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Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2022

Cash And Cash Equivalents [Abstract]

Cash and Cash Equivalents

Note 2.  Cash and Cash Equivalents

The Company is normally required to maintain cash on hand or on deposit with the Board of Governors of the Federal Reserve System (“FRB”) based on the amount of certain customer deposits, mainly checking accounts, however, the FRB lowered the reserve requirement ratios on transaction accounts to zero percent effective March 25, 2020; therefore, there was no required reserve as of June 30, 2022.

The following table provides a reconciliation of cash and cash equivalents reported within the consolidated statement of condition:

(dollars in thousands)		June 30, 2022
Interest-Bearing Deposits in Other Banks		$	2,264
Funds Sold			576,430
Cash and Due From Banks			260,672
Total Cash and Cash Equivalents		$	839,366

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- References

No definition available.

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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/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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