Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2016

Cash and Cash Equivalents [Abstract]

5.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.



(in thousands)	December 31, 2016		December 31, 2015
Cash and due from banks, weighted average interest rate of 0.29% (at December 31, 2016)	$	60,707	$	50,188

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



(in thousands)	December 31, 2016		December 31, 2015
FHLB daily investments, interest rate of 0.57% (at December 31, 2016)	$	1,590	$	742
FTN daily investments, interest rate of 0.00% (at December 31, 2016)		0		200
M&T daily investments, interest rate of 0.15% (at December 31, 2016)		1,013		1,011
	$	2,603	$	1,953

- 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 + Details