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DEPOSITS IN AND FEDERAL FUNDS SOLD TO BANKS	12 Months Ended
Dec. 31, 2022
Deposits In And Federal Funds Sold To Banks
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 interest-bearing cash on deposit with the Federal Reserve Bank of Richmond (the Federal Reserve Bank) and other commercial banks amounting to $47.7 million and $46.0 million as of December 31, 2022 and 2021, respectively. Deposit amounts at other commercial banks may, at times, exceed federally insured limits. Effective March 26, 2020, the Board of Governors of the Federal Reserve System set reserve requirements to zero. Therefore, the Bank is no longer required to maintain minimum reserve balances with the Federal Reserve Bank. The Bank has a total of $30.0 million in unsecured fed funds lines of credit facilities from three correspondent banks that were available at December 31, 2022 and 2021, respectively. Of these total commitments, all were available at December 31, 2022 and 2021. As a condition for $5.0 million of one of the unsecured fed funds line of credit, the Bank maintains a minimum deposit balance of $250,000 with this correspondent bank. As of December 31, 2022 and 2021, the Bank was in compliance with this requirement.

DEPOSITS IN AND FEDERAL FUNDS SOLD TO BANKS

12 Months Ended

Dec. 31, 2022

Deposits In And Federal Funds Sold To Banks

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 interest-bearing cash on deposit with the Federal Reserve Bank of Richmond (the Federal Reserve Bank) and other commercial banks amounting to $47.7 million and $46.0 million as of December 31, 2022 and 2021, respectively. Deposit amounts at other commercial banks may, at times, exceed federally insured limits.

Effective March 26, 2020, the Board of Governors of the Federal Reserve System set reserve requirements to zero. Therefore, the Bank is no longer required to maintain minimum reserve balances with the Federal Reserve Bank.

The Bank has a total of $30.0 million in unsecured fed funds lines of credit facilities from three correspondent banks that were available at December 31, 2022 and 2021, respectively. Of these total commitments, all were available at December 31, 2022 and 2021. As a condition for $5.0 million of one of the unsecured fed funds line of credit, the Bank maintains a minimum deposit balance of $250,000 with this correspondent bank. As of December 31, 2022 and 2021, the Bank was in compliance with this requirement.