Cash and Cash Equivalents

9 Months Ended

Sep. 30, 2020

Cash and Due from Banks [Abstract]

Cash and Cash Equivalents

Cash and Cash Equivalents

    The Company is required to maintain cash balances or deposits with the Federal Reserve Bank of San Francisco ("Federal Reserve Bank") sufficient to meet its statutory reserve requirements and for purposes of settling financial transactions and charges for the Federal Reserve Bank services. The average reserve requirement for the maintenance period for the quarter ended September 30, 2020, was zero.

    The Company is required to maintain a $500,000 balance with a correspondent bank for outsourced servicing of ATMs.

    As of September 30, 2020, the Company was required to maintain a $100,000 and $2.8 million balance with a correspondent bank to collateralize the initial margin and the fair value exposure, respectively, of its interest rate swap to hedge the variability in cash flows arising out of its junior subordinated debentures.