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Other Interest-Bearing Liabilities Other interest-bearing liabilities include all interest-bearing liabilities except deposits. Short-term liabilities included in this category consist of federal funds purchased and securities sold under agreements to repurchase (repurchase agreements) and other borrowed funds. Average other borrowed funds, which include master notes, short-term FHLB advances, term fed fund purchases, bank notes, and treasury, tax and loan notes, increased in 2000 to $1.5 billion versus $939.8 million in 1999, an increase of 64.6 percent. These sources were utilized in 2000 primarily to fund lending activities in light of the lower level of deposits during the year. However, AmSouth began reducing its short-term borrowings in the fourth quarter with funds received from the sale of securities and loans as part of its third-quarter financial restructuring. Average federal funds purchased and repurchase agreements were $3.4 billion in 2000, a 15.6 percent decrease from $4.1 billion in 1999. At December 31, 2000, 1999 and 1998, federal funds purchased and repurchase agreements totaled $2.3 billion, $4.1 billion and $3.5 billion, respectively, with weighted-average interest rates of 5.37 percent, 4.57 percent and 4.37 percent, respectively. The maximum amount outstanding at any month end during each of the last three years was $4.5 billion, $4.8 billion and $3.8 billion, respectively. The average daily balance and average interest rates for each year are presented in Table 2. |
Long-term debt consists of long-term FHLB advances, subordinated notes and debentures, and various long-term notes payable. The most significant increase during the year occurred in FHLB advances as average long-term FHLB advances grew by $758.0 million. The result was average long-term borrowings in 2000 of $6.0 billion, an increase of $739.8 million or 14.0 percent over 1999. These funds were utilized in 2000 because of their relatively low cost and the ability to match their maturities with those of the assets being funded. Shareholders’ Equity Shareholders’ equity was reduced by cash dividends declared of $307.2 million and the purchase of 22.7 million shares of AmSouth common stock for $375.8 million to provide shares for employee benefit plans, dividend reinvestment and other corporate purposes. Partially offsetting these items during 2000 were the retention of net income, issuances of common stock under the various stock-based employee benefit plans and the dividend reinvestment plan, and a $141.3 million decrease in unrealized losses on available-for-sale securities as the result of improved market values in the available-for-sale portion of the investment portfolio. Information on prior years may be found in the Consolidated Statement of Shareholders’ Equity. |
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Capital Ratios Table 11
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