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Cash and Cash Equivalents
 9 Months Ended
Sep. 30, 2016
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 and other correspondent banks, is carried at cost which approximates fair value.





 

 

 

 



 

 

 

 



September 30,

December 31,

(in thousands)

2016

2015

Cash and due from banks, weighted average interest rate of 0.24% (at September 30, 2016)

$

 64,560 

$

 50,188 



Interest bearing deposits in banks, which represent funds invested at a correspondent bank, are carried at cost which approximates fair value and, as of September 30, 2016 and December 31, 2015, consisted of daily funds invested at the Federal Home Loan Bank (“FHLB”) of Atlanta, First Tennessee Bank (“FTN”), and Merchants and Traders (“M&T”).







 

 

 

 



September 30,

December 31,

(in thousands)

2016

2015

FHLB daily investments, interest rate of 0.31% (at September 30, 2016)

$

 511 

$

 742 

FTN daily investments, interest rate of 0.00% (at September 30, 2016)

 

 0 

 

 200 

M&T daily investments, interest rate of 0.15% (at September 30, 2016)

 

 1,013 

 

 1,011 



$

 1,524 

$

 1,953