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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting

Note 22 – Segment Reporting

Segment Reporting

ChoiceOne Financial Services Inc. (the "Company") operates in one reportable segment, which is community banking. The Company provides a full range of financial services to individual and business customers through its network of branches and ATMs. The Company's products and services include deposit accounts, loans, mortgage banking, and other financial services.

At ChoiceOne Bank, the Chief Operating Decision Maker (CODM) is the Chairman and Chief Executive Officer. The CODM evaluates key metrics, such as consolidated net income and its major components, to develop strategies and allocate resources effectively. This analysis involves receiving comprehensive financial information on a consolidated basis, which includes actual and budgeted data, credit quality metrics, net income, earnings per share, loan originations, deposit growth, total non-interest income, and non-interest expense.

Entity-Wide Disclosures

Products and Services: The Company's revenues are derived from a variety of financial products and services, including interest income from loans and investments, fees from deposit accounts, and income from mortgage banking activities.

Geographic Areas: The Company operates primarily in the state of Michigan, with a significant portion of its revenues generated from customers located in this region. The Company does not have any significant operations outside of the United States.

Major Customers: The Company does not have any single customer that accounts for 10% or more of its total revenues.

Reconciliations: The following table reconciles the Company's total revenues, profit or loss, and assets to the consolidated financial statements:

 

 

Years Ended December 31,

 

(Dollars in thousands)

 

2024

 

 

2023

 

 

2022

 

Total Revenues

 

$

139,099

 

 

$

113,886

 

 

$

89,132

 

Net Income

 

$

26,727

 

 

$

21,261

 

 

$

23,640

 

Total Assets

 

$

2,723,243

 

 

$

2,576,706

 

 

$

2,385,915