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Cash and Cash Equivalents
12 Months Ended
Dec. 31, 2014
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents

NOTE 3          Cash and Cash Equivalents

 

PSB is required to maintain a certain reserve balance, in cash or on deposit with the Federal Reserve Bank, based upon a percentage of transactional deposits. As of December 31, 2014, PSB had a required reserve of $1.064, which was satisfied by cash balances of $1,742.

 

PSB is also required to provide collateral on interest rate swap agreement liabilities with counterparties. The total required collateral on deposit with counterparties before any offset against related swap liabilities was $430 at December 31, 2014, and $570 at December 31, 2013.

 

In the normal course of business, PSB maintains cash and due from bank balances with correspondent banks. PSB also maintains cash balances in money market mutual funds. Such balances are not insured. Total uninsured cash and cash equivalent balances totaled $15,987 and $12,045 at December 31, 2014 and 2013, respectively.