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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
Cash and due from banks includes cash on hand, cash items in process of collection, cash on deposit at the Federal Reserve Bank of Boston (“FRB”) and other correspondent banks and cash pledged to derivative counterparties.

The Bank maintains certain average reserve balances to meet the requirements of the FRB.  Some or all of these reserve requirements may be satisfied with vault cash. Effective March 26, 2020, the FRB reduced the reserve requirement ratios to zero percent to eliminate the need for depository institutions, such as the Bank, to maintain balances in accounts at the FRB to satisfy reserve requirements. At December 31, 2019, the reserve balance was $27.9 million and was included in cash and due from banks in the Consolidated Balance Sheets.

As of December 31, 2020 and 2019, cash and due from banks included interest-bearing deposits in other banks of $138.4 million and $83.4 million, respectively.

See Note 14 for additional disclosure regarding cash collateral pledged to derivative counterparties.