Building Relationships annualreport

‘07
Building Relationships
a n n u a l
r e p o r t
Vision:
The Choice for
Financial Services.
Mission:
Rainier Pacific builds profitable relationships
by providing valuable financial solutions for
its customers.
Values:
We demonstrate honesty and integrity consistently through our actions.
We deliver respectful, considerate, and thoughtful service.
We resolve all things through communications.
We use our best judgment in all situations.
We are capable, able and accountable.
We compete.
About
RAINIER
PACIFIC
RAINIER PACIFIC FINANCIAL GROUP,
In addition, we offer customers 24-hour
INC. (NASDAQ Global Market: “RPFG”),
banking access through our internet
through its subsidiary Rainier Pacific Bank,
banking services and automated telephone
has served the diverse financial needs of
banking system.
its customers in the Tacoma-Pierce County
market area of Washington State for over
Our approach to serving customers stems
75 years. Initially chartered as a credit
from a commitment to develop long-term
union in 1932, and subsequently converted
customer relationships. In doing so, we
to a mutual savings bank in January
are dedicated to building and maintaining
2001, the Bank further evolved through its
the trust and loyalty of our customers.
conversion from mutual to stock form of
ownership in October 2003. In connection
We plan to continue to meet the financial
with the conversion, Rainier Pacific
needs of the communities we serve by
Financial Group, Inc. was formed as the
continuing to innovate and expand our
bank holding company of Rainier Pacific
consumer banking services, income property
Bank, completed the sale of its common
lending and small business banking
stock to the Bank’s depositors, and
services. These banking services, coupled
commenced trading as a public company
with our insurance and investment services,
on October 21, 2003.
form the basis for Rainier Pacific Financial
RainIEr Pacific
Financial Group
Executive Officers
Joel G. Edwards, Victor J. Toy,
John A. Hall
Group, Inc. becoming the choice for financial
As a financial services provider, we
services in the markets we serve.
serve more than 25,000 households in
our primary market area. Our focus is to
offer traditional consumer and business
At or For the Year Ended December 31,
(Dollars in Millions, Except Per Share Data)
banking services, as well as financial
planning and investment services, and
Financial Highlights20072006
property and casualty insurance products,
Total Assets
$ 878.9
$ 902.7
that enables Rainier Pacific to build full
Total Deposits
$ 461.5
$ 457.4
Total Loans
$ 637.0
$ 639.4
Shareholders’ Equity
$ 86.8 $ 87.8
Shares Outstanding
6,076,370 6,129,511
service relationships with our customers.
We principally focus on growing and
expanding customer relationships in the
geographical market area of Tacoma-
(1)
Pierce County and the neighboring City
Book Value Per Common Share (2)
$ 14.29
of Federal Way in South King County.
Net Income
$
3.9
$ 2.8
Providing our services through 14 full-
Earnings per Share (Diluted)
$ 0.64
$ 0.47
service retail locations and our call center.
Return on Average Assets
0 .43%
0.31%
Return on Average Equity
4 .32% 3.25%
Efficiency Ratio
$ 14.33
80.76% 84.78%
(1) Shares outstanding exclude unallocated ESOP shares.
(2) Shareholders’ equity divided by shares outstanding including all Management Recognition Plan shares.
1
Shareholders’
MESSAGE
Rainier Pacific successfully achieved improved revenue and
net operating profitability, maintained strong credit and asset quality,
and continued to grow and deepen customer relationships.
It is our pleasure to share with you
bank and thrift institutions. Despite these
During the fourth quarter of 2007, we
Rainier Pacific Financial Group, Inc.’s 2007
conditions, Rainier Pacific successfully
recorded three non-recurring items: a gain
Annual Report. During the past year, the
achieved improved revenue and net
from the resolution of a claim against one
financial services industry experienced
operating profitability, maintained strong
of our software vendors, the establishment
unexpected credit and liquidity crises, a
credit and asset quality and continued to
of a reserve for our share of the litigation
very volatile interest rate environment,
grow and deepen customer relationships.
settlement between VISA U.S.A. Inc.
declining residential property valuations
These results were achieved through the
and its member banks and American
and an economic environment that
implementation of several tactical actions
Express and Discover Financial Services
produced significant deterioration in both
that slowed our loan and deposit growth
and a tax provision to provide a valuation
the asset quality and earnings of many
during the year. However, we believe
allowance against a deferred tax asset
those actions mitigated potentially more
relating to the loss of future charitable
significant negative consequences of
contribution deductions associated with
the challenging market environment and
the establishment of the Rainier Pacific
prepared us to better withstand what
Foundation in 2003. Excluding these three
is shaping up to be a continued difficult
items, net income for 2007 would have been
operating environment for 2008, as we
$4.0 million or $0.67 per share, representing
seek to preserve and grow the financial and
an increase of 42.9% compared to $2.8
franchise value of Rainier Pacific.
million in net income for 2006.
