64 / 146
48
Short-termBorrowings
(dollars in thousands)
2015
2014
2013
Repurchase Agreements
Balance at December 31
9,405
$
7,251
$
5,974
$
Average amount outstanding
8,601
5,936
2,876
Maximumamount outstanding at any month end
11,272
7,739
5,974
Average interest rate for the year
0.41% 0.35% 0.45%
Fed funds purchased
Balance at December 31
-
$
-
$
-
$
Average amount outstanding
6
12
2
Maximumamount outstanding at any month end
335
-
-
Average interest rate for the year
N/A
N/A
N/A
FHLB advances
Balance at December 31
75,300
$
18,200
$
-
$
Average amount outstanding
14,697
3,502
3,497
Maximumamount outstanding at any month end
98,000
25,180
58,500
Average interest rate for the year
0.21% 0.11% 0.17%
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 $3 million, or 13%, in 2015, since a drop in our accrued liability for
income taxes subsequent to tax payments and reductions in payables were more than offset by increases in other accrued
liabilities.
Capital Resources
At December 31, 2015, the Company had total shareholders’ equity of $190.3 million, comprised of common stock,
additional paid-in capital, retained earnings, and accumulated other comprehensive income. Total shareholders’ equity
at the end of 2014 was $187.1 million. The net increase in total capital in 2015 came to only $3.2 million, since capital
added via net earnings and stock option exercises was partially offset by stock repurchases totaling $8.0 million,
dividends of $5.7 million, and a drop in accumulated other comprehensive income of $1.8 million. The decrease in
accumulated other comprehensive income in 2015 represents the decline in the unrealized gain on our investment
securities net of the tax effect.
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 exter-
nal guidelines. As permitted by the regulators for financial institutions that are not deemed to be “advanced approaches”
institutions, the Company has elected to opt out of the Basel III requirement to include accumulated other comprehen-
sive income in risk-based capital. The following table sets forth the Company’s and the Bank’s regulatory capital ratios
as of the dates indicated: