Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Sensitivity
Fluctuations in interest rates may result in changes in the fair value of the Company’s financial instruments, cash flows and net interest income. This risk is managed using simulation modeling to calculate the most likely interest rate risk utilizing estimated loan and deposit growth. The objective is to optimize the Company’s financial position, liquidity, and net interest income while limiting volatility.
Senior management regularly reviews the overall interest rate risk position and evaluates strategies to manage the risk. The Company's Asset and Liability Management Committee (“ALCO”) uses simulation analysis to monitor changes in net interest income due to changes in market interest rates. The simulation of rising, declining and flat interest rate scenarios allows management to monitor and adjust interest rate sensitivity to minimize the impact of market interest rate swings. The analysis of the impact on net interest income over a twelve month period is subjected to instantaneous changes in market rates of 100 basis point and 200 basis point increases and a 100 basis point decrease on net interest income and is monitored on a quarterly basis.
The following table presents the ALCO simulation model's projected impact of a change in interest rates on the projected baseline net interest income for the 12 and 24 month periods beginning on January 1, 2022, holding all other changes in the balance sheet static. This change in interest rates assumes parallel shifts in the yield curve and does not take into account changes in the slope of the yield curve.
% Change in Projected Baseline Net Interest Income
2021 2020
Changes in Interest Rates 1-12 months 13-24 months 1-12 months 13-24 months
+2.00% 13.4% 19.6% 7.6% 14.0%
+1.00% 6.7 10.1 3.9 7.4
Current — — — —
-1.00% (2.5) (8.8) (4.5) (10.1)
The Company's calculation of interest rate sensitivity for the year ended December 31, 2021 is presented below. The balances of interest rate sensitive assets and liabilities are presented in the periods in which they reprice to market rates or mature. The amounts are aggregated to reflect the interest rate sensitivity gap. This analysis includes assumptions for prepayments of loans and securities and assumptions for core deposit re-pricing. The Company utilizes interest rate floors for certain variable rate loans to offset the potential impact of declining interest rates.
The computations of interest rate sensitivity are based on the static balance sheet and do not necessarily include certain actions management may undertake to manage this risk in response to changes in interest rates in the future. This may include the use of derivative financial instruments, such as interest rate swaps, options, caps, floors, futures and forward contracts as components of the Company’s risk management profile.
59
Interest Rate Sensitivity Analysis 1
December 31, 2021
(In thousands) 0-3
Months 4-12
Months 1-5
Years Over
5 Years Total
Federal funds sold and interest bearing deposits $ 498,979 $ — $ — $ — $ 498,979
Debt securities 2
451,661 258,684 1,150,754 421,860 2,282,959
Loans 3
1,902,428 866,539 2,457,841 730,012 5,956,820
Other assets 5,720 — — 39,314 45,034
Earning assets $ 2,858,788 $ 1,125,223 $ 3,608,595 $ 1,191,186 $ 8,783,792
Non-maturity deposits 139,252 305,931 1,318,864 2,673,065 4,437,112
Time deposits 194,331 305,286 54,719 607 554,943
Borrowings 193,211 — — — 193,211
Interest bearing liabilities $ 526,794 $ 611,217 $ 1,373,583 $ 2,673,672 $ 5,185,266
Interest rate swaps 300,000 — — — 300,000
Interest sensitivity gap $ 2,031,994 $ 514,006 $ 2,235,012 $ (1,482,486) $ 3,298,526
Cumulative gap $ 2,031,994 $ 2,546,000 $ 4,781,012 $ 3,298,526
Cumulative gap to total earning assets 23 % 29 % 54 % 38 %
Earning assets to interest bearing liabilities 543 % 184 % 263 % 45 %
1 The repricing dates may differ from contractual maturity dates for certain assets due to prepayment assumptions.
2 Securities are stated at carrying value.
3 Includes loans available-for-sale.
Market Risk
Market risk refers to potential losses arising from changes in interest rates, and other relevant market rates or prices.
