Note 5 - Cash, Cash Equivalents and Restricted Cash

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Cash and Cash Equivalents Disclosure [Text Block]

5. Cash, Cash Equivalents and Restricted Cash

The Company manages its cash and cash equivalents based upon the Company’s operating, investment, and financing activities. Cash and cash equivalents, including for purposes of reporting cash flows, consist of cash on hand, amounts due from banks, and short-term investments with original maturity of three months or less.

The Company had average excess balance with Federal Reserve Bank of $1.3 billion for the nine months ended September 30, 2022 and $1.6 billion for the year ended December 31, 2021. As of September 30, 2022 and December 31, 2021, the Company had zero and $24.3 million, respectively, on deposit in a cash margin account that serves as collateral for interest rate swaps. These amounts included zero and $5.9 million as of September 30, 2022 and December 31, 2021, respectively, on deposit in a cash margin account that serves as collateral for the Bancorp’s interest rate swaps. As of September 30, 2022 and December 31, 2021, the Company held $32.7 million and $690 thousand, respectively, in a restricted escrow account with a major bank for its alternative energy investments.