Restrictions on Cash and Due from Banks

12 Months Ended

Dec. 31, 2019

Restrictions on Cash and Due from Banks

Restrictions on Cash and Due from Banks

NOTE 3 Restrictions on Cash and Due from Banks

Banking regulators require bank subsidiaries to maintain minimum average reserve balances, either in the form of vault cash or reserve balances held with central banks or other financial institutions. The amount of required reserve balances were approximately $13.8 million and $9.1 million at December 31, 2019 and 2018, respectively, and represent those required to be held at the Federal Reserve Bank. In addition to vault cash, the Company held balances at the Federal Reserve Bank and other financial institutions of $109.4 million and $7.2 million at December 31, 2019 and 2018, respectively, to meet these requirements. The balances are included in cash and cash equivalents on the Consolidated Balance Sheets.