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Cash and Due from Banks
12 Months Ended
Dec. 31, 2020
Cash and Cash Equivalents [Abstract]  
Cash and Due from Banks Cash and Due from Banks
Regulation D of the Federal Reserve Act requires that banks maintain noninterest reserve balances with the Federal Reserve Bank ("FRB") based principally on the type and amount of their deposits. During 2020, the Bank maintained balances at the Federal Reserve sufficient to meet reserve requirements, as well as significant excess reserves, on which interest is paid. The average daily balance maintained in 2020 was $1.1 billion and in 2019 was $307 million. The Company also has deposits with other banks that serve as collateral for derivative positions it holds, totaling $5.1 million at December 31, 2020 and $780 thousand at December 31, 2019.
Additionally, the Bank maintains interest-bearing balances with the Federal Home Loan Bank ("FHLB") of Atlanta and noninterest bearing balances with domestic correspondent banks to cover associated costs for services they provide to the Bank.