certain events may occur that could cause the company 's actual results to be materially different than those described in the company 's periodic filings with the securities and exchange commission . any statements made by the company that are not historical facts should be considered to be forward-looking statements . the company is not obligated to update and does not undertake to update any of its forward-looking statements made herein . strategy the company , through its wholly owned subsidiary , lakeland bank , currently operates 53 banking offices located in northern and central new jersey . lakeland offers a broad range of lending , depository , and related financial services to individuals and small to medium sized businesses located in its market areas . lakeland also offers a broad range of consumer banking services , including lending , depository , safe deposit services and other non-traditional banking services . lakeland 's growth has come from a combination of organic growth and acquisitions . since 1998 when lakeland completed its first acquisition , and through 2015 , lakeland has opened 27 new branch offices ( including acquired branches ) . in 2015 , the company opened two new loan production offices ( lpos ) that -27- allowed lakeland to expand geographically in new jersey and to enter new york state for the first time . in addition to organic growth , through december 31 , 2015 , the company has acquired five community banks with an aggregate asset total of approximately $ 1.1 billion at the date of acquisition , including the acquisition of the somerset hills bank and its parent , somerset hills bancorp , which closed on may 31 , 2013. additionally , on january 7 , 2016 , the company completed its acquisition of pascack community bank and its parent company pascack bancorp , with eight branches and an asset total of approximately $ 390.0 million . three of the eight pascack community bank branches will be merged with lakeland branches , resulting in 53 branches at lakeland . all acquired banks have been merged into lakeland and their holding companies , if applicable , have been merged into the company . on february 18 , 2016 , the company announced that it entered into a definitive agreement and plan of merger to acquire harmony bank . harmony bank will be merged into lakeland bank with lakeland bank as the surviving bank . the company 's strategy is to continue growth both organically and through acquisition should opportunities allow . the company continues to evaluate opportunities to increase market share by expanding within existing and contiguous markets . the company 's strategic aim is to provide an adequate return to its shareholders by focusing on profitable growth through services that meet the needs of its customers in its market areas . this will be accomplished by continuing to offer commercial and consumer loan , deposit and other financial product services in a changing economic and technological environment . the company recognizes that there are more service delivery channels than the traditional branch office and has offered internet banking , mobile banking and cash management services to meet the needs of its business and consumer customers . the company 's results of operations are primarily dependent upon net interest income , the difference between interest earned on interest-earning assets and the interest paid on interest-bearing liabilities . for information on how interest rate change can influence the company 's net interest income and how the company manages its net interest income , see interest rate risk below . the company generates non-interest income such as income from retail and business account fees , loan servicing fees , loan origination fees , appreciation in the cash surrender value of bank owned life insurance , income from loan or securities sales , fees from wealth management services and investment product sales , income from the origination and sale of residential mortgages and other fees . the company 's operating expenses consist primarily of compensation and benefits expense , occupancy and equipment expense , data processing expense , the amortization of intangible assets , marketing and advertising expense and other general and administrative expenses . the company 's results of operations are also affected by general economic conditions , changes in market interest rates , changes in asset quality , changes in asset values , actions of regulatory agencies and government policies . the company continues to control its expenses by continually reviewing its ongoing noninterest expense including evaluating its salary expense , its ongoing service contract expense , marketing expenses and other expenses . the company also decreases its expenses by evaluating its infrastructure , which includes the consolidating and closing of branches in markets where it may have more