For 2007, Rainier Pacific’s consolidated net
Our net interest margin increased to 3.09%
income was $3.9 million, or $0.64 per share,
in 2007, compared to 2.94% in 2006, as we
representing an increase of 39.3% over the
maintained our pricing discipline for both
Yuan Zhang has received commercial financing through Rainier
Pacific for her real estate business. She relies on Rainier Pacific
to provide loans that make her business projects a success.
$2.8 million, or $0.47 per share, earned in
loans and deposits throughout the year.
2006. Improved earnings were the result of a
Non-interest income was up 7.9% to $9.6
Pictured: Yuan Zhang, The Yuan Zhang Colonial, along
with A.J. Gordon, Vice President – Income Property Lending,
Rainier Pacific Bank.
modest expansion of our net interest margin
million, while we effectively managed our
despite a very challenging interest rate
non-interest expenses to an increase of
“I owe the success of my
business to Rainier Pacific’s
team of talented professionals.”
environment, increased non-interest revenue
only 1.0% to $29.0 million, compared to
and effectively managing the growth in
$28.7 million in 2006.
Yuan Zhang, The Yuan Zhang Colonial
2
operating expenses.
Consistent with our strategy over the past
few years, we have continued to shift our
loan originations and portfolio mix toward a
greater portion of real estate secured loans
while reducing our unsecured consumer and
auto loan portfolios. At December 31, 2007,
88.4% of our loan portfolio was comprised
of real estate secured loans. Although we
were pleased with the improvement in our
core earnings, our decision to maintain
prudent pricing and underwriting standards
for multi-family and commercial real
estate, land and construction, single-family
mortgage and home equity loans, while
reducing our exposure to auto lending and
unsecured consumer loans, negatively
Rainier Pacific FINANCIAL GROUP Board of directors
EDWARD J. BROOKS
ROBERT H. COMBS
BRIAN E. KNUTSON
Chairman of the Board, President and
Chief Executive Officer of Sunset Pacific
General Contractors, Inc
Retired
Retired
CHARLES E. CUZZETTO
ALAN M. SOMERS
Associate Superintendent of
Peninsula School District
President and Chief Executive Officer of
Cruise Holidays of Silverdale
JOHN A. HALL
ALFRED H. TRELEVEN, III
President and Chief Executive Officer of
Rainier Pacific Financial Group and
Rainier Pacific Bank
President and Chief Executive Officer of
Sprague Pest Solutions
STEPHEN M. BADER
Chief Operating Officer of Tacoma
Radiation Oncology Center
KARYN R. CLARKE
Director, School Support Programs,
Tacoma Public Schools
In Memory of Alan M. Somers (1947 – 2008)
Alan M. Somers (“Al”) first became a member of the Board of Directors in 1991 during our days as Educational Employees Credit Union.
During his 17 years of service, Al assisted in many changes including the name change to become Rainier Pacific, A Community Credit
Union and then the subsequent transitions to a mutual savings bank and finally a stock savings bank. He was also an active member
of the Board of Directors for Rainier Pacific Financial Group since its inception in 2003. Al held a Bachelor of Arts degree from the
University of Puget Sound. He was President and Chief Executive Officer of Cruise Holidays located in Silverdale, Washington.
His contributions to Rainier Pacific will always be remembered and he will be deeply missed.
Steve Keller, President of Kel-tech Plastics relies on Rainier Pacific
to provide personalized service on his business accounts.
impacted our loan origination volumes and
$914,000 in 2006 and $1.1 million in 2005.
portfolio growth during the year. As a result,
At December 31, 2007, only 0.33% of
total loan originations for the year decreased
our loan portfolio was more than 30 days
$11.4 million to $215.9 million, compared
delinquent and our non-performing loans
to $227.3 million in 2006. The loan portfolio
were only 0.08% of total loans. At year-end
was $637.0 million at December 31, 2007,
2007, the allowance for loan losses was
down modestly from $639.4 million at
$8.1 million or 1.27% of total loans,
December 31, 2006.
compared to $8.3 million or 1.30% of
Pictured: Richard Pickett, Vice President, Business Banking,
Rainier Pacific Bank along with Steve Keller of Kel-tech Plastics.
