Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts

12 Months Ended

Dec. 31, 2015

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Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts

Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts

The Bank maintains reserve balances under Federal Reserve Bank requirements. The reserve requirement at December 31, 2015 and 2014 was $4.2 million and $2.5 million, respectively, and was satisfied by vault cash held at the Bank’s branches. The average balances at the Federal Reserve Bank of Philadelphia were $36.5 million and $31.5 million for the years ended December 31, 2015 and 2014, respectively.

The Corporation maintains interest-earning deposit accounts at other financial institutions as collateral for risk participation agreements and an interest rate swap agreement. The pledging requirement at December 31, 2015 and 2014 was $460 thousand and $670 thousand, respectively. See Note 16, “Commitments and Contingencies” and Note 17, "Derivative Instruments and Hedging Activities" for additional information.