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CASH AND DUE FROM BANKS

12 Months Ended

Dec. 31, 2020

CASH AND DUE FROM BANKS

CASH AND DUE FROM BANKS

6. CASH AND DUE FROM BANKS

Cash and due from banks at December 31, 2020 and 2019 include the following:

​

​	​	​	​	​	​	​
(In Thousands)		December 31,			December 31,
​	​	2020		​	2019
Cash and cash equivalents	​	$	96,017	​	$	31,122
Certificates of deposit	​		5,840	​		4,080
Total cash and due from banks	​	$	101,857	​	$	35,202

​

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.

Historically, C&N Bank has been required to maintain reserves against deposit liabilities in the form of cash and balances with the Federal Reserve Bank of Philadelphia. The reserves are based on deposit levels, account activity, and other services provided by the Federal Reserve Bank.  In March 2020, the Federal Reserve Board reduced reserve requirements for U.S. banks to 0%.  Accordingly, C&N Bank had no required reserves at December 31, 2020 and $20,148,000 at December 31, 2019.

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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/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

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