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Cash and Cash Equivalents
 9 Months Ended
Sep. 30, 2013
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents

Note 4 – Cash and Cash Equivalents

Cash and due from banks, which represents vault cash in the retail offices and invested cash balances at the Federal Reserve, is carried at fair value.

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

December 31,

(in thousands)

2013

2012

Cash and due from banks, weighted average interest rate of 0.18% (at September 30, 2013)

$
58,190 

$
71,290 

 

Interest bearing deposits in banks, which represent funds invested at a correspondent bank, are carried at fair value and, as of September 30, 2013 and December 31, 2012, consisted of daily funds invested at the Federal Home Loan Bank (“FHLB”) of Atlanta, First Tennessee Bank (“FTN”), Merchants and Traders (“M&T”) and Community Bankers Bank (“CBB”).

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

December 31,

(in thousands)

2013

2012

FHLB daily investments, interest rate of 0.005% (at September 30, 2013)

$
4,857 

$
3,306 

FTN daily investments, interest rate of 0.06% (at September 30, 2013)

 
1,350 

 
1,350 

M&T daily investments, interest rate of 0.22% (at September 30, 2013)

 
6,048 

 
6,037 

CBB Fed Funds sold, interest rate of 0.22% (at September 30, 2013)

 
1,090 

 
1,085 

 

$
13,345 

$
11,778