Interest rate risk, defined as the exposure of net interest income and Economic Value of Equity (“EVE”) to adverse movements in interest rates, is the Company’s primary market risk, and mainly arises from the structure of the balance sheet (non-trading activities). The Company is also exposed to market risk in its investing activities. The ALCO meets regularly and is responsible for reviewing the interest rate sensitivity position of the Company and establishing policies to monitor and limit exposure to interest rate risk. The policies established by the ALCO are reviewed and approved by the Company’s board of directors. The primary goal of interest rate risk management is to control exposure to interest rate risk, within policy limits approved by the board of directors. These limits reflect the Company’s tolerance for interest rate risk over short-term and long-term horizons.
The Company also performs valuation analyses, which are used for evaluating levels of risk present in the balance sheet that might not be taken into account in the net interest income simulation analyses. Whereas net interest income simulation highlights exposures over a relatively short time horizon, valuation analysis incorporates all cash flows over the estimated remaining life of all balance sheet positions. The valuation of the balance sheet, at a point in time, is defined as the discounted present value of asset cash flows minus the discounted value of liability cash flows, the net result of which is the EVE. The sensitivity of EVE to changes in the level of interest rates is a measure of the longer-term re-pricing risks and options risks embedded in the balance sheet. In contrast to the net interest income simulation, which assumes interest rates will change over a period of time, EVE uses instantaneous changes in rates.
EVE values only the current balance sheet, and does not incorporate the growth assumptions that are used in the net interest income simulation model. As with the net interest income simulation model, assumptions about the timing and variability of balance sheet cash flows are critical in the EVE analysis. Particularly important are the assumptions driving prepayments and the expected changes in balances and pricing of the indeterminate life deposit portfolios. Core deposits are a more significant funding source for the Company, making the lives attached to core deposits more important to the accuracy of our modeling of EVE. The Company periodically reassesses its assumptions regarding the indeterminate lives of core deposits utilizing an independent third party resource to assist. With lower interest rates over a prolonged period, the average lives of core deposits have trended higher and favorably impacted our model estimates of EVE for higher rates.
60
The following table presents the projected impact of a change in interest rates on the balance sheet. This change in interest rates assumes parallel shifts in the yield curve and does not take into account changes in the slope of the yield curve.
% Change in Economic Value of Equity
Changes in Interest Rates 2021 2020
+2.00% 18.6% 23.7%
+1.00% 10.2 13.3
Current — —
-1.00% (10.8) (19.2)
While an instantaneous and severe shift in interest rates is used in this analysis to provide an estimate of exposure under an extremely adverse scenario, a gradual shift in interest rates would have a much more modest impact. Since EVE measures the discounted present value of cash flows over the estimated lives of instruments, the change in EVE does not directly correlate to the degree that earnings would be impacted over a shorter time horizon, i.e., the next fiscal year. Further, EVE does not take into account factors such as future balance sheet growth, changes in product mix, change in yield curve relationships, and changing product spreads that could mitigate the adverse impact of changes in interest rates.
Effects of Inflation and Changing Prices
The consolidated financial statements and related financial data presented herein have been prepared in accordance with U.S. GAAP, which require the measurement of financial position and operating results in terms of historical dollars, without considering changes in the relative purchasing power of money, over time, due to inflation.
Unlike most industrial companies, virtually all of the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates have a more significant impact on a financial institution’s performance than the general level of inflation. However, inflation affects financial institutions by increasing their cost of goods and services purchased, as well as the cost of salaries and benefits, occupancy expense, and similar items. Inflation and related increases in interest rates generally decrease the market value of investments and loans held and may adversely affect liquidity, earnings, and shareholders’ equity. Mortgage originations and re-financings tend to slow as interest rates increase, and higher interest rates likely will reduce the Company’s earnings from such activities and the income from the sale of residential mortgage loans in the secondary market.