branches than necessary . the company closed one branch in 2014 , three branches in 2015 and anticipates that trend to continue in 2016. critical accounting policies , judgments and estimates the accounting and reporting policies of the company and lakeland conform with accounting principles generally accepted in the united states of america ( u.s . gaap ) and predominant practices within the banking industry . the preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements . these estimates and assumptions also affect reported amounts of revenues and expenses during the reporting period . actual results could differ from these estimates . significant estimates implicit in these financial statements are as follows . for additional accounting policies and detail , refer to note 1 to the consolidated financial statements included in item 8 of this report . -28- allowance for loan and lease losses . the allowance for loan and lease losses is established through a provision for loan and lease losses charged to expense . story_separator_special_tag -32- interest income and expense volume/rate analysis ( tax equivalent basis , in thousands ) replace_table_token_5_th the following table reflects the components of the company 's net interest income , setting forth for the years presented , ( 1 ) average assets , liabilities and stockholders ' equity , ( 2 ) interest income earned on interest-earning assets and interest expense paid on interest-bearing liabilities , ( 3 ) average yields earned on interest-earning assets and average rates paid on interest-bearing liabilities , ( 4 ) the company 's net interest spread ( i.e . , the average yield on interest-earning assets less the average cost of interest-bearing liabilities ) and ( 5 ) the company 's net interest margin . rates are computed on a tax equivalent basis assuming a 35 % tax rate . -33- consolidated statistics on a tax equivalent basis replace_table_token_6_th ( a ) includes non-accrual loans , the effect of which is to reduce the yield earned on loans , and deferred loan fees . ( b ) includes interest-bearing cash accounts . ( c ) net interest income on a tax equivalent basis divided by interest-earning assets . interest income on a tax equivalent basis increased from $ 123.5 million in 2014 to $ 128.4 million in 2015 , an increase of $ 4.9 million , or 4 % . the increase in interest income was primarily due to a $ 205.5 million increase in average loans and leases partially offset by a decrease in the yield on interest earning assets . the yield on average loans and leases at 4.16 % in 2015 was 15 basis points lower than 2014 , resulting primarily from strong growth in loans and leases originated or refinanced at lower rates . the yield on average taxable and tax exempt investment securities decreased by eight and 23 basis points , respectively , compared to 2014. the decrease in yield on tax exempt investment securities was primarily due to maturing securities at higher rates and new purchases at lower rates . interest income on a tax equivalent basis increased from $ 115.2 million in 2013 to $ 123.5 million in 2014 , an increase of $ 8.3 million , or 7 % . the increase in interest income was primarily due to a $ 250.9 million increase -34- in average loans and leases partially offset by a decrease in the yield on interest earning assets . the increase in average loans and leases is due primarily to the acquisition of somerset hills ' loans and leases which totaled $ 243.9 million at the time of acquisition as well as organic growth . the decline in yield on earning assets is primarily a result of loans being refinanced at lower rates and lower yields on new loans . the yield on average loans and leases at 4.31 % in 2014 was 19 basis points lower than 2013. the yield on average taxable and tax exempt investment securities increased by 25 basis points and three basis points , respectively , compared to 2013. total interest expense increased from $ 8.9 million in 2014 to $ 10.9 million in 2015 , an increase of $ 1.9 million , or 22 % . the cost of average interest-bearing liabilities increased from 0.38 % in 2014 to 0.43 % in 2015. the increase in the cost of funds was primarily due to increases in average time deposits and borrowings . borrowings as a percent of interest-bearing liabilities increased from 10 % in 2014 , to 13 % in 2015 as average borrowings increased $ 87.1 million in that time period to help fund loan growth . borrowings at a rate of 1.56 % have a higher cost than interest bearing deposits which had an average cost of 0.26 % 2015. additionally , higher cost average time deposits totaling $ 303.7 million increased $ 19.8 million compared to 2014. because loan growth exceeded growth in core deposits in 2015 , the company bid for higher cost time deposits and used term borrowings from the federal home loan bank of new york to fund loan growth . total interest expense