Cash and Due from Banks |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Cash and Cash Equivalents [Abstract] | |
| Cash and Due from Banks | (2) Cash and Due from Banks:
Effective March 26, 2020, the Federal Reserve Board reduced reserve requirements to zero percent, eliminating the need for depository institutions to maintain balances at the Federal Reserve Bank to satisfy reserve requirements. As a result, at June 30, 2025 and December 31, 2024, there were no reserve requirements in effect.
In the normal course of business, the Company maintains cash and due from bank balances with correspondent banks. Balances in these accounts may exceed the Federal Deposit Insurance Corporation’s (FDIC’s) insured limit of $250. Management believes these financial institutions have strong credit ratings and the credit risk related to these deposits is minimal. At June 30, 2025, the Company’s cash accounts exceeded federally insured limits by $672. The Company also had $25,485 at the Federal Home Loan Bank and Federal Reserve Bank, which are government-sponsored entities not insured by the FDIC.
|