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Securities | 12 Months Ended
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Dec. 31, 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) at December 31 were as follows:
|  | 2016 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
(Dollars in thousands) |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U.S. Government and federal agency |  | $ | 59,864 |  |  | $ | 34 |  |  | $ | (846 | ) |  | $ | 59,052 |
U.S. Treasury notes and bonds |  |  | 4,111 |  |  |  | — |  |  |  | (39 | ) |  |  | 4,072 |
State and municipal |  |  | 89,169 |  |  |  | 748 |  |  |  | (944 | ) |  |  | 88,973 |
Mortgage-backed |  |  | 7,925 |  |  |  | 19 |  |  |  | (155 | ) |  |  | 7,789 |
Corporate |  |  | 7,069 |  |  |  | 12 |  |  |  | (40 | ) |  |  | 7,041 |
Foreign debt |  |  | 4,514 |  |  |  | — |  |  |  | (114 | ) |  |  | 4,400 |
Equity securities |  |  | 2,617 |  |  |  | 266 |  |  |  | — |  |  |  | 2,883 |
Asset-backed securities |  |  | 182 |  |  |  | — |  |  |  | (4 | ) |  |  | 178 |
Total |  | $ | 175,451 |  |  | $ | 1,079 |  |  | $ | (2,142 | ) |  | $ | 174,388 |
|  | 2015 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
(Dollars in thousands) |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U.S. Government and federal agency |  | $ | 57,406 |  |  | $ | 30 |  |  | $ | (229 | ) |  | $ | 57,207 |
U.S. Treasury notes and bonds |  |  | 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 |
Information regarding sales of securities available for sale for the year ended December 31 follows: (Dollars in thousands)
|  | 2016 |  |  | 2015 |  |  | 2014 |
Proceeds from sales of securities |  | $ | 15,317 |  |  | $ | 25,876 |  |  | $ | 24,766 |
Gross realized gains |  |  | 312 |  |  |  | 261 |  |  |  | 341 |
Gross realized losses |  |  | 0 |  |  |  | 0 |  |  |  | 30 |
Contractual maturities of securities available for sale at December 31, 2016 were as follows:
(Dollars in thousands) |  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
Due within one year |  | $ | 34,174 |  |  | $ | 33,879 |
Due after one year through five years |  |  | 89,413 |  |  |  | 89,204 |
Due after five years through ten years |  |  | 37,153 |  |  |  | 36,514 |
Due after ten years |  |  | 4,168 |  |  |  | 4,119 |
Total debt securities |  |  | 164,908 |  |  |  | 163,716 |
Mortgage-backed securities |  |  | 7,925 |  |  |  | 7,789 |
Equity securities |  |  | 2,883 |  |  |  | 2,883 |
Total |  | $ | 175,716 |  |  | $ | 174,388 |
Various securities were pledged as collateral for securities sold under agreements to repurchase, advances from the Federal Home Loan Bank, and participation in a program that provided Community Reinvestment Act credits. The carrying amount of securities pledged as collateral at December 31 was as follows:
(Dollars in thousands) |  | 2016 |  |  | 2015 |
Securities pledged for securities sold under agreements to repurchase |  | $ | 13,186 |  |  | $ | 7,011 |
Securities pledged for advances from the Federal Home Loan Bank |  |  | — |  |  |  | 24,199 |
Security pledged for Community Reinvestment Act credits |  |  | 250 |  |  |  | 276 |
Total |  | $ | 13,436 |  |  | $ | 31,486 |
The fair value of securities pledged to secure repurchase agreements may decline, and the Company may be required to provide additional collateral. The Company manages this risk by pledging securities with fair values in excess of the repurchase liability. Securities with unrealized losses at year-end 2016 and 2015, aggregated by investment category and length of time the individual securities have been in an unrealized loss position, were as follows:
|  | 2016 |
|  | Less than 12 months |  |  | More than 12 months |  |  | Total |
(Dollars in thousands) |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. Government and federal agency |  | $ | 46,283 |  |  | $ | (846 | ) |  | $ | — |  |  | $ | — |  |  | $ | 46,283 |  |  | $ | (846 | )
U.S. Treasury notes and bonds |  |  | 4,072 |  |  |  | (39 | ) |  |  | — |  |  |  | — |  |  |  | 4,072 |  |  |  | (39 | )
State and municipal |  |  | 47,832 |  |  |  | (944 | ) |  |  | — |  |  |  | — |  |  |  | 47,832 |  |  |  | (944 | )
Mortgage-backed |  |  | 5,980 |  |  |  | (150 | ) |  |  | 251 |  |  |  | (5 | ) |  |  | 6,231 |  |  |  | (155 | )
Corporate |  |  | 2,838 |  |  |  | (40 | ) |  |  | — |  |  |  | — |  |  |  | 2,838 |  |  |  | (40 | )
Foreign debt |  |  | 4,400 |  |  |  | (114 | ) |  |  | — |  |  |  | — |  |  |  | 4,400 |  |  |  | (114 | )
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 178 |  |  |  | (4 | ) |  |  | 178 |  |  |  | (4 | )
Total temporarily impaired |  | $ | 111,405 |  |  | $ | (2,133 | ) |  | $ | 429 |  |  | $ | (9 | ) |  | $ | 111,834 |  |  | $ | (2,142 | )
|  | 2015 |
|  | Less than 12 months |  |  | More than 12 months |  |  | Total |
(Dollars in thousands) |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. Government and federal agency |  | $ | 38,567 |  |  | $ | (216 | ) |  | $ | 986 |  |  | $ | (13 | ) |  | $ | 39,553 |  |  | $ | (229 | )
U.S. Treasury notes and bonds |  |  | 6,101 |  |  |  | (33 | ) |  |  | — |  |  |  | — |  |  |  | 6,101 |  |  |  | (33 | )
State and municipal |  |  | 10,382 |  |  |  | (69 | ) |  |  | 2,906 |  |  |  | (40 | ) |  |  | 13,288 |  |  |  | (109 | )
Mortgage-backed |  |  | 4,459 |  |  |  | (41 | ) |  |  | 382 |  |  |  | (4 | ) |  |  | 4,841 |  |  |  | (45 | )
Corporate |  |  | 4,284 |  |  |  | (33 | ) |  |  | 896 |  |  |  | (6 | ) |  |  | 5,180 |  |  |  | (39 | )
Foreign debt |  |  | 995 |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | 995 |  |  |  | (5 | )
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 270 |  |  |  | (4 | ) |  |  | 270 |  |  |  | (4 | )
Total temporarily impaired |  | $ | 64,788 |  |  | $ | (397 | ) |  | $ | 5,440 |  |  | $ | (67 | ) |  | $ | 70,228 |  |  | $ | (464 | )
ChoiceOne evaluates all securities on a quarterly basis to determine whether unrealized losses are temporary or other than temporary. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of ChoiceOne to retain its investment in the issue for a period of time sufficient to allow for any anticipated recovery in fair value of amortized cost basis. Management believed that unrealized losses as of December 31, 2016 were temporary in nature and were caused primarily by changes in interest rates, increased credit spreads, and reduced market liquidity and were not caused by the credit status of the issuer. No other than temporary impairments were recorded in 2016 or 2015. At December 31, 2016, there were 196 securities with an unrealized loss, compared to 82 securities with an unrealized loss as of December 31, 2015. The increase in the number of securities in an unrealized loss position was caused by higher interest rates at the end of 2016 compared to the end of 2015.

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