61
Table 1 - Capital Resources
December 31,
(In thousands, except percentages) 2021 2020
Tier 1 Capital
Common stock $ 5,850 $ 5,524
Additional paid in capital 963,747 856,092
Retained earnings 358,598 256,701
Treasury stock (10,569) (8,285)
Goodwill (252,154) (221,176)
Intangibles (12,998) (14,577)
Other 1
23,182 24,946
Common Equity Tier 1 Capital 1,075,656 899,225
Qualifying trust preferred securities 71,646 71,365
Other 4 4
Total Tier 1 Capital 1,147,306 970,594
Tier 2 Capital
Allowance for credit losses on loans 1 , as limited
53,579 58,861
Total Tier 2 Capital 53,579 58,861
Total Risk-Based Capital $ 1,200,885 $ 1,029,455
Risk weighted assets $ 6,595,378 $ 5,560,489
Common equity Tier 1 ratio (CET1) 16.31 % 16.17 %
Regulatory minimum 2
4.50 4.50
Tier 1 capital ratio 17.40 17.46
Regulatory minimum 2
6.00 6.00
Total capital ratio 18.21 18.51
Regulatory minimum 2
8.00 8.00
Tier 1 capital to adjusted total assets 11.68 11.92
Regulatory minimum 4.00 4.00
Shareholders' equity to assets 13.54 13.55
Average shareholders' equity to average total assets 13.02 13.30
Tangible shareholders' equity to tangible assets 11.09 11.01
1 Upon adoption of the CECL accounting standard in 2020, the Company elected, in accordance with interagency guidance, to delay the estimated impact on regulatory capital resulting from the implementation of CECL. The guidance provides banks the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period (five-year transition option). As of December 31, 2021 and 2020, the adjustment to Tier 1 Capital was $23.0 million and $24.7 million, respectively, and the adjustment to Tier 2 Capital was $28.5 million and $30.2 million, respectively.
2 Excludes the Basel III capital conservation buffer of 2.5% which, if not exceeded, may constrain dividends, equity repurchases and compensation.
62
Table 2 - Loans Outstanding
December 31,
(In thousands) 2021 2020
Amount % to Total Loans Amount % to Total Loans
Construction and land development $ 230,824 4 % $ 245,108 4 %
Commercial real estate - owner occupied 1,197,774 20 % 1,141,310 20 %
Commercial real estate - non-owner occupied 1,736,439 29 % 1,395,854 25 %
Residential real estate 1,425,354 24 % 1,342,628 23 %
Commercial and financial 1,069,356 18 % 854,753 15 %
Consumer 174,175 3 % 188,735 3 %
Paycheck Protection Program 91,107 2 % 566,961 10 %
Total Loans $ 5,925,029 100 % $ 5,735,349 100 %
63
Table 3 - Loan Maturity Distribution
The following table presents loans by maturity, separately presenting fixed rate loans from those with floating or adjustable rates.
December 31, 2021
After one year but within five years: After five year but within fifteen years: After fifteen years:
(In thousands) In one year or less Floating or adjustable Fixed Floating or adjustable Fixed Floating or adjustable Fixed Total
Construction and Land Development $ 61,924 $ 35,914 $ 14,354 $ 62,928 $ 15,905 $ 20,554 $ 19,245 $ 230,824
Commercial Real Estate - Owner Occupied 56,708 43,584 261,332 104,358 703,830 24,419 3,543 1,197,774
Commercial Real Estate - Non-owner Occupied 152,824 70,651 716,994 85,868 693,667 14,328 2,107 1,736,439
Residential Real Estate 34,627 33,405 67,374 286,247 76,368 276,070 651,263 1,425,354
Commercial and Financial 212,728 72,273 333,168 82,340 144,009 149,652 75,186 1,069,356
Consumer 18,320 11,431 37,147 10,480 52,719 26,610 17,468 174,175
Paycheck Protection Program 4,089 — 87,018 — — — — 91,107
Total $ 541,220 $ 267,258 $ 1,517,387 $ 632,221 $ 1,686,498 $ 511,633 $ 768,812 $ 5,925,029
64
Table 4 - Select Credit Ratios 1
For the Year Ended December 31,
(In thousands, except percentages) 2021 2020 2019
Daily average loans outstanding 2
$ 5,751,064 $ 5,678,807 $ 4,933,518
Ratio of allowance for credit losses on loans to loans outstanding at end of year 1.41 % 1.62 % 0.68 %
Ratio of net charge-offs (recoveries) to average loans outstanding
Construction and land development — % — % — %
Commercial real estate - owner occupied — % — % n/a
Commercial real estate - non-owner occupied 0.02 % — % n/a
Commercial real estate n/a n/a (0.01) %
Residential real estate (0.02) % — % — %
Commercial and financial 0.05 % 0.10 % 0.13 %
Consumer — % 0.03 % 0.04 %
Paycheck Protection Program — % — % — %
Total ratio of net charge-offs to average loans outstanding 0.05 % 0.13 % 0.16 %
1 With the adoption of ASC Topic 326 -Financial Instruments - Credit Losses on January 1, 2020, the Company re-evaluated the aggregation of loans into segments, and separated Commercial Real Estate - Owner Occupied from Commercial Real Estate - Non Owner Occupied. In prior years, all Commercial Real Estate loans were considered a single segment.
