DEPOSITS IN AND FEDERAL FUNDS SOLD TO BANKS	12 Months Ended
Dec. 31, 2019
Notes to Financial Statements
DEPOSITS IN AND FEDERAL FUNDS SOLD TO BANKS	NOTE 4 DEPOSITS IN AND FEDERAL FUNDS SOLD TO BANKS The Bank had federal funds sold and cash on deposit with other commercial banks amounting to $36.1 million and $15.9 million at December 31, 2019 and 2018, respectively. Deposit amounts at other commercial banks may, at times, exceed federally insured limits. The Bank is required to maintain average reserve balances, computed by applying prescribed percentages to its various types of deposits, either at the Bank or on deposit with the Federal Reserve Bank of Richmond (the Federal Reserve Bank). At December 31, 2019 and 2018, all required reserves were met by the Bank’s vault cash. The Bank has a total of $20.0 million in unsecured fed funds lines of credit facilities from three correspondent banks that were available at both December 31, 2019 and 2018. Of these total commitments, all were available at December 31, 2019 and $16.37 million was available at December 31, 2018. A condition for $5.0 million of the unsecured fed funds line of credit is that the Bank agreed to maintain a minimum deposit balance with this correspondent bank of $200 thousand. As of December 31, 2019 and 2018, the Bank was in compliance with this requirement.

DEPOSITS IN AND FEDERAL FUNDS SOLD TO BANKS

12 Months Ended

Dec. 31, 2019

DEPOSITS IN AND FEDERAL FUNDS SOLD TO BANKS

NOTE 4 DEPOSITS IN AND FEDERAL FUNDS SOLD TO BANKS

The Bank had federal funds sold and cash on deposit with other commercial banks amounting to $36.1 million and $15.9 million at December 31, 2019 and 2018, respectively. Deposit amounts at other commercial banks may, at times, exceed federally insured limits.

The Bank is required to maintain average reserve balances, computed by applying prescribed percentages to its various types of deposits, either at the Bank or on deposit with the Federal Reserve Bank of Richmond (the Federal Reserve Bank). At December 31, 2019 and 2018, all required reserves were met by the Bank’s vault cash.

The Bank has a total of $20.0 million in unsecured fed funds lines of credit facilities from three correspondent banks that were available at both December 31, 2019 and 2018. Of these total commitments, all were available at December 31, 2019 and $16.37 million was available at December 31, 2018. A condition for $5.0 million of the unsecured fed funds line of credit is that the Bank agreed to maintain a minimum deposit balance with this correspondent bank of $200 thousand. As of December 31, 2019 and 2018, the Bank was in compliance with this requirement.