“At Rainier Pacific, I’m not treated
like just another account number –
I’m treated like family!”
Steve Keller, Kel-tech Plastics
total loans at December 31, 2006.
The credit quality of our loan portfolio
The change in portfolio composition,
remained very good despite a slowing
with 33.4% commercial real estate loans,
economic environment. Net charge-offs
23.4% multi-family real estate loans,
were $804,000 in 2007, compared to
12.4% real estate construction loans,
3
Shareholders’
MESSAGE
(continued)
12.1% single-family real estate loans,
Rainier Pacific Financial Services, which
8.1% consumer loans, 7.1% home equity
provides financial planning and investment
loans and 3.5% commercial business loans
services, generated $20.6 million of sales
at year-end, positions us well to weather
during the year and administered $132.1
the difficult operating environment that is
million of customer assets at December 31,
anticipated to continue throughout 2008.
2007. Rainier Pacific Insurance Services,
which provides property and casualty
Aggressive and intense price competition,
insurance services, grew the volume of
primarily from larger national banks,
policy premiums by 10.7% during the year
challenged our ability to grow our deposit
to $16.0 million at December 31, 2007. We
base during the past year as we decided
believe the consistent growth of these two
not to compete on price with the highest
business lines will provide opportunities
deposit rate paying institutions in our
to expand financial service relationships
market. As a result, our deposits increased
with our banking customers and valuable
only modestly for the second consecutive
diversification of revenue sources that will
year, increasing to $461.5 million at
increase the long-term franchise value of
December 31, 2007 compared to $457.4
Rainier Pacific.
million and $438.0 million at year-end 2006
and 2005, respectively. At year-end 2007,
During the year, we purchased and retired
the composition of our deposits included
126,137 shares of the Company’s common
49.1% core deposits (defined as savings,
stock. Over the past four years, we have
money market and checking accounts) which
repurchased 2,304,107 shares, reducing the
possess relatively greater long-term value to
number of outstanding shares to 6,076,370
us, as they are generally lower cost and less
at December 31, 2007. We will continue to
sensitive to changes in market rates, than
review the opportunity to repurchase shares
certificates of deposits.
during the upcoming year, with an existing
Legends Roofing has been a Rainier Pacific Bank business
customer since 2004. They have relied on the Bank to provide
them with a variety of business products including: loans,
checking and money market accounts.
Pictured: Tim O’Brien, Glenn Paine, Don Vose of Legends
Roofing along with Sandy McDaniel, Personal Banker,
Rainier Pacific Bank.
“Rainier Pacific really cares about
our business. We appreciate their
personalized approach to finding
us financial solutions that are
uniquely us.”
Don Vose, Legends Roofing
authorization to purchase an additional
Rainier Pacific Financial Services and Rainier
114,483 shares at December 31, 2007.
Pacific Insurance Services, operating units
Although the Puget Sound region has
remained relatively strong compared to
of Rainier Pacific Bank, continue to be an
As we look forward to 2008, we anticipate
many other areas of the country, we expect
important part of our focus to grow the
the national economy will further deteriorate
that we will not be immune to the broader
Company’s franchise value and recurring
with continued stress within the residential
market challenges and expect to experience
streams of non-interest income. Non-interest
housing sector and a weakening consumer
modest deterioration in asset quality. We
income from these two units contributed
sector that will likely cause many financial
do, however, believe that the overall credit
$2.9 million in 2007, up from $2.6 million and
institutions to incur higher credit losses than
quality of our loan portfolio will remain very
$1.1 million in 2006 and 2005, respectively.
they experienced over the past several years.
good compared to financial institution peers.
4
Consistent with our strategy over the past few years,
we have continued to shift our loan originations and portfolio mix
toward a greater portion of real estate secured loans while reducing
our unsecured consumer and auto loan portfolios.
In 2008, we expect continued improvement in our core operating profitability, while focusing on maintaining strong credit and asset
quality throughout the year. We plan to accomplish this through the selective origination and prudent underwriting of, high-quality multifamily and commercial real estate loans and growing our business banking portfolio within the local market, while generating increased
recurring non-interest income through Rainier Pacific Financial Services and Rainier Pacific Insurance Services operations.
We believe that a cautious approach under current market conditions will likely limit our asset growth, yet is prudent, to protect the
Rainier Pacific franchise and position us to grow the value of your investment in Rainier Pacific over the coming years.
