This excerpt taken from the CBIN 10-K filed Mar 30, 2005.
Total capital of the Company increased $492,000 during 2004 to $42.8 million as a decrease in accumulated other comprehensive income, related to the decrease in the fair values of available for sale securities and interest rate swaps, was offset by net income less dividends paid on common stock.
The Company has actively been repurchasing shares of its common stock since May 21, 1999. A net total of 371,198 shares at an aggregate cost of $5.4 million have been repurchased since that time under both the current and prior repurchase plans, with 22,864 shares at a cost of $533,000 purchased in 2004. The Companys Board of Directors authorized a share repurchase plan in May 2001 under which a maximum of $3.0 million of the Companys common stock could be purchased. Through December 31, 2004, a total of $2.8 million had been expended to purchase 181,398 shares under this plan. Subsequently, the Companys Board of Directors authorized a share repurchase plan in October 2004 under which a maximum of $5.0 million of the Companys common stock may be purchased. Through December 31, 2004, a total of $92,000 had been expended to purchase 4,602 shares under this repurchase plan.
Regulatory agencies measure capital adequacy within a framework that makes capital requirements, in part, dependent on the risk inherent in the balance sheets of individual financial institutions. The Company and the Bank continue to exceed the regulatory requirements for Tier I, Tier I leverage and total risk-based capital ratios (see Note 11 to the Consolidated Financial Statements).