2 Net of unearned income.
Table 5 - Allowance for Credit Losses on Loans 1
December 31,
(In thousands, except percentages) 2021 2020 2019
Allocation by Loan Type Amount % of Total Allowance Amount % of Total Allowance Amount % of Total Allowance
Construction and land development $ 2,751 3 % $ 4,920 5 % $ 1,842 5 %
Commercial real estate - owner occupied 8,579 10 % 9,868 11 % n/a n/a
Commercial real estate - non-owner occupied 36,617 44 % 38,266 41 % n/a n/a
Commercial real estate n/a n/a n/a n/a 13,224 38 %
Residential real estate 12,811 16 % 17,500 19 % 7,667 22 %
Commercial and financial 19,744 24 % 18,690 20 % 9,716 27 %
Consumer 2,813 3 % 3,489 4 % 2,705 8 %
Paycheck Protection Program $ — — % $ — — % n/a n/a
Total Allowance for Credit Losses on Loans $ 83,315 100 % $ 92,733 100 % $ 35,154 100%
1 With the adoption of ASC Topic 326 -Financial Instruments - Credit Losses on January 1, 2020, the Company re-evaluated the aggregation of loans into segments, and separated Commercial Real Estate - Owner Occupied from Commercial Real Estate - Non Owner Occupied. In prior years, all Commercial Real Estate loans were considered a single segment.
65
Table 6 - Nonperforming Assets 1
December 31,
(In thousands, except percentages) 2021 2020 2019
Nonaccrual loans 2,3
Construction and land development $ 259 $ 167 $ 4,937
Commercial real estate loans - owner occupied 3,966 8,181 n/a
Commercial real estate loans - non-owner occupied 5,905 8,084 n/a
Commercial real estate n/a n/a 6,520
Residential real estate loans 13,045 12,492 9,479
Commercial and financial loans 6,869 6,604 5,909
Consumer loans 554 582 110
Total Nonaccrual Loans $ 30,598 $ 36,110 $ 26,955
Other real estate owned
Construction and land development $ 8,828 $ 6,715 $ 197
Commercial real estate loans - owner occupied — — n/a
Commercial real estate loans - non-owner occupied 3,395 5,963 n/a
Commercial real estate n/a n/a 5,111
Residential real estate loans — 72 241
Bank branches closed 1,395 — 6,842
Total Other Real Estate Owned $ 13,618 $ 12,750 $ 12,391
Total Nonperforming Assets $ 44,216 $ 48,860 $ 39,346
Amount of loans outstanding at end of year 3
$ 5,925,029 $ 5,735,349 $ 5,198,404
Ratio of total nonperforming assets to loans outstanding and other real estate owned at end of period 0.74 % 0.85 % 0.76 %
Ratio of total nonaccrual loans to loans outstanding at end of period 0.52 % 0.63 % 0.52 %
Ratio of allowance for credit losses on loans to total nonaccrual loans 272 % 257 % 130 %
Accruing loans past due 90 days or more $ 121 $ 63 $ 108
Loans restructured and in compliance with modified terms 4
3,917 4,182 11,100
1 With the adoption of ASC Topic 326 -Financial Instruments - Credit Losses on January 1, 2020, the Company re-evaluated the aggregation of loans into segments, and separated Commercial Real Estate - Owner Occupied from Commercial Real Estate - Non Owner Occupied. In prior years, all Commercial Real Estate loans were considered a single segment.
2 Interest income that could have been recorded during 2021, 2020, and 2019 related to nonaccrual loans was $0.9 million, $1.1 million, and $0.4 million, respectively, none of which was included in interest income or net income.
