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Interest Earning Deposits with Banks and Restricted Cash
3 Months Ended
Mar. 31, 2023
Cash and Cash Equivalents [Abstract]  
Interest Earning Deposits with Banks and Restricted Cash Interest Earning Deposits with Banks and Restricted CashAt March 31, 2023 and December 31, 2022, interest-earning deposits with banks are mainly comprised of deposits with the Federal Reserve and other U.S. banks of approximately $412 million and $229 million, respectively. At March 31, 2023 and December 31, 2022, the average interest rate on these deposits was approximately 4.46% and 1.79%, respectively. These deposits have no stated maturity dates.At March 31, 2023 and December 31, 2022, the Company had restricted cash balances of $32.5 million and $42.2 million, respectively. These balances include cash pledged as collateral, by other banks to us, to secure derivatives’ margin calls. This cash pledged as collateral also represents an obligation, by the Company, to repay according to margin requirements. At March 31, 2023 and December 31, 2022, this obligation was $31.9 million and $41.6 million, respectively, which is included as part of other liabilities in the Company’s consolidated balance sheet. In addition, we have cash balances pledged as collateral to secure the issuance of letters of credit by other banks on behalf of our customers.