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Note 2 - Cash and Due from Banks
12 Months Ended
Dec. 31, 2012
Cash And Due From Banks [Text Block]
NOTE 2.

CASH AND DUE FROM BANKS

The Company maintains deposits with other financial institutions in amounts that exceed federal deposit insurance coverage. Management regularly evaluates the credit risk associated with the counterparties to these transactions and believes that the Company is not exposed to any significant credit risks.

The bank is required to maintain average reserves, net of vault cash, on deposit with the Federal Reserve Bank of New York against outstanding domestic deposits and certain other liabilities. The reserves maintained, which are reported in cash and due from banks, were $111.1 million and $124.6 million at December 31, 2012 and 2011, respectively. Average required reserves during 2012 and 2011 were $4.3 million and $4.6 million, respectively.

For the years ended December 31, 2012, 2011 and 2010, the Company received interest from the Federal Reserve amounting to $132 thousand, $228 thousand and $76 thousand, respectively.