3 Net of unearned income.
4 Interest income that would have been recorded based on original contractual terms was $0.2 million, $0.2 million, and $0.4 million, respectively, for 2021, 2020, and 2019. The amount included in interest income under the modified terms for 2021, 2020, and 2019 was $0.2 million, $0.3 million, and $0.6 million respectively.
66
Table 7 - Maturity Distribution of Available-For-Sale Debt Securities
December 31, 2021
(In thousands) Less than 1 Year After 1-5
Years After 5-10
Years After 10
Years Total
Amortized Cost
U.S. Treasury securities and obligations of U.S. government agencies $ 100 $ 1,020 $ 130 $ 5,216 $ 6,466
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities — 70,658 59,416 1,104,647 1,234,721
Private mortgage-backed securities and collateralized mortgage obligations 5,000 — 2,163 80,933 88,096
Collateralized loan obligations — — 132,741 160,010 292,751
Obligations of state and political subdivisions 2,074 12,997 6,911 9,642 31,624
Total Available-For-Sale Debt Securities $ 7,174 $ 84,675 $ 201,361 $ 1,360,448 $ 1,653,658
Fair Value
U.S. Treasury securities and obligations of U.S. government agencies $ 100 $ 1,027 $ 131 $ 5,521 $ 6,779
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities — 73,010 60,792 1,088,918 1,222,720
Private mortgage-backed securities and collateralized mortgage obligations 4,999 — 2,117 81,651 88,767
Collateralized loan obligations — — 132,647 160,043 292,690
Obligations of state and political subdivisions 2,109 13,814 7,211 10,229 33,363
Total Available-For-Sale Debt Securities $ 7,208 $ 87,851 $ 202,898 $ 1,346,362 $ 1,644,319
Weighted Average Yield 1
U.S. Treasury securities and obligations of U.S. government agencies 0.79 % 2.31 % 2.23 % 3.15 % 2.96 %
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities — 2.95 2.32 1.46 1.58
Private mortgage-backed securities and collateralized mortgage obligations 0.16 — 1.76 2.62 2.45
Collateralized loan obligations — — 1.56 1.60 1.58
Obligations of state and political subdivisions 2.80 2.87 2.37 2.36 2.60
Total Available-For-Sale Debt Securities 0.93 % 2.93 % 1.81 % 1.56 % 1.65 %
1 All yields and rates have been computed using amortized costs.
67
Table 8 - Maturity Distribution of Held-to-Maturity Debt Securities
December 31, 2021
(In thousands) Less than 1 year After 1-5
Years After 5-10
Years After 10
Years Total
Amortized Cost
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 18,634 $ 8,906 $ 53,680 $ 557,420 $ 638,640
Total Held-to-Maturity Debt Securities $ 18,634 $ 8,906 $ 53,680 $ 557,420 $ 638,640
Fair Value
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 18,808 $ 9,083 $ 55,335 $ 544,172 $ 627,398
Total Held-to-Maturity Debt Securities $ 18,808 $ 9,083 $ 55,335 $ 544,172 $ 627,398
Weighted Average Yield 1
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 2.36 % 2.96 % 2.62 % 1.58 % 1.71 %
Total Held-to-Maturity Debt Securities 2.36 % 2.96 % 2.62 % 1.58 % 1.71 %
1 All yields and rates have been computed using amortized costs.
68
Stock Performance Graph
The line graph below compares the cumulative total stockholder return on Seacoast common stock with the cumulative total return of the NASDAQ Composite Index and the S&P U.S. BMI Banks - Southeast Region Index for the same period. The graph and table assume that $100 was invested on December 31, 2016 (the last day of trading for the year ended December 31, 2016) in each of Seacoast common stock, the NASDAQ Composite Index and the S&P U.S. BMI Banks - Southeast Region Index. The cumulative total return represents the change in stock price and the amount of dividends received over the period, assuming all dividends were reinvested.
