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Note 6 - Cash and Due From Banks

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Cash and Cash Equivalents Disclosure [Text Block]

6.

CASH AND DUE FROM BANKS

Cash and due from banks at

December 31, 2019

and

2018

include the following:

		Dec. 31,				Dec. 31,
(In thousands)		201 9				201 8
Cash and cash equivalents		$	31,122			$	32,827
Certificates of deposit			4,080				4,660
Total cash and due from banks		$	35,202			$	37,487

Certificates of deposit are issues by U.S. banks with original maturities greater than

three

months. Each certificate of deposit is fully FDIC-insured. The Corporation maintains cash and cash equivalents with certain financial institutions in excess of the FDIC insurance limit.

The Corporation is required to maintain reserves against deposit liabilities in the form of cash and balances with the Federal Reserve Bank. The reserves are based on deposit levels, account activity, and other services provided by the Federal Reserve Bank. Required reserves were

$20,148,000

at

December 31, 2019

and

$18,141,000

at

December 31, 2018.

X

- 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=6877327&loc=d3e13212-122682

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X

- References

No definition available.

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