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CASH AND DUE FROM BANKS | 12 Months Ended
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Dec. 31, 2020
Cash and Cash Equivalents [Abstract] |
CASH AND DUE FROM BANKS | NOTE 2 - CASH AND DUE FROM BANKS For the purposes of reporting cash flows, cash and cash equivalents have original maturities of three months or less and include cash and due from banks and interest-bearing cash and due from banks, primarily at the FRB. Citizens maintains certain average reserve balances and compensating balances for check clearing and other services with the FRB. At December 31, 2020 and 2019, the balance of deposits at the FRB amounted to $11.7 billion and $2.1 billion, respectively. Average balances maintained with the FRB during the years ended December 31, 2020 and 2019 exceeded amounts required by law for the FRB’s requirements. All amounts, both required and excess reserves, held at the FRB currently earn interest at a fixed rate of 10 basis points. Citizens recorded interest income on FRB deposits of $10 million, $28 million, and $28 million for the years ended December 31, 2020, 2019, and 2018, respectively, in interest-bearing deposits in banks in the Consolidated Statements of Operations.

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- Definition The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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