CASH AND DUE FROM BANKS

12 Months Ended

Dec. 31, 2022

CASH AND DUE FROM BANKS

CASH AND DUE FROM BANKS

6. CASH AND DUE FROM BANKS

Cash and due from banks at December 31, 2022 and 2021 include the following:

(In Thousands)	December 31,		December 31,
	2022		2021
Cash and cash equivalents	$	47,698	$	95,848
Certificates of deposit		7,350		9,100
Total cash and due from banks	$	55,048	$	104,948

Certificates of deposit are issues by U.S. banks with original maturities greater than three months. Each certificate of deposit is fully FDIC-insured. The Corporation maintains cash and cash equivalents with certain financial institutions in excess of the FDIC insurance limit. The Corporation has not experienced any losses in such accounts.

Historically, C&N Bank has been required to maintain reserves against deposit liabilities in the form of cash and balances with the Federal Reserve Bank of Philadelphia. The reserves are based on deposit levels, account activity, and other services provided by the Federal Reserve Bank. In March 2020, the Federal Reserve Board reduced reserve requirements for U.S. banks to 0%. Accordingly, C&N Bank had no required reserves at December 31, 2022 or December 31, 2021.