Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 44

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 7
Chunk 44
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.2% for the year ended December 31, 2024 compared to 16.8% for the same period in 2023.  For 2024, income before income tax, disallowed interest expense (TEFRA) and nondeductible merger expenses increased compared to 2023.  For further details, refer to Note 12 - Income Taxes of the Notes to the Consolidated Financial Statements included in Item 8 of this report. 

 22

Table 1 – Average Balances and Tax-Equivalent Interest Rates

Tables 1 and 2 on the following pages provide information regarding interest income and expense for the years ended December 31, 2024, 2023, and 2022. Table 1 documents ChoiceOne’s average balances and interest income and expense, as well as the average rates earned or paid on assets and liabilities.  Table 2 documents the effect on interest income and expense of changes in volume (average balance) and interest rates. 

    Year Ended December 31,

    2024

    2023

    2022

    (Dollars in thousands)
     
    Average

    Average

    Average

    Balance

    Interest

    Rate

    Balance

    Interest

    Rate

    Balance

    Interest

    Rate

    Assets:

    Loans (1) (3)(4)(5)(6)
     
    $
    1,456,434

    $
    89,645

    6.16
     
     %
    $
    1,265,261

    $
    68,437

    5.41
     
     %
    $
    1,104,030

    $
    52,861

    4.79
     
     %

    Taxable securities (2)(6)

    691,562

    21,228

    3.07

    747,006

    21,169

    2.83

    779,915

    15,583

    2.00

    Nontaxable securities (1)

    289,892

    7,089

    2.45

    295,553

    7,106

    2.40

    314,644

    7,790

    2.48

    Other

    88,