decreased from $ 9.7 million in 2013 to $ 8.9 million in 2014 , a decrease of $ 720,000 , or 7 % . the cost of average interest-bearing liabilities decreased from 0.44 % in 2013 to 0.38 % in 2014 as a result of declining rates and a change in mix of interest earning liabilities . the decrease in the cost of funds was due primarily to the continuing low rate environment which resulted in a five basis point reduction in the cost of interest-bearing transaction accounts , a 15 basis point reduction in the cost of time deposits and a 51 basis point reduction in the cost of borrowings . the cost of borrowings declined primarily as a result of new borrowings at lower rates as well as restructurings of other long-term borrowings in 2013. from 2013 to 2014 , average savings accounts and interest-bearing transaction accounts increased by $ 13.7 million and $ 113.3 million , respectively . average rates paid on interest-bearing liabilities declined in all categories . net interest margin net interest margin is calculated by dividing net interest income on a fully taxable equivalent basis by average interest-earning assets . the company 's net interest margin was 3.47 % , 3.64 % and 3.69 % for 2015 , 2014 and 2013 , respectively . the decreases in net interest margin was primarily a result of the decrease in yield on interest-earning assets . provision for loan and lease losses in determining the provision for loan and lease losses , management considers national and local economic conditions ; trends in the portfolio including orientation to specific loan types or industries ; experience , ability and depth of lending management in relation to the complexity of the portfolio ; adequacy and adherence to policies , procedures and practices ; levels and trends

capital resources stockholders ' equity increased from $ 379.4 million on december 31 , 2014 to $ 400.5 million on december 31 , 2015. the increase in stockholders ' equity from december 31 , 2014 to december 31 , 2015 was primarily due to $ 32.5 million in net income , partially offset by payment of dividends on common stock of $ 12.6 million . book value per common share ( total common stockholders ' equity divided by the number of shares outstanding ) increased from $ 10.01 on december 31 , 2014 to $ 10.57 on december 31 , 2015 primarily as a result of net income . book value per common share was $ 9.28 on december 31 , 2013. tangible book value per share increased from $ 7.06 on december 31 , 2014 to $ 7.62 on december 31 , 2015. for more information see non-gaap financial measures. in july , 2013 , the frb and the fdic approved the final rules implementing the basel committee on banking supervision 's ( bcbs ) capital guidelines for u.s. banks . the rules include a new common equity tier 1 capital to risk-weighted assets ratio of 4.5 % and a common equity tier 1 capital conservation buffer of 2.5 % of risk-weighted assets . the capital conservation buffer will be phased-in starting with 0.625 % in 2016 and increasing by 0.625 % annually until it reaches 2.5 % in 2019. the final rules also raise the minimum ratio of tier -48- 1 capital to risk-weighted assets from 4.0 % to 6.0 % and require a minimum leverage ratio of 4.0 % . the final rules also implement strict eligibility criteria for regulatory capital instruments .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```capital resources stockholders ' equity increased from $ 379.4 million on december 31 , 2014 to $ 400.5 million on december 31 , 2015. the increase in stockholders ' equity from december 31 , 2014 to december 31 , 2015 was primarily due to $ 32.5 million in net income , partially offset by payment of dividends on common stock of $ 12.6 million . book value per common share ( total common stockholders ' equity divided by the number of shares outstanding ) increased from $ 10.01 on december 31 , 2014 to $ 10.57 on december 31 , 2015 primarily as a result of net income . book value per common share was $ 9.28 on december 31 , 2013. tangible book value per share increased from $ 7.06 on december 31 , 2014 to $ 7.62 on december 31 , 2015. for more information see non-gaap financial measures. in july , 2013 , the frb and the fdic approved the final rules implementing the basel committee on banking supervision 's ( bcbs ) capital guidelines for u.s. banks . the rules include a new common equity tier 1 capital to risk-weighted assets ratio of 4.5 % and a common equity tier 1 capital conservation buffer of 2.5 % of risk-weighted assets . the capital conservation buffer will be phased-in starting with 0.625 % in 2016 and increasing by 0.625 % annually until it reaches 2.5 % in 2019. the final rules also raise the minimum ratio of tier -48- 1 capital to risk-weighted assets from 4.0 % to 6.0 % and require a minimum leverage ratio of 4.0 % . the final rules also implement strict eligibility criteria for regulatory capital instruments .
