XML 47 R37.htm IDEA: XBRL DOCUMENT v3.25.0.1
Securities (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

(Dollars in thousands)

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Equity securities

 

$

8,043

 

 

$

397

 

 

$

(658

)

 

$

7,782

 

 

 

 

December 31, 2023

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

(Dollars in thousands)

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Equity securities

 

$

7,960

 

 

$

212

 

 

$

(667

)

 

$

7,505

 
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, 2024

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

(Dollars in thousands)

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

Available for Sale:

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

U.S. Treasury notes and bonds

 

$

89,875

 

 

$

-

 

 

$

(9,373

)

 

$

80,502

 

State and municipal

 

 

258,815

 

 

 

-

 

 

 

(30,579

)

 

 

228,236

 

Mortgage-backed

 

 

181,863

 

 

 

62

 

 

 

(20,955

)

 

 

160,970

 

Corporate

 

 

250

 

 

 

-

 

 

 

(38

)

 

 

212

 

Asset-backed securities

 

 

9,387

 

 

 

-

 

 

 

(190

)

 

 

9,197

 

Total

 

$

540,190

 

 

$

62

 

 

$

(61,135

)

 

$

479,117

 

 

 

 

December 31, 2023

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

(Dollars in thousands)

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

Available for Sale:

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

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

 
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, 2024

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

(Dollars in thousands)

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

Held to Maturity:

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

U.S. Government and federal agency

 

$

2,978

 

 

$

-

 

 

$

(279

)

 

$

2,699

 

State and municipal

 

 

196,510

 

 

 

5

 

 

 

(31,477

)

 

 

165,038

 

Mortgage-backed

 

 

174,323

 

 

 

7

 

 

 

(21,963

)

 

 

152,367

 

Corporate

 

 

20,495

 

 

 

29

 

 

 

(1,803

)

 

 

18,721

 

Asset-backed securities

 

 

228

 

 

 

-

 

 

 

(5

)

 

 

223

 

Total

 

$

394,534

 

 

$

41

 

 

$

(55,527

)

 

$

339,048

 

 

 

 

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

 
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)

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

Proceeds from sales of securities

 

$

-

 

 

$

887

 

 

$

47,167

 

Gross realized gains

 

 

-

 

 

 

-

 

 

 

-

 

Gross realized losses

 

 

-

 

 

 

(71

)

 

 

(809

)
Schedule of Maturities of Securities

Contractual maturities of securities available for sale at December 31, 2024 were as follows:

 

(Dollars in thousands)

 

 

 

Amortized

 

 

Fair

 

 

 

 

 

Cost

 

 

Value

 

Due within one year

 

 

 

$

1,260

 

 

$

1,248

 

Due after one year through five years

 

 

 

 

114,506

 

 

 

103,936

 

Due after five years through ten years

 

 

 

 

85,429

 

 

 

77,013

 

Due after ten years

 

 

 

 

157,132

 

 

 

135,950

 

Total debt securities

 

 

 

 

358,327

 

 

 

318,147

 

Mortgage-backed securities

 

 

 

 

181,863

 

 

 

160,970

 

Total

 

 

 

$

540,190

 

 

$

479,117

 

Contractual maturities of securities held to maturity at December 31, 2024 were as follows:

 

(Dollars in thousands)

 

 

 

Amortized

 

 

Fair

 

 

 

 

 

Cost

 

 

Value

 

Due within one year

 

 

 

$

2,745

 

 

$

2,726

 

Due after one year through five years

 

 

 

 

22,977

 

 

 

20,916

 

Due after five years through ten years

 

 

 

 

123,130

 

 

 

106,777

 

Due after ten years

 

 

 

 

71,359

 

 

 

56,262

 

Total debt securities

 

 

 

 

220,211

 

 

 

186,681

 

Mortgage-backed securities

 

 

 

 

174,323

 

 

 

152,367

 

Total

 

 

 

$

394,534

 

 

$

339,048

 
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)

 

 

 

2024

 

 

2023

 

Securities pledged to Federal Reserve Bank

 

 

 

$

349,861

 

 

$

526,413

 

Securities pledged to Federal Home Loan Bank

 

 

 

 

265,537

 

 

 

278,503

 

Securities pledged for Community Reinvestment Act credits

 

 

 

 

246

 

 

 

250

 

Total Securities pledged

 

 

 

$

615,644

 

 

$

805,166

 
Schedule of Available for Sale Securities with Unrealize Losses

Securities with unrealized losses at year-end 2024 and 2023, aggregated by investment category and length of time the individual securities have been in an unrealized loss position, were as follows:

 

 

 

2024

 

 

 

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. Treasury notes and bonds

 

$

-

 

 

$

-

 

 

$

80,502

 

 

$

9,373

 

 

$

80,502

 

 

$

9,373

 

State and municipal

 

 

-

 

 

 

-

 

 

 

228,236

 

 

 

30,579

 

 

 

228,236

 

 

 

30,579

 

Mortgage-backed

 

 

963

 

 

 

1

 

 

 

142,170

 

 

 

20,954

 

 

 

143,133

 

 

 

20,955

 

Corporate

 

 

-

 

 

 

-

 

 

 

212

 

 

 

38

 

 

 

212

 

 

 

38

 

Asset-backed securities

 

 

-

 

 

 

-

 

 

 

9,197

 

 

 

190

 

 

 

9,197

 

 

 

190

 

Total temporarily impaired

 

$

963

 

 

$

1

 

 

$

460,317

 

 

$

61,134

 

 

$

461,280

 

 

$

61,135

 

 

 

 

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. 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

 
Schedule of Held to Maturity Securities with Unrealize Losses

 

 

2024

 

 

 

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

 

$

-

 

 

$

-

 

 

$

2,699

 

 

$

279

 

 

$

2,699

 

 

$

279

 

State and municipal

 

 

5,262

 

 

 

630

 

 

 

159,558

 

 

 

30,847

 

 

 

164,820

 

 

 

31,477

 

Mortgage-backed

 

 

2,350

 

 

 

11

 

 

 

141,970

 

 

 

21,952

 

 

 

144,320

 

 

 

21,963

 

Corporate

 

 

-

 

 

 

-

 

 

 

16,591

 

 

 

1,803

 

 

 

16,591

 

 

 

1,803

 

Asset-backed securities

 

 

-

 

 

 

-

 

 

 

223

 

 

 

5

 

 

 

223

 

 

 

5

 

Total temporarily impaired

 

$

7,612

 

 

$

641

 

 

$

321,041

 

 

$

54,886

 

 

$

328,653

 

 

$

55,527

 

 

 

 

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

 

 

 
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:

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

Net gains and losses recognized during the period

 

 

 

 

 

 

 

$

195

 

 

$

(317

)

 

$

(955

)

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

 

 

 

 

 

 

 

$

195

 

 

$

(246

)

 

$

(955

)