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Note 2 - Restrictions on Cash
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Cash and Cash Equivalents Disclosure [Text Block]

Note 2 – Restrictions on Cash

 

The Company is a member of the Federal Reserve System and prior to March 2020 was required to maintain certain levels of its cash and cash equivalents as reserves based on regulatory requirements. The gross reserve requirement and the required balances with the Federal Reserve Bank of Richmond were zero at December 31, 2021 and 2020, respectively. 

 

The Company maintains cash accounts in other commercial banks. The amount on deposit with correspondent institutions at December 31, 2021 exceeded the insurance limits of the FDIC by $1,871,000.