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Securities
 9 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Securities

NOTE 2 - SECURITIES

 

The fair value of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows:

 

     September 30, 2015   
    Gross  Gross   
(Dollars in thousands)  Amortized  Unrealized  Unrealized  Fair
  Cost  Gains  Losses  Value
U.S. Government and federal agency  $55,333   $274   $(7)  $55,600 
U.S. Treasury   6,142    35    (1)   6,176 
State and municipal   71,136    1,846    (101)   72,881 
Mortgage-backed   7,476    62    (9)   7,529 
Corporate   8,428    24    (17)   8,435 
Foreign debt   1,000    1    —      1,001 
Equity securities   2,280    132    —      2,412 
Asset-backed securities   298    —      (3)   295 
  Total  $152,093   $2,374   $(138)  $154,329 
                     
       December 31, 2014    
       Gross  Gross 
  Amortized  Unrealized  Unrealized  Fair
  Cost  Gains  Losses  Value
U.S. Government and federal agency  $44,584   $77   $(158)  $44,503 
U.S. Treasury   8,077    11    (30)   8,058 
State and municipal   68,376    1,697    (238)   69,835 
Mortgage-backed   8,896    68    (22)   8,942 
Corporate   7,529    25    (16)   7,538 
Foreign debt   1,000    —      (6)   994 
Equity securities   2,280    —      (5)   2,275 
Asset-backed securities   378    —      (2)   376 
  Total  $141,120   $1,878   $(477)  $142,521 

 

ChoiceOne reviews its securities portfolio on a quarterly basis to determine whether unrealized losses are considered to be temporary or other-than-temporary. No other-than-temporary impairment charges were recorded during the nine months ended September 30, 2015. ChoiceOne believed that unrealized losses on securities were temporary in nature and were due to changes in interest rates and reduced market liquidity and not as a result of credit quality issues.