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 Suspicious Activity Report : certain events may occur that could cause the company 's actual results to be materially different than those described in the company 's periodic filings with the securities and exchange commission . any statements made by the company that are not historical facts should be considered to be forward-looking statements . the company is not obligated to update and does not undertake to update any of its forward-looking statements made herein . strategy the company , through its wholly owned subsidiary , lakeland bank , currently operates 53 banking offices located in northern and central new jersey . lakeland offers a broad range of lending , depository , and related financial services to individuals and small to medium sized businesses located in its market areas . lakeland also offers a broad range of consumer banking services , including lending , depository , safe deposit services and other non-traditional banking services . lakeland 's growth has come from a combination of organic growth and acquisitions . since 1998 when lakeland completed its first acquisition , and through 2015 , lakeland has opened 27 new branch offices ( including acquired branches ) . in 2015 , the company opened two new loan production offices ( lpos ) that -27- allowed lakeland to expand geographically in new jersey and to enter new york state for the first time . in addition to organic growth , through december 31 , 2015 , the company has acquired five community banks with an aggregate asset total of approximately $ 1.1 billion at the date of acquisition , including the acquisition of the somerset hills bank and its parent , somerset hills bancorp , which closed on may 31 , 2013. additionally , on january 7 , 2016 , the company completed its acquisition of pascack community bank and its parent company pascack bancorp , with eight branches and an asset total of approximately $ 390.0 million . three of the eight pascack community bank branches will be merged with lakeland branches , resulting in 53 branches at lakeland . all acquired banks have been merged into lakeland and their holding companies , if applicable , have been merged into the company . on february 18 , 2016 , the company announced that it entered into a definitive agreement and plan of merger to acquire harmony bank . harmony bank will be merged into lakeland bank with lakeland bank as the surviving bank . the company 's strategy is to continue growth both organically and through acquisition should opportunities allow . the company continues to evaluate opportunities to increase market share by expanding within existing and contiguous markets . the company 's strategic aim is to provide an adequate return to its shareholders by focusing on profitable growth through services that meet the needs of its customers in its market areas . this will be accomplished by continuing to offer commercial and consumer loan , deposit and other financial product services in a changing economic and technological environment . the company recognizes that there are more service delivery channels than the traditional branch office and has offered internet banking , mobile banking and cash management services to meet the needs of its business and consumer customers . the company 's results of operations are primarily dependent upon net interest income , the difference between interest earned on interest-earning assets and the interest paid on interest-bearing liabilities . for information on how interest rate change can influence the company 's net interest income and how the company manages its net interest income , see interest rate risk below . the company generates non-interest income such as income from retail and business account fees , loan servicing fees , loan origination fees , appreciation in the cash surrender value of bank owned life insurance , income from loan or securities sales , fees from wealth management services and investment product sales , income from the origination and sale of residential mortgages and other fees . the company 's operating expenses consist primarily of compensation and benefits expense , occupancy and equipment expense , data processing expense , the amortization of intangible assets , marketing and advertising expense and other general and administrative expenses . the company 's results of operations are also affected by general economic conditions , changes in market interest rates , changes in asset quality , changes in asset values , actions of regulatory agencies and government policies . the company continues to control its expenses by continually reviewing its ongoing noninterest expense including evaluating its salary expense , its ongoing service contract expense , marketing expenses and other expenses . the company also decreases its expenses by evaluating its infrastructure , which includes the consolidating and closing of branches in markets where it may have more branches than necessary . the company closed one branch in 2014 , three branches in 2015 and anticipates that trend to continue in 2016. critical accounting policies , judgments and estimates the accounting and reporting policies of the company and lakeland conform with accounting principles generally accepted in the united states of america ( u.s . gaap ) and predominant practices within the banking industry . the preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements . these estimates and assumptions also affect reported amounts of revenues and expenses during the reporting period . actual results could differ from these estimates . significant estimates implicit in these financial statements are as follows . for additional accounting policies and detail , refer to note 1 to the consolidated financial statements included in