Restrictions on Cash and Due from Banks

9 Months Ended

Sep. 30, 2020

Cash And Cash Equivalents [Abstract]

Restrictions on Cash and Due from Banks

Note 3. Restrictions on Cash and Due from Banks

The Bank was previously required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank, based on a percentage of deposits. The Bank had $11,894 and $5,935 in cash to cover its minimum reserve requirement of $0 and $4,927 at September 30, 2020, and December 31, 2019, respectively. Effective March 26, 2020, the Federal Reserve Board eliminated reserve requirement for depository institutions to support lending to households and businesses.

Cash and cash equivalents include Mortgage World restricted cash which consists of escrows due to HUD for upfront mortgage insurance premiums and escrows on unsold mortgages that are held on behalf of borrowers and good faith deposits received from commercial loan customers relating to the closing of a commercial loan. As of September 30, 2020, the total amount of restricted cash was $63 and were reflected on the consolidated statements of financial condition.