Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

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6. 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, is carried at fair value.

(in thousands)	December 31, 2020		December 31, 2019
Cash and due from banks, weighted average interest rate of 0.18% (at December 31, 2020)	$	146,673	$	48,512

Interest bearing deposits in banks, which represent funds invested at a correspondent bank, are carried at fair value and, as of December 31, 2020 and 2019, consisted of daily funds invested at the FHLB of Atlanta, and M&T Bank. In addition, at December 31, 2020, cash was pledged at Raymond James for the interest rate swap.

(in thousands)	December 31, 2020		December 31, 2019
FHLB daily investments, interest rate of 0.36% (at December 31, 2020)	$	759	$	467
Raymond James pledged cash, interest rate of 0.09% (at December 31, 2020)		2,000		1,000
	$	2,759	$	1,467