item 8 of this report . -28- allowance for loan and lease losses . the allowance for loan and lease losses is established through a provision for loan and lease losses charged to expense . story_separator_special_tag -32- interest income and expense volume/rate analysis ( tax equivalent basis , in thousands ) replace_table_token_5_th the following table reflects the components of the company 's net interest income , setting forth for the years presented , ( 1 ) average assets , liabilities and stockholders ' equity , ( 2 ) interest income earned on interest-earning assets and interest expense paid on interest-bearing liabilities , ( 3 ) average yields earned on interest-earning assets and average rates paid on interest-bearing liabilities , ( 4 ) the company 's net interest spread ( i.e . , the average yield on interest-earning assets less the average cost of interest-bearing liabilities ) and ( 5 ) the company 's net interest margin . rates are computed on a tax equivalent basis assuming a 35 % tax rate . -33- consolidated statistics on a tax equivalent basis replace_table_token_6_th ( a ) includes non-accrual loans , the effect of which is to reduce the yield earned on loans , and deferred loan fees . ( b ) includes interest-bearing cash accounts . ( c ) net interest income on a tax equivalent basis divided by interest-earning assets . interest income on a tax equivalent basis increased from $ 123.5 million in 2014 to $ 128.4 million in 2015 , an increase of $ 4.9 million , or 4 % . the increase in interest income was primarily due to a $ 205.5 million increase in average loans and leases partially offset by a decrease in the yield on interest earning assets . the yield on average loans and leases at 4.16 % in 2015 was 15 basis points lower than 2014 , resulting primarily from strong growth in loans and leases originated or refinanced at lower rates . the yield on average taxable and tax exempt investment securities decreased by eight and 23 basis points , respectively , compared to 2014. the decrease in yield on tax exempt investment securities was primarily due to maturing securities at higher rates and new purchases at lower rates . interest income on a tax equivalent basis increased from $ 115.2 million in 2013 to $ 123.5 million in 2014 , an increase of $ 8.3 million , or 7 % . the increase in interest income was primarily due to a $ 250.9 million increase -34- in average loans and leases partially offset by a decrease in the yield on interest earning assets . the increase in average loans and leases is due primarily to the acquisition of somerset hills ' loans and leases which totaled $ 243.9 million at the time of acquisition as well as organic growth . the decline in yield on earning assets is primarily a result of loans being refinanced at lower rates and lower yields on new loans . the yield on average loans and leases at 4.31 % in 2014 was 19 basis points lower than 2013. the yield on average taxable and tax exempt investment securities increased by 25 basis points and three basis points , respectively , compared to 2013. total interest expense increased from $ 8.9 million in 2014 to $ 10.9 million in 2015 , an increase of $ 1.9 million , or 22 % . the cost of average interest-bearing liabilities increased from 0.38 % in 2014 to 0.43 % in 2015. the increase in the cost of funds was primarily due to increases in average time deposits and borrowings . borrowings as a percent of interest-bearing liabilities increased from 10 % in 2014 , to 13 % in 2015 as average borrowings increased $ 87.1 million in that time period to help fund loan growth . borrowings at a rate of 1.56 % have a higher cost than interest bearing deposits which had an average cost of 0.26 % 2015. additionally , higher cost average time deposits totaling $ 303.7 million increased $ 19.8 million compared to 2014. because loan growth exceeded growth in core deposits in 2015 , the company bid for higher cost time deposits and used term borrowings from the federal home loan bank of new york to fund loan growth . total interest expense decreased from $ 9.7 million in 2013 to $ 8.9 million in 2014 , a decrease of $ 720,000 , or 7 % . the cost of average interest-bearing liabilities decreased from 0.44 % in 2013 to 0.38 % in 2014 as a result of declining rates and a change in mix of interest earning liabilities . the decrease in the cost of funds was due primarily to the continuing low rate environment which resulted in a five basis point reduction in the cost of interest-bearing transaction accounts , a 15 basis point reduction in the cost of time deposits and a 51 basis point reduction in the cost of borrowings . the cost of borrowings declined primarily as a result of new borrowings at lower rates as well as restructurings of other long-term borrowings in 2013. from 2013 to 2014 , average savings accounts and interest-bearing transaction accounts increased by $ 13.7 million and $ 113.3 million , respectively . average rates paid on interest-bearing liabilities declined in all categories . net interest margin net interest margin is calculated by dividing net interest income on a fully taxable equivalent basis by average interest-earning assets . the company 's net interest margin was 3.47 % , 3.64 % and 3.69 % for 2015 , 2014 and 2013 , respectively . the decreases in net interest margin was primarily a result of the decrease in yield on interest-earning assets . provision for loan and lease losses in determining the provision for loan and lease losses , management considers national and local economic conditions ; trends in the portfolio including orientation to specific loan types or industries ; experience , ability and depth of lending management in relation to the complexity of the portfolio ; adequacy and adherence to policies , procedures and practices ; levels and trends

