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SECURITIES
 6 Months Ended
Jun. 30, 2016
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:

 

        June 30, 2016     
(Dollars in thousands)   Amortized
Cost		    Gross
Unrealized
Gains		    Gross
Unrealized 
Losses		    

 

Fair
Value

 
U.S. Government and federal agency  $65,995   $372   $(52)  $66,315 
U.S. Treasury   2,078    42    —    2,120 
State and municipal   84,094    2,784    (22)   86,856 
Mortgage-backed   7,756    51    (3)   7,804 
Corporate   7,908    71    (2)   7,977 
Foreign debt   1,000    2    —    1,002 
Equity securities   2,617    261    —    2,878 
Asset-backed securities   226    —    (6)   220 
  Total  $171,674   $3,583   $(85)  $175,172 

 

      December 31, 2015   
      Gross  Gross   
   Amortized  Unrealized  Unrealized  Fair  
   Cost  Gains  Losses  Value  
U.S. Government and federal agency  $57,406   $30   $(229)  $57,207 
U.S. Treasury   6,133    —    (33)   6,100 
State and municipal   76,005    1,858    (109)   77,754 
Mortgage-backed   6,989    26    (45)   6,970 
Corporate   8,418    8    (39)   8,387 
Foreign debt   1,000    —    (5)   995 
Equity securities   2,279    174    —    2,453 
Asset-backed securities   274    —    (4)   270 
  Total  $158,504   $2,096   $(464)  $160,136 

  

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 in the six months ended June 30, 2016. 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.