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SECURITIES | 3 Months Ended
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Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | NOTE 2 – SECURITIES The fair value of equity securities and the related gross unrealized gains(losses) recognized in noninterest income were as follows:
|  | March 31, 2020 |
(Dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Equity securities |  | $ | 2,636 |  |  | $ | — |  |  | $ | (174 | ) |  | $ | 2,462 |
|  | December 31, 2019 |
(Dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Equity securities |  | $ | 2,636 |  |  | $ | 215 |  |  | $ | — |  |  | $ | 2,851 |
The fair value of securities available for sale and the related unrealized gains and losses recognized in accumulated other comprehensive income were as follows:
|  | March 31, 2020 |
(Dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Government and federal agency |  | $ | 17,003 |  |  | $ | 126 |  |  | $ | — |  |  | $ | 17,129 |
U.S. Treasury notes and bonds |  |  | 1,995 |  |  |  | 79 |  |  |  | — |  |  |  | 2,074 |
State and municipal |  |  | 186,586 |  |  |  | 4,142 |  |  |  | (589 | ) |  |  | 190,139 |
Mortgage-backed |  |  | 148,577 |  |  |  | 1,707 |  |  |  | (1,581 | ) |  |  | 148,703 |
Corporate |  |  | 2,850 |  |  |  | 45 |  |  |  | (36 | ) |  |  | 2,859 |
Trust preferred securities |  |  | 1,000 |  |  |  | — |  |  |  | — |  |  |  | 1,000 |
Total |  | $ | 358,011 |  |  | $ | 6,099 |  |  | $ | (2,206 | ) |  | $ | 361,904 |
|  | December 31, 2019 |
(Dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Government and federal agency |  | $ | 17,231 |  |  | $ | 23 |  |  | $ | (39 | ) |  | $ | 17,215 |
U.S. Treasury notes and bonds |  |  | 1,994 |  |  |  | 14 |  |  |  | — |  |  |  | 2,008 |
State and municipal |  |  | 172,487 |  |  |  | 2,694 |  |  |  | (1,257 | ) |  |  | 173,924 |
Mortgage-backed |  |  | 142,504 |  |  |  | 585 |  |  |  | (329 | ) |  |  | 142,760 |
Corporate |  |  | 2,649 |  |  |  | 24 |  |  |  | (1 | ) |  |  | 2,672 |
Trust preferred securities |  |  | 1,000 |  |  |  | — |  |  |  | — |  |  |  | 1,000 |
Total |  | $ | 337,865 |  |  | $ | 3,340 |  |  | $ | (1,626 | ) |  | $ | 339,579 |
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 2020. ChoiceOne believes 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. Presented below is a schedule of maturities of securities as of March 31, 2020, the fair value of securities as of March 31, 2020 and December 31, 2019, and the weighted average yields of securities as of March 31, 2020:
|  | Securities maturing within: |  |  |  |  |  |  |
(Dollars in thousands) |  | Less than 1 Year |  |  | 1 Year - 5 Years |  |  | 5 Years - 10 Years |  |  | More than 10 Years |  |  | Fair Value at March 31, 2020 |  |  | Fair Value at Dec. 31, 2019 |
U.S. Government and federal agency |  | $ | 8,015 |  |  | $ | 2,073 |  |  | $ | 7,041 |  |  | $ | — |  |  | $ | 17,129 |  |  | $ | 17,215 |
U.S. Treasury notes and bonds |  |  | — |  |  |  | 2,074 |  |  |  | — |  |  |  | — |  |  |  | 2,074 |  |  |  | 2,008 |
State and municipal (1) |  |  | 19,795 |  |  |  | 46,750 |  |  |  | 97,211 |  |  |  | 26,383 |  |  |  | 190,139 |  |  |  | 173,924 |
Corporate |  |  | 464 |  |  |  | 2,395 |  |  |  | — |  |  |  | — |  |  |  | 2,859 |  |  |  | 2,672 |
Trust preferred securities |  |  | 1,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,000 |  |  |  | 1,000 |
Total debt securities |  |  | 29,274 |  |  |  | 53,292 |  |  |  | 104,252 |  |  |  | 26,383 |  |  |  | 213,201 |  |  |  | 196,819 |
Mortgage-backed securities |  |  | 333 |  |  |  | 85,655 |  |  |  | 60,229 |  |  |  | 2,486 |  |  |  | 148,703 |  |  |  | 142,760 |
Equity securities (2) |  |  | — |  |  |  | — |  |  |  | 935 |  |  |  | 1,527 |  |  |  | 2,462 |  |  |  | 2,851 |
Total |  | $ | 29,607 |  |  | $ | 138,947 |  |  | $ | 165,416 |  |  | $ | 30,396 |  |  | $ | 364,366 |  |  | $ | 342,430 |
|  | Weighted average yields: |
|  | Less than 1 Year |  |  | 1 Year - 5 Years |  |  | 5 Years - 10 Years |  |  | More than 10 Years |  |  | Total |
U.S. Government and federal agency |  |  | 1.76 | % |  |  | 1.98 | % |  |  | 2.41 | % |  |  | — | % |  |  | 2.06 | %
U.S. Treasury notes and bonds |  |  | — |  |  |  | 1.85 |  |  |  | — |  |  |  | — |  |  |  | 1.85 |
State and municipal (1) |  |  | 2.27 |  |  |  | 2.91 |  |  |  | 2.78 |  |  |  | 2.84 |  |  |  | 2.77 |
Corporate |  |  | 3.10 |  |  |  | 2.74 |  |  |  | — |  |  |  | — |  |  |  | 2.80 |
Trust preferred securities |  |  | 4.50 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4.50 |
Mortgage-backed securities |  |  | 0.80 |  |  |  | 2.24 |  |  |  | 2.09 |  |  |  | 3.21 |  |  |  | 2.19 |
Equity securities (2) |  |  | — |  |  |  | — |  |  |  | 4.56 |  |  |  | — |  |  |  | 0.76 |
Following is information regarding unrealized gains and losses on equity securities for the three-month periods ending March 31:
|  | Three Months Ended March 31, |
|  | 2020 |  |  | 2019 |
Net gains and losses recognized during the period |  | $ | (389 | ) |  | $ | 187 |
Less: Net gains and losses recognized during the period on securities sold |  |  | — |  |  |  | — |
Unrealized gains and losses recognized during the reporting period on securities still held at the reporting date |  | $ | (389 | ) |  | $ | 187 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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