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Cash Restrictions
12 Months Ended
Dec. 31, 2020
Banking and Thrift, Other Disclosures [Abstract]  
Cash Requirement Cash Restrictions
The Company is required to maintain an average reserve balance with the Federal Reserve Bank or maintain such reserve balance in the form of cash. Effective March 24, 2020 the Federal Reserve lowered the reserve ratios on transaction accounts maintained at a depository institution to zero percent. There was no required reserve balance at December 31, 2020 and a required balance of $17.1 million at December 31, 2019 was met by holding cash and maintaining an average balance with the Federal Reserve Bank.
The Company had restricted cash included in Interest earning deposits on the Consolidated Statements of Financial Condition of $34.2 million and $15.8 million as of December 31, 2020 and December 31, 2019, respectively, relating to collateral required on interest rate swaps from third-parties as discussed in Note (16) Derivative Financial Instruments. The Company does not have a collateral requirement with customers.