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RESTRICTIONS ON CASH AND DUE FROM BANK ACCOUNTS | 12 Months Ended
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Dec. 31, 2023
RESTRICTIONS ON CASH AND DUE FROM BANK ACCOUNTS [Abstract] |
RESTRICTIONS ON CASH AND DUE FROM BANK ACCOUNTS | RESTRICTIONS ON CASH AND DUE FROM BANK ACCOUNTS Generally, the Corporation is required to maintain balances with the Federal Reserve Bank of New York based upon outstanding balances of deposit transaction accounts. However, as of March 15, 2020, the Federal Reserve Board reduced reserve requirement ratios to zero percent, effective March 26, 2020. Therefore, at December 31, 2023 and 2022, there were no reserve requirements with the Federal Reserve Bank of New York. The Corporation maintains a pre-funded settlement account with a financial institution in the amount of $1.6 million for electronic funds transaction settlement purposes at December 31, 2023 and 2022. The Corporation also maintains a collateral restricted account with a financial institution related to the Corporation's interest rate swap program. The account serves as collateral in the event of default on the interest rate swaps with the counterparties. No collateral was held at the financial institution as of December 31, 2023, and 2022.

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- Definition The entire disclosure for restrictions on cash and due from bank accounts. + References No definition available. + Details
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