Cash and cash equivalents concentrations

12 Months Ended

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]

Cash and cash equivalents concentrations

Cash and cash equivalents concentrations:

The Bank is required to maintain an average reserve balance with the Federal Reserve Bank or maintain such reserve balance in the form of cash. The required balance at December 31, 2019 was $20,881. The Bank maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Bank has not experienced any losses in such correspondent accounts and believes it is not exposed to any significant credit risk from cash and cash equivalents.

The Bank had cash in the form of Federal funds sold included in cash and cash equivalents of $131,119 and $31,364 as of December 31, 2019 and 2018, respectively.