Cash and Cash Equivalents
 12 Months Ended
Dec. 31, 2013
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents

1.

Cash and Cash Equivalents

Cash and due from banks, which represents vault cash in the retail offices and invested cash balances at the Federal Reserve, is carried at fair value.

 

 

 

 

 

 

 

 

 

 

 

December 31,

December 31,

(in thousands)

2013

2012

Cash and due from banks, weighted average interest rate of 0.20% (at December 31, 2013)

$
32,895 

$
71,290 

 

Interest bearing deposits in banks, which represent funds invested at a correspondent bank, are carried at fair value and, as of December 31, 2013 and 2012, consisted of daily funds invested at the FHLB of Atlanta, First Tennessee Bank (“FTN”), M&T Bank (“M&T”), and CBB.

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

December 31,

(in thousands)

2013

2012

FHLB daily investments, interest rate of 0.005% (at December 31, 2013)

$
1,677 

$
3,306 

FTN daily investments, interest rate of 0.07% (at December 31, 2013)

 
1,350 

 
1,350 

M&T daily investments, interest rate of 0.22% (at December 31, 2013)

 
6,051 

 
6,037 

CBB Fed Funds sold, interest rate of 0.22% (at December 31, 2013)

 
1,090 

 
1,085 

 

$
10,168 

$
11,778