Bank Term Funding Program (“BTFP”)

At December 31, loans from the BTFP were as follows:


(Dollars in thousands)	2024		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
Total advances outstanding at year-end	$	-	$	170,000

At December 31, advances from the FHLB were as follows:


(Dollars in thousands)	2024		2023

Maturity of January 2025 with fixed interest rate of 4.48%	$	135,000	$	-
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 year-end	$	175,000	$	30,000

As of December 31, 2024, ChoiceOne had no borrowings from the Federal Reserve Bank, and had securities pledged with a carrying value of approximately $349.9 million and loans pledged with a carrying value of approximately $460.6 million. At December 31, 2023 ChoiceOne had securities pledged with a carrying value of approximately $526.4 million and loans pledged with a carrying value of approximately $433.2 million. Based on this collateral, the Bank was eligible to borrow an additional $674.1 million at year end 2024 compared to $649.0 million at year end 2023.

Advances from the FHLB were secured by residential real estate loans with a carrying value of approximately $204.4 million and securities with a carrying value of approximately $265.5 million at December 31, 2024 and 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 . Based on this collateral, the Bank was eligible to borrow an additional $163.1 million at year end 2024, compared to 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 7.5% at December 31, 2024 compared to a 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, 2024 and December 31, 2023. The line of credit balance was $0 at December 31, 2024 and December 31, 2023.