Cash, Cash Equivalents and Short-Term Investments

12 Months Ended

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Short-Term Investments

Cash, Cash Equivalents and Short-Term Investments

The Banks are required to maintain average reserve balances with the FRB based upon a percentage of certain of the Banks' deposits. As of December 31, 2019 and 2018, the average amount required to be held before a credit for vault cash was $10.5 million and $8.2 million, respectively. Aggregate reserve balances included in cash and cash equivalents were $53.0 million and $48.0 million, respectively, as of December 31, 2019 and 2018.

Short-term investments are summarized as follows:

	At December 31,
	2019		2018
	(In Thousands)
FRB interest bearing reserve	$	39,964	$	34,914
FHLB overnight deposits	4,237		4,628
Federal funds sold	—		2,500
Total short-term investments	$	44,201	$	42,042

Short-term investments are stated at cost which approximates market value.