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Borrowings | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Borrowings | Note 10 – Borrowings Bank Term Funding Program (“BTFP”) At December 31, loans from the BTFP were as follows:
(Dollars in thousands) |  | 2023 |  |  | 2022 |
Maturity of May 2024 with fixed interest rate of 4.71% |  | $ | 160,000 |  |  | $ | - |
Maturity of December 2024 with fixed interest rate of 4.83% |  |  | 10,000 |  |  |  | - |
Total advances outstanding at year-end |  | $ | 170,000 |  |  | $ | - |
Federal Home Loan Bank Advances At December 31, advances from the FHLB were as follows:
(Dollars in thousands) |  | 2023 |  |  | 2022 |
Maturity of January 2023 with fixed interest rate of 4.16% |  | $ | - |  |  | $ | 50,000 |
Maturity of July 2025 with fixed interest rate of 4.88% |  |  | 20,000 |  |  |  | - |
Maturity of December 2026 with fixed interest rate of 4.20% |  |  | 10,000 |  |  |  | - |
Total advances outstanding at year-end |  | $ | 30,000 |  |  | $ | 50,000 |
Advances from the Federal Reserve Bank were secured by securities with a carrying value of approximately $526.4 million and loans with a carrying value of approximately $433.2 million at December 31, 2023. Based on this collateral, the Bank was eligible to borrow an additional $649.0 million at year end 2023. Advances from the FHLB were secured by residential real estate loans with a carrying value of approximately $191.1 million and securities with a carrying value of approximately $278.5 million at December 31, 2023 and residential real estate loans with a carrying value of approximately $169.7 million at December 31, 2022, respectively. Based on this collateral, the Bank was eligible to borrow an additional $284.3 million at year-end 2023. In June 2021, ChoiceOne obtained a $20 million line of credit with an annual renewal. The line carries a floating rate of prime rate with a floor of 3.25% and current rate of 8.5% at December 31, 2023. The credit agreement includes certain financial covenants, including minimum capital ratios, asset quality ratios, and the requirements of achieving certain profitability thresholds. ChoiceOne was in compliance with all covenants as of December 31, 2023. The line of credit balance was $0 at December 31, 2023.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480876/942-470-45-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 + Details
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