Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts

12 Months Ended

Dec. 31, 2023

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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 average balances of cash on deposit at the Federal Reserve Bank of Philadelphia were $115.3 million and $317.7 million for the years ended December 31, 2023 and 2022, respectively. There were no reserve requirements at December 31, 2023 or 2022.

The Corporation maintains interest-earning deposit accounts at other financial institutions that may present collateral requirements for credit derivatives and interest rate swap agreements. The Corporation pledged $5.8 million and $8.6 million of cash to secure the $250 million cash flow hedge at December 31, 2023 and December 31, 2022, respectively. At December 31, 2023, the Corporation had $2.5 million cash pledged for credit derivatives. See Note 18, "Derivative Instruments and Hedging Activities" for additional information.