Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2016

Cash and Cash Equivalents [Abstract]

Note 4 – Cash and Cash Equivalents

Cash and due from banks, which represents vault cash in the retail offices and invested cash balances at the Federal Reserve and other correspondent banks, is carried at cost which approximates fair value.



	June 30,		December 31,
(in thousands)	2016		2015
Cash and due from banks, weighted average interest rate of 0.26% (at June 30, 2016)	$	20,568	$	50,188

Interest bearing deposits in banks, which represent funds invested at a correspondent bank, are carried at cost which approximates fair value and, as of June 30, 2016 and December 31, 2015, consisted of daily funds invested at the Federal Home Loan Bank (“FHLB”) of Atlanta, First Tennessee Bank (“FTN”), and Merchants and Traders (“M&T”).


	June 30,		December 31,
(in thousands)	2016		2015
FHLB daily investments, interest rate of 0.22% (at June 30, 2016)	$	1,104	$	742
FTN daily investments, interest rate of 0.00% (at June 30, 2016)		0		200
M&T daily investments, interest rate of 0.15% (at June 30, 2016)		1,013		1,011
	$	2,117	$	1,953

- Definition

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.

+ References + Details