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Cash and Cash Equivalents
 3 Months Ended
Mar. 31, 2014
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.

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

December 31,

(in thousands)

2014

2013

Cash and due from banks, weighted average interest rate of 0.15% (at March 31, 2014)

$
34,521 

$
32,895 

 

Interest bearing deposits in banks, which represent funds invested at a correspondent bank, are carried at fair value and, as of March 31, 2014 and December 31, 2013, 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”).

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

December 31,

(in thousands)

2014

2013

FHLB daily investments, interest rate of 0.005% (at March 31, 2014)

$
1,293 

$
1,677 

FTN daily investments, interest rate of 0.06% (at March 31, 2014)

 
850 

 
1,350 

M&T daily investments, interest rate of 0.22% (at March 31, 2014)

 
5,045 

 
5,043 

M&T daily investments, interest rate of 0.20% (at March 31, 2014)

 
1,009 

 
1,008 

CBB Fed Funds sold, interest rate of 0.22% (at March 31, 2014)

 
1,090 

 
1,090 

 

$
9,287 

$
10,168