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Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts
12 Months Ended
Dec. 31, 2017
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Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts
Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts
The Bank maintains reserve balances under Federal Reserve Bank requirements. The reserve requirement at December 31, 2017 and 2016 was $6.7 million and $6.6 million, respectively, and was satisfied by vault cash held at the Bank’s branches. The average balances at the Federal Reserve Bank of Philadelphia were $24.5 million and $10.2 million for the years ended December 31, 2017 and 2016, respectively.
The Corporation maintains interest-earning deposit accounts at other financial institutions and pledges certain deposits as collateral for credit derivatives and interest rate swap agreements. Deposits pledged at December 31, 2017 and 2016 were $400 thousand and $50 thousand, respectively. See Note 17, "Derivative Instruments and Hedging Activities" for additional information.