63 / 146
47
The scheduled maturity distribution of the Company’s time deposits at the end of 2015 was as follows:
Deposit Maturity Distribution
(dollars in thousands)
CDAR's
11,613
$
1,347
$
898
$
251
$
-
$
14,109
$
Time Certificates of Deposit < $100,000
44,046
14,432
11,504
3,285
1,802
75,069
Other Time Deposits ≥ $100,000
176,371
22,097
14,213
2,447
1,616
216,744
Total
232,030
$
37,876
$
26,615
$
5,983
$
3,418
$
305,922
$
As of December 31, 2015
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 were up $55 million, or 89%, in 2015, due primarily to increased borrow-
ings from the Federal Home Loan Bank to facilitate our strong loan growth. Overnight FHLB borrowings were $75
million at December 31, 2015, up from $18 million at December 31, 2014, while long-term borrowings totaled $2
million at December 31, 2015 relative to $6 million at December 31, 2014. Repurchase agreements were $9 million at
December 31, 2015, up from $7 million at December 31, 2014. 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, 2015 or December 31, 2014. The Company had junior subordinated debentures totaling
$31 million at December 31, 2015 and December 31, 2014, in the form of long-term borrowings from trust subsidiaries
formed specifically to issue trust preferred securities.
The details of the Company’s short-term borrowings are presented in the table below, for the years noted: