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Securities (Tables)

12 Months Ended

Dec. 31, 2023

Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract]

Schedule of Gross Unrealized Gains and (Losses)

The fair value of equity securities and the related gross unrealized gains and (losses) recognized in noninterest income at December 31 were as follows:

		December 31, 2023
						Gross				Gross
(Dollars in thousands)		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
Equity securities		$	7,960			$	212			$	(667	)		$	7,505

		December 31, 2022
						Gross				Gross
(Dollars in thousands)		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
Equity securities		$	8,982			$	305			$	(721	)		$	8,566

Schedule of Gross Unrealized Gains and Losses on Investment Securities Available for Sale Recognized in Accumulated Other Comprehensive Income (loss)

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:

		December 31, 2023
						Gross				Gross
(Dollars in thousands)		Amortized				Unrealized				Unrealized				Fair
Available for Sale:		Cost				Gains				Losses				Value
U.S. Government and federal agency		$	-			$	-			$	-			$	-
U.S. Treasury notes and bonds			90,345				-				(10,151	)			80,194
State and municipal			269,918				-				(35,236	)			234,682
Mortgage-backed			212,392				14				(23,905	)			188,501
Corporate			250				-				(46	)			204
Asset-backed securities			11,334				-				(317	)			11,017
Total		$	584,239			$	14			$	(69,655	)		$	514,598

		December 31, 2022
						Gross				Gross
(Dollars in thousands)		Amortized				Unrealized				Unrealized				Fair
Available for Sale:		Cost				Gains				Losses				Value
U.S. Government and federal agency		$	-			$	-			$	-			$	-
U.S. Treasury notes and bonds			90,810				-				(12,606	)			78,204
State and municipal			277,489				-				(47,551	)			229,938
Mortgage-backed			236,703				-				(28,140	)			208,563
Corporate			757				-				(46	)			711
Asset-backed securities			13,031				-				(698	)			12,333
Total		$	618,790			$	-			$	(89,041	)		$	529,749

Schedule of Gross Unrealized Gains and Losses on Investment Securities Held to Maturity

The amortized cost and fair value of securities held to maturity and the related gross unrealized gains and losses were as follows:

		December 31, 2023
						Gross				Gross
(Dollars in thousands)		Amortized				Unrealized				Unrealized				Fair
Held to Maturity:		Cost				Gains				Losses				Value
U.S. Government and federal agency		$	2,972			$	-			$	(293	)		$	2,679
State and municipal			196,098				14				(30,220	)			165,892
Mortgage-backed			188,329				-				(25,796	)			162,533
Corporate			20,013				21				(2,864	)			17,170
Asset-backed securities			547				-				(30	)			517
Total		$	407,959			$	35			$	(59,203	)		$	348,791

		December 31, 2022
						Gross				Gross
(Dollars in thousands)		Amortized				Unrealized				Unrealized				Fair
Held to Maturity:		Cost				Gains				Losses				Value
U.S. Government and federal agency		$	2,966			$	-			$	(421	)		$	2,545
State and municipal			201,890				1				(39,355	)			162,536
Mortgage-backed			200,473				-				(29,868	)			170,605
Corporate			19,603				-				(2,285	)			17,318
Asset-backed securities			974				-				(77	)			897
Total		$	425,906			$	1			$	(72,006	)		$	353,901

Schedule of Realized Gain (Loss)

Information regarding sales of equity and debt securities available for sale for the year ended December 31 follows:

(Dollars in thousands)
		2023				2022				2021
Proceeds from sales of securities		$	887			$	47,167			$	29,742
Gross realized gains			-				-				-
Gross realized losses			(71	)			(809	)			(40	)

Schedule of Investments Classified by Contractual Maturity Date

Contractual maturities of securities available for sale at December 31, 2023 were as follows:

(Dollars in thousands)				Amortized				Fair
				Cost				Value
Due within one year				$	250			$	250
Due after one year through five years					99,159				90,209
Due after five years through ten years					177,228				159,321
Due after ten years					95,210				76,317
Total debt securities					371,847				326,097
Mortgage-backed securities					212,392				188,501
Total				$	584,239			$	514,598

Contractual maturities of securities held to maturity at December 31, 2023 were as follows:

(Dollars in thousands)				Amortized				Fair
				Cost				Value
Due within one year				$	1,586			$	1,543
Due after one year through five years					12,379				11,376
Due after five years through ten years					124,644				108,371
Due after ten years					81,021				64,968
Total debt securities					219,630				186,258
Mortgage-backed securities					188,329				162,533
Total				$	407,959			$	348,791

Schedule of Financial Instruments Owned and Pledged as Collateral

Certain securities were pledged as collateral for participation in a program that provided Community Reinvestment Act credits and for other purposes, as required or permitted by law. ChoiceOne also pledges securities to the FHLB and the FRB. The purpose of this

pledging strategy is to enhance the availability of cash and other liquid assets that can be used to meet the operational needs of the organization. This strategy also allows the organization to optimize its asset allocation and diversify its funding sources. The carrying amount of the securities pledged as collateral at December 31 was as follows:

(Dollars in thousands)				2023				2022
Securities pledged to Federal Reserve Bank				$	526,413			$	-
Securities pledged to Federal Home Loan Bank					278,503				-
Securities pledged for Community Reinvestment Act credits					250				250
Total Securities pledged					805,166				250

Schedule of Available for Sale Securities with Unrealize Losses

Securities with unrealized losses at year-end 2023 and 2022, aggregated by investment category and length of time the individual securities have been in an unrealized loss position, were as follows:

		2023
		Less than 12 months								More than 12 months								Total
(Dollars in thousands)		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
Available for Sale:		Value				Losses				Value				Losses				Value				Losses
U.S. Government and federal agency		$	-			$	-			$	-			$	-			$	-			$	-
U.S. Treasury notes and bonds			-				-				80,194				10,151				80,194				10,151
State and municipal			557				6				234,125				35,230				234,682				35,236
Mortgage-backed			1,255				23				176,400				23,882				177,655				23,905
Corporate			-				-				204				46				204				46
Asset-backed securities			-				-				11,017				317				11,017				317
Total temporarily impaired		$	1,812			$	29			$	501,940			$	69,626			$	503,752			$	69,655

		2022
		Less than 12 months								More than 12 months								Total
(Dollars in thousands)		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
Available for Sale:		Value				Losses				Value				Losses				Value				Losses
U.S. Government and federal agency		$	-			$	-			$	-			$	-			$	-			$	-
U.S. Treasury notes and bonds			-				-				78,204				12,606				78,204				12,606
State and municipal			89,158				12,612				140,390				34,939				229,548				47,551
Mortgage-backed			63,249				3,093				144,318				25,047				207,567				28,140
Corporate			711				46				-				-				711				46
Asset-backed securities			-				-				12,333				698				12,333				698
Total temporarily impaired		$	153,118			$	15,751			$	375,245			$	73,290			$	528,363			$	89,041

Schedule of Held to Maturity Securities with Unrealize Losses

		2023
		Less than 12 months								More than 12 months								Total
(Dollars in thousands)		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
Held to Maturity:		Value				Losses				Value				Losses				Value				Losses
U.S. Government and federal agency		$	-			$	-			$	2,679			$	293			$	2,679			$	293
State and municipal			23				-				165,526				30,220				165,549				30,220
Mortgage-backed			-				-				162,533				25,796				162,533				25,796
Corporate			-				-				15,509				2,864				15,509				2,864
Asset-backed securities			-				-				517				30				517				30
Total temporarily impaired		$	23			$	-			$	346,764			$	59,203			$	346,787			$	59,203

		2022
		Less than 12 months								More than 12 months								Total
(Dollars in thousands)		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
Held to Maturity:		Value				Losses				Value				Losses				Value				Losses
U.S. Government and federal agency		$	-			$	-			$	2,545			$	421			$	2,545			$	421
State and municipal			13,457				1,899				149,016				37,456				162,473				39,355
Mortgage-backed			25,582				822				145,024				29,046				170,606				29,868
Corporate			5,296				603				10,771				1,682				16,067				2,285
Asset-backed securities			-				-				897				77				897				77
Total temporarily impaired		$	44,335			$	3,324			$	308,253			$	68,682			$	352,588			$	72,006

Schedule of Unrealized Gains and Losses on Equity Securities

Following is information regarding unrealized gains and losses on equity securities for the years ending December 31:

								2023				2022				2021
Net gains and losses recognized during the period								$	(317	)		$	(955	)		$	479
Less: Net gains and losses recognized during the period on securities sold									(71	)			-				-
Unrealized gains and losses recognized during the reporting period on securities still held at the reporting date								$	(246	)		$	(955	)		$	479

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- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

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- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

No definition available.

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