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Borrowings | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Borrowings | NOTE 9 – Borrowings Federal Home Loan Bank Advances
(Dollars in thousands) |  | September 30, 2024 |  |  | December 31, 2023 |
Maturity of July 2025 with fixed interest rate of 4.88% |  | $ | 20,000 |  |  | $ | 20,000 |
Maturity of January 2026 with fixed interest rate of 4.35% |  |  | 10,000 |  |  |  | - |
Maturity of December 2026 with fixed interest rate of 4.20% |  |  | 10,000 |  |  |  | 10,000 |
Total advances outstanding at period end |  | $ | 40,000 |  |  | $ | 30,000 |
Bank Term Funding Program (“BTFP”)
(Dollars in thousands) |  | September 30, 2024 |  |  | December 31, 2023 |
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 |
Maturity of January 2025 with fixed interest rate of 4.76% |  |  | 170,000 |  |  |  |
Total BTFP outstanding at period end |  | $ | 170,000 |  |  | $ | 170,000 |
Advances from the FHLB were secured by residential real estate loans with a carrying value of approximately $201.0 million at September 30, 2024, compared to 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. Based on this collateral, the Bank was eligible to borrow an additional $89.8 million at September 30, 2024. Advances from the Federal Reserve Bank were secured by securities with a carrying value of approximately $515.7 million and loans with a carrying value of approximately $467.6 million at September 30, 2024, compared to 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 $689.5 million at September 30, 2024. 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 8.0% at September 30, 2024. 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 September 30, 2024. The line of credit balance was $0 at September 30, 2024.

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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 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(13)(3)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 2: 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/1943274/2147478878/942-470-45-1 Reference 3: 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/1943274/2147477734/942-470-50-3 Reference 4: 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 + Details
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