Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 97

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 97
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 were immaterial at December 31, 2024 and 2023.Activity for loan servicing rights (included in other assets) was as follows: 

        (Dollars in thousands)

        2024

        2023

        2022

        Balance, beginning of year
        $
        3,834

        $
        4,322

        $
        4,667

        Capitalized
         
        1,053

        820

        1,007

        Amortization
         
        (1,509
        )

        (1,308
        )

        (1,352
        )

        Balance, end of year
        $
        3,378

        $
        3,834

        $
        4,322

       The fair value of loan servicing rights was $5.7 million, $5.6 million and $5.9 million as of December 31, 2024, 2023 and 2022, respectively. Valuation allowances of $0 were recorded at December 31, 2024, 2023 and 2022. The fair value of the Bank’s servicing rights at December 31, 2024 was determined using a discount rate of 9.5% to 11.5% and prepayment speeds ranging from 5.1% to 6.7%.  The fair value of the Bank’s servicing rights at December 31, 2023 was determined using a discount rate of 9.5% to 10.5% and prepayment speeds ranging from 5.7% to 7.5%.  The fair value of the Bank’s servicing rights at December 31, 2022 was determined using a discount rate of 8.00% and prepayment speeds ranging from 5.2% to 6.7%. 

 69

Note 5 – Premises and EquipmentAs of December 31, premises and equipment consisted of the following: 

        (Dollars in thousands)

        2024

        2023

        Land and land improvements
        $
        7,932

        $
        8,415

        Leasehold improvements
         
        116

        81

        Buildings
         
        28,525

        29,635

        Furniture and equipment
         
        12,751

        12,558