RESTRICTED CASH BALANCES	12 Months Ended
Dec. 31, 2020
RESTRICTED CASH BALANCES
RESTRICTED CASH BALANCES	NOTE 2 — RESTRICTED CASH BALANCES The Bank was previously required to maintain certain average reserve balances as established by the Federal Reserve Board. The amount of the reserve balance for the reserve computation period, which included December 31, 2019, was $1,352,000, which was satisfied through the restriction of vault cash. Effective March 26, 2020, the average cash reserve requirement was suspended, as the Federal Reserve Board reduced reserve requirement ratios to zero percent in response to the COVID-19 pandemic in order to support the flow of credit to households and businesses. The Bank maintains a clearing balance at the Federal Reserve Bank to offset daily cash management activities and specific charges for services. At December 31, 2020 and 2019, the amount of this balance was $15,251,000 and $463,000, respectively.

The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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