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Securities
 3 Months Ended
Mar. 31, 2017
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:

 

    March 31, 2017  

(Dollars in thousands)

 

   Amortized
Cost		     Gross
Unrealized
Gains		     Gross
Unrealized
Losses		     Fair
Value		  
U.S. Government and federal agency   $ 60,529     $ 41     $ (599 )   $ 59,971  
U.S. Treasury     4,104       —       (21 )     4,083  
State and municipal     93,547       948       (577 )     93,918  
Mortgage-backed     7,535       24       (115 )     7,444  
Corporate     7,003       18       (26 )     6,995  
Foreign debt     4,513       —       (96 )     4,417  
Equity securities     3,067       262       —       3,329  
Asset-backed securities     158       —       (1 )     157  
 Total   $ 180,456     $ 1,293     $ (1,435 )   $ 180,314  

  

    December 31, 2016  
    Amortized
Cost		     Gross
Unrealized
Gains		     Gross
Unrealized
Losses		     Fair
Value		  
U.S. Government and federal agency   $ 59,864     $ 34     $ (846 )   $ 59,052  
U.S. Treasury     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  

 

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 first quarter of 2017. 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.