Index December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021
Seacoast Banking Corporation of Florida 100.00 114.28 117.95 138.58 133.50 162.32
NASDAQ Composite Index 100.00 129.64 125.96 172.18 249.51 304.85
S&P U.S. BMI Banks - Southeast Region Index 100.00 123.70 102.20 144.05 129.15 184.47
Source: S&P Global Market Intelligence © 2022
69
SELECTED QUARTERLY INFORMATION
QUARTERLY CONSOLIDATED INCOME STATEMENTS (UNAUDITED)
2021 Quarters 2020 Quarters
(In thousands, except per share data) Fourth Third Second First Fourth Third Second First
Net interest income:
Interest income $ 73,942 $ 73,209 $ 67,763 $ 69,330 $ 72,681 $ 68,140 $ 73,222 $ 72,992
Interest expense 1,653 1,885 1,961 2,720 3,890 4,637 5,950 9,815
Net interest income 72,289 71,324 65,802 66,610 68,791 63,503 67,272 63,177
Provision for credit losses (3,942) 5,091 (4,855) (5,715) 1,900 (845) 7,611 29,513
Net interest income after provision for credit losses on loans 76,231 66,233 70,657 72,325 66,891 64,348 59,661 33,664
Noninterest income:
Service charges on deposit accounts 2,606 2,495 2,338 2,338 2,423 2,242 1,939 2,825
Interchange income 4,135 4,131 4,145 3,820 3,596 3,682 3,187 3,246
Wealth management income 2,356 2,562 2,387 2,323 1,949 1,972 1,719 1,867
Mortgage banking fees 2,030 2,550 2,977 4,225 3,646 5,283 3,559 2,208
Marine finance fees 147 152 177 189 145 242 157 146
SBA gains 200 812 232 287 113 252 181 139
BOLI income 1,295 1,128 872 859 889 899 887 886
Other income 6,316 5,228 2,249 3,744 2,187 2,370 2,147 3,352
Securities (losses) gains, net (379) (30) (55) (114) (18) 4 1,230 19
Total noninterest income 18,706 19,028 15,322 17,671 14,930 16,946 15,006 14,688
Noninterest expenses:
Salaries and wages 25,005 27,919 22,966 21,393 21,490 23,125 20,226 23,698
Employee benefits 4,763 4,177 3,953 4,980 3,915 3,995 3,379 4,255
Outsourced data processing costs 5,165 5,610 4,676 4,468 4,233 6,128 4,059 4,633
Telephone and data lines 790 810 838 785 774 705 791 714
Occupancy 3,500 3,541 3,310 3,789 3,554 3,858 3,385 3,353
Furniture and equipment 1,403 1,567 1,166 1,254 1,317 1,576 1,358 1,623
Marketing 1,060 1,353 1,002 1,168 1,045 1,513 997 1,278
Legal and professional fees 2,461 4,151 2,182 2,582 509 3,018 2,277 3,363
FDIC assessments 713 651 515 526 528 474 266 —
Amortization of intangibles 1,304 1,306 1,212 1,211 1,421 1,497 1,483 1,456
Foreclosed property expense and net loss (gain) on sale (175) 66 (90) (65) 1,821 512 245 (315)
Provision for credit losses on unfunded commitments — 133 — — (795) 756 178 46
Other 4,274 3,984 4,054 4,029 3,869 4,517 3,755 3,694
Total noninterest expenses 50,263 55,268 45,784 46,120 43,681 51,674 42,399 47,798
Income before income taxes 44,674 29,993 40,195 43,876 38,140 29,620 32,268 554
Income taxes 8,344 7,049 8,785 10,157 8,793 6,992 7,188 (155)
Net income $ 36,330 $ 22,944 $ 31,410 $ 33,719 $ 29,347 $ 22,628 $ 25,080 $ 709
70
2021 Quarters 2020 Quarters
(In thousands, except per share data) Fourth Third Second First Fourth Third Second First
Per Common Share Data
Net income diluted $ 0.62 $ 0.40 $ 0.56 $ 0.60 $ 0.53 $ 0.42 $ 0.47 $ 0.01
Net income basic 0.62 0.40 0.57 0.61 0.53 0.42 0.47 0.01
Cash dividends declared:
Common stock 0.13 0.13 0.13 0.00 0.00 0.00 0.00 0.00
Market price common stock:
Low close 33.29 29.62 33.08 29.17 18.01 17.44 16.35 14.64
High close 38.31 34.26 38.81 40.35 29.60 21.40 25.00 30.55
Bid price at end of period 35.39 33.81 34.15 36.24 29.45 18.03 20.40 18.31
71