XML 23 R9.htm IDEA: XBRL DOCUMENT v3.3.1.900
Cash and Due From Banks
12 Months Ended
Dec. 31, 2015
Cash and Cash Equivalents [Abstract]  
Cash and Due From Banks
Cash and Due From Banks
The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank based on a percentage of deposits. The average amount of required reserve balances was approximately $1.0 million and $1.3 million, for the year ended December 31, 2015 and 2014, respectively. The Bank met the required reserves with cash balances in the branch system.
The Bank is required to maintain an account with its official check service provider equal to one day’s average remittance. The balance in this restricted account for the years ended December 31, 2015 and 2014, was $2.5 million for both periods.
The nature of the Company’s business requires that it maintain amounts due from banks and federal funds sold which, at times, may exceed federally insured limits. Management monitors these correspondent relationships and has not experienced any losses in such accounts.