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Income Taxes | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income Taxes | Note 11 – Income Taxes Information as of December 31 and for the year follows:
(Dollars in thousands) |  |  |  |  |  |
|  |  | 2014 |  |  |  | 2013 |  |  |  | 2012 |
Provision for Income Taxes |  |  |  |  |  |  |  |  |  |  |  |
Current federal income tax expense |  | $ | 2,536 |  |  | $ | 1,724 |  |  | $ | 1,475 |
Deferred federal income tax expense/(benefit) |  |  | (460 | ) |  |  | 59 |  |  |  | (132 | )
Income tax expense |  | $ | 2,076 |  |  | $ | 1,783 |  |  | $ | 1,343 |
Reconciliation of Income Tax Provision to Statutory Rate |  |  |  |  |  |  |  |  |  |  |  |
Income tax computed at statutory federal rate of 34% |  | $ | 2,642 |  |  | $ | 2,338 |  |  | $ | 1,906 |
Tax exempt interest income |  |  | (475 | ) |  |  | (476 | ) |  |  | (466 | )
Tax exempt earnings on bank-owned life insurance |  |  | (103 | ) |  |  | (101 | ) |  |  | (152 | )
Other items |  |  | 12 |  |  |  | 22 |  |  |  | 55 |
Income tax expense |  | $ | 2,076 |  |  | $ | 1,783 |  |  | $ | 1,343 |
Effective income tax rate |  |  | 27 | % |  |  | 26 | % |  |  | 24 | %
(Dollars in thousands) |  |  |  |
Components of Deferred Tax Assets and Liabilities |  | 2014 |  |  |  | 2013 |
Deferred tax assets: |  |  |  |
Allowance for loan losses |  | $ | 1,151 |  |  | $ | 1,075 |
Deferred compensation |  |  | 295 |  |  |  | 316 |
Write-downs on other real estate owned |  |  | — |  |  |  | 119 |
Loan costs/fees deferred |  |  | 84 |  |  |  | 95 |
Other |  |  | 172 |  |  |  | 119 |
Total deferred tax assets |  |  | 1,702 |  |  |  | 1,724 |
Deferred tax liabilities: |  |  |  |
Depreciation |  |  | 1,158 |  |  |  | 1,279 |
Unrealized gains on securities available for sale |  |  | 476 |  |  |  | — |
Purchase accounting adjustments from merger |  |  | 258 |  |  |  | 462 |
Loan servicing rights |  |  | 166 |  |  |  | 185 |
Stock dividends received from Federal Home Loan Bank |  |  | 64 |  |  |  | 83 |
Post-retirement benefits obligation |  |  | 77 |  |  |  | 82 |
Other |  |  | 70 |  |  |  | 132 |
Total deferred tax liabilities |  |  | 2,269 |  |  |  | 2,223 |
Net deferred tax liabilities |  | $ | 567 |  |  | $ | 499 |
ChoiceOne had a deferred tax asset of $18,000 as of December 31, 2014 and $42,000 as of December 31, 2013 that resulted from capital losses incurred on the sales of equity securities in 2009 and 2010. A valuation allowance of $18,000 and $42,000, respectively, had been recorded as of December 31, 2014 and December 31, 2013 due to the uncertainty as to ChoiceOne’s ability to generate capital gains in the future that can offset the capital loss carryforward. ChoiceOne also had a deferred tax asset of $23,000 and $44,000, respectively, as of December 31, 2014 and December 31, 2013 that was related to unexercised stock options. A valuation allowance for the entire balance had been recorded as of December 31, 2014 and December 31, 2013 due to the uncertainty as to whether the options would be exercised. The valuation allowances totaling $41,000 and $86,000, respectively, as of December 31, 2014 and December 31, 2013 have been netted against the total deferred tax assets listed above.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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