Note 4 - Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Cash and Cash Equivalents Disclosure [Text Block]

4.

Cash, Cash Equivalents and Restricted Cash

The Company manages its cash and cash equivalents, which consist of cash on hand, amounts due from banks, and short-term investments with original maturity of

three

months or less, based upon the Company’s operating, investment, and financing activities. For the purpose of reporting cash flows, these same accounts are included in cash and cash equivalents.

The Company is required to maintain reserves with the Federal Reserve Bank. Reserve requirements are based on a percentage of deposit liabilities. The average reserve balances required were

zero

and

$5.4

million for the

three

months ended

March 31, 2019

and for the year ended

December 31, 2018,

respectively. As of

March 31, 2019

and

December 31, 2018,

the Bancorp had

$4.3

million and

$1.8

million on deposit in a cash margin account that serves as collateral for the Bancorp’s interest rate swaps. As of

March 31, 2019

and

December 31, 2018,

the Company held

$3.2

million and

$7.8

million, respectively, in a restricted escrow account with a major bank for its alternative energy investments.

In the unaudited condensed consolidated statement of cash flows, the amounts for the

three

months ended

March 31, 2018

have been corrected in the current year and differ from the previously reported amounts of

zero

for decrease in interest-bearing deposits,

$97.0

million for net cash provided by investing activities,

$183.9

 million for increase in cash and cash equivalents and

$539.8

million for cash and cash equivalents, beginning of period.