47
The scheduled maturity distribution of the Company’s time deposits at the end of 2014 was as follows:
Deposit Maturity Distribution
(dollars in thousands)
CDAR's
9,055
$
1,346
$
898
$
-
$
-
$
11,299
$
Time Certificates of Deposit < $100,000
50,516
15,551
12,384
4,519
1,322
84,292
Other Time Deposits ≥ $100,000
162,709
26,566
16,074
2,153
809
208,311
Total
222,280
$
43,463
$
29,356
$
6,672
$
2,131
$
303,902
$
As of December 31, 2014
Three months
or less
Three to six
months
Six to twelve
months
One to three
years
Over three
years
Total
Other Borrowings
The Company’s non-deposit borrowings may, at any given time, include fed funds purchased from correspondent
banks, borrowings from the Federal Home Loan Bank, advances from the Federal Reserve Bank, securities sold
under agreement to repurchase, and/or junior subordinated debentures. The Company uses short-term FHLB
advances and fed funds purchased on uncommitted lines to support liquidity needs created by seasonal deposit flows,
to temporarily satisfy funding needs from increased loan demand, and for other short-term purposes. The FHLB line
is committed, but the amount of available credit depends on the level of pledged collateral.
Total non-deposit interest-bearing liabilities increased by $25 million, or 69%, in 2014, due to an increase in
overnight borrowings from the Federal Home Loan Bank to support strong loan growth and longer-term FHLB
borrowings originated by SCVB. We had $18 million in overnight FHLB borrowings and $6 million in long-term
FHLB borrowings at December 31, 2014, both up from zero at December 31, 2013. Repurchase agreements totaled
$7 million at December 31, 2014, relative to $6 million at December 31, 2013. Repurchase agreements represent
“sweep accounts”, where commercial deposit balances above a specified threshold are transferred at the close of each
business day into non-deposit accounts secured by investment securities. We had no fed funds purchased and no
advances from the FRB on our books at December 31, 2014 or December 31, 2013. The Company had junior
subordinated debentures totaling $31 million at December 31, 2014 and December 31, 2013, in the form of long-term
borrowings from trust subsidiaries formed specifically to issue trust preferred securities.
