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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Employee Benefit Plans | Note 13 – Employee Benefit Plans 401(k) Plan: The 401(k) plan allows employees to contribute to their individual accounts under the plan amounts up to the IRS maximum. Matching company contributions to the plan are discretionary. Expense for matching company contributions under the plan was $233,000, $207,000, and $189,000 in 2019, 2018, and 2017, respectively. Post-retirement Benefits Plan: ChoiceOne maintains an unfunded post-retirement health care plan, which permits employees (and their dependents) the ability to participate upon retirement from ChoiceOne. ChoiceOne does not pay any portion of the health care premiums charged to its retired participants. A liability has been accrued for the obligation under this plan. ChoiceOne realized a recovery of post-retirement benefit expense of $14,000, $12,000, and $14,000 in 2019, 2018, and 2017, respectively. The post-retirement obligation liability was $107,000 as of December 31, 2019 and $98,000 as of December 31, 2018. Deferred Compensation Plans: A deferred director compensation plan covers former directors of Valley Ridge Financial Corp., which was acquired by ChoiceOne in 2006. Under the plan, ChoiceOne pays each former director the amount of director fees deferred plus interest at rates ranging from 5.50% to 5.84% over various periods as elected by each director. A liability has been accrued for the obligation under this plan. ChoiceOne incurred deferred compensation plan expense of $3,000, $5,000, and $7,000 in 2019, 2018, and 2017, respectively. The deferred compensation liability was $33,000 as of December 31, 2019 and $65,000 as of December 31, 2018. A supplemental executive retirement plan covers four former executive officers of Valley Ridge Financial Corp. Under the plan, ChoiceOne pays these individuals a specific amount of compensation over a 15-year period commencing upon early retirement age (as defined in the plan) or normal retirement age (as defined in the plan). A liability has been accrued for the obligation under this plan. The effective interest rate used for the accrual for the retirement liability is based on long-term interest rates. ChoiceOne incurred deferred compensation plan expense of $26,000, $6,000, and $12,000 in 2019, 2018, and 2017, respectively. Liabilities related to the supplemental executive retirement plan of $368,000 and $420,000 were outstanding as of December 31, 2019 and December 31, 2018, respectively. A supplemental executive retirement plan covers one former executive officer and one current executive officer of Lakestone Bank& Trust. Under the plan, the individuals would be paid a specific amount of compensation over a 15-year period commencing upon early or normal retirement age (as defined in the plan). A liability has been accrued for the obligation under this plan. The liability related to this plan was $337,000 as of December 31, 2019.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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