48
The details of the Company’s short-term borrowings are presented in the table below, for the years noted:
Short-termBorrowings
(dollars in thousands)
2014
2013
2012
Repurchase Agreements
Balance at December 31
7,251
$
5,974
$
1,419
$
Average amount outstanding
5,936
2,876
3,441
Maximumamount outstanding at any month end
7,739
5,974
7,630
Average interest rate for the year
0.35% 0.45% 0.61%
Fed funds purchased
Balance at December 31
-
$
-
$
-
$
Average amount outstanding
12
2
-
Maximumamount outstanding at any month end
-
-
-
Average interest rate for the year
N/A
N/A
N/A
FHLB advances
Balance at December 31
18,200
$
-
$
36,650
$
Average amount outstanding
3,502
3,497
15,234
Maximumamount outstanding at any month end
25,180
58,500
66,520
Average interest rate for the year
0.11% 0.17% 0.24%
Year Ended December 31,
Other Non-Interest Bearing Liabilities
Other liabilities are principally comprised of accrued interest payable, other accrued but unpaid expenses, and certain
clearing amounts. Other liabilities increased by $4 million, or 21%, to $21 million at December 31, 2014 from $17
million at December 31, 2013, due primarily to an increase in our accrued liability for income taxes and accrued but
unpaid acquisition costs.
Capital Resources
At December 31, 2014, the Company had total shareholders’ equity of $187.1 million, comprised of common stock,
additional paid-in capital, retained earnings, and accumulated other comprehensive income. Total shareholders’
equity at the end of 2013 was $181.7 million. The $5.4 million increase during 2014 was due in part to an increase in
retained earnings resulting from the addition of $15.2 million in net earnings, less $4.8 million in dividends paid and
a $7.3 million reduction incidental to stock repurchases. Equity was also augmented by a $3.9 million increase in
accumulated other comprehensive income in 2014, which represents the increase in the unrealized gain on our
investment securities net of the tax effect. Changes in common stock and additional paid-in capital are related to
stock repurchases, stock option exercises, and the expensing of unvested stock options.
The Company uses a variety of measures to evaluate its capital adequacy, including risk-based capital and leverage
ratios that are calculated separately for the Company and the Bank. Management reviews these capital measurements
on a quarterly basis and takes appropriate action to help ensure that they meet or surpass established internal and
external guidelines. The following table sets forth the Company’s and the Bank’s regulatory capital ratios as of the
dates indicated:
