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Restriction on Cash and Due From Banks
12 Months Ended
Dec. 31, 2021
Federal Home Loan Bank Stock and Federal Reserve Bank Stock [Abstract]  
Restriction on Cash and Due From Banks Restriction on Cash and Due From Banks
At December 31, 2021, the Company’s cash accounts exceeded federally insured limits by approximately $1,580,000. The Company’s cash balances with the Federal Reserve Bank and the Federal Home Loan Bank, which are not federally insured, totaled approximately $15,122,000 at December 31, 2021.
The Federal Reserve Board announced on March 15, 2020 the reduction of the reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated the restriction on the Company's cash and cash equivalents for December 31, 2021.