,705

    1.57
     
    %
     
    $
    2,111,970

    1.11
     
    %
     
    $
    2,133,790

    0.27
     
    %

    Amount of time deposits in uninsured accounts as of December 31, 2024 (Dollars in thousands)

    Maturing in less than 3 months
    $
    66,016

    Maturing in 3 to 6 months
     
    65,320

    Maturing in 6 to 12 months
     
    74,396

    Maturing in more than 12 months
     
    4,791

    Total uninsured time deposits
    $
    210,523

At December 31, 2024, the aggregate balance of all deposits exceeding the FDIC insured limit of $250,000 for individual and $500,000 for joint accounts totaled $833.2 million, or 37.6% of total deposits, compared to $769.7 million, or 36.3% of total deposits and $823.2 million, or 38.9% of total deposits at December 31, 2023 and 2022, respectively.  Certificate of Deposit Account Registry Service ("CDARs") and Ins