On behalf of the Board of Directors, management team and employees, thank you for your continued trust, confidence and investment
in Rainier Pacific Financial Group.
Sincerely,
Edward J. Brooks
Chairman of the Board
John A. Hall
President and Chief Executive Officer
The Maenhout family has been banking at Rainier Pacific
for 51 years. Each family member relies on Rainier Pacific
to provide a variety of products to meet their needs, from
personal banking to business banking products.
“It’s the kind of service that
Rainier Pacific provides
that will keep our family
banking here for many
more years to come!”
Matt, The Maenhout family in Gig Harbor
5
Financial
HIGHLIGHTS
At or For the Year Ended December 31, (Dollars in Thousands Except Per Share Data)
Financial CONDITION DATA
Total Assets
2007
2006
2005
$878,864
$902,697
$870,843
125,868
134,734
147,735
51,175
63,028
77,974
Loans, net
628,921
631,095
574,297
Deposits
461,487
457,425
438,030
Borrowed Funds
320,454
345,395
340,240
86,820
87,830
84,710
$57,743
$54,224
$43,149
Interest Expense
31,444 29,240
18,737
Net Interest Income
26,299
24,984
24,412
600
600
750
25,699
24,384
23,662
8,880
7,326
29,013 28,710
26,906
Income before Provision for Federal Income Tax
6,312 4,554
4,082
Provision for Federal Income Tax
2,458 1,769 1,535
$2,785 $2,547
Investment Securities
Mortgage-backed Securities
Total Shareholders’ Equity
Operating Data
Interest Income
Provision for Loan Losses
Interest Income after Provision for Loan Losses
Net
Non-interest Income
Non-interest Expense
Net Income 9,626 $3,854
EARNINGS PER SHARE
2007
2006
2005
Basic
$0.64
$0.47 $0.41
$0.64
$0.47 $0.41
Weighted average shares outstanding - Basic
Diluted
5,983,677
5,941,336
6,164,771
Weighted average shares outstanding - Diluted
6,010,971
5,961,603
6,202,420
The summarized financial statement information included in this Annual Report was prepared by management and was derived from the audited consolidated financial
statements of Rainier Pacific Financial Group, Inc. and Subsidiary.
6
At or For the Year Ended December 31,
PErformance Ratios
Return on Assets (1)
2007
2006
2005
0.43%
0.31%
0.32%
4.32%
3.25%
2.88%
Equity-to-Assets Ratio 9.88%
9.73%
9.73%
(4)
Interest Rate Spread 2.69%
2.58%
2.97%
Net Interest Margin 3.09%
2.94%
3.29%
110.93%
110.25%
112.60%
80.76%
84.78%
84.78%
3.23%
3.19%
3.41%
9.80%
9.26%
9.93%
Tier 1 Risk-Based 11.78%
11.66%
12.80%
Total Risk-Based
12.88%
12.83%
14.05%
Non-Accruals and 90 Days or More Past Due
Loans as a Percent of Total Loans
0.08%
0.04%
0.02%
Non-Performing Assets as a Percent
of Total Assets
0.06%
0.03%
0.02%
Net Charge-Offs to Average Outstanding Loans
0.13%
0.15%
0.22%
Allowance
for Loan Losses as a Percent
of Total Loans
1.27%
1.30%
1.47%
Return on Equity (2)
(3)
(5)
Average Interest-Earning Assets to
Average
Interest-Bearing Liabilities
Efficiency Ratio (6)
Non-Interest Expense as a Percent
of Average Total Assets
Capital Ratios
Tier 1 Leverage
Asset Quality Ratios
(1)
(2)
(3)
(4)
(5)
(6)
Net income divided by average total assets.
Net income divided by average total equity.
Total equity divided by total assets.
Difference between weighted average yield on interest-earning assets and weighted average rate on interest-bearing liabilities.
Net interest margin, otherwise known as net yield on interest-earning assets, is calculated as net interest income divided by average interest-earning assets.
The efficiency ratio represents the ratio of non-interest expense divided by the sum of net interest income and non-interest income.
7
Portfolio
COMPOSITION
At December 31, (Dollars in Millions)
LOAN PORTFOLIO COMPOSITION
2007 Commercial Real Estate
7%
$212.9
34%
Multi-Family
$149.1 23%
Single-Family
$76.9 12%
Consumer
$51.3 8%
Real Estate Construction
$78.8 12%
Home Equity
$45.3 7%
Commercial Business
$22.7 4%
4%
12%
34%
8%
12%
23%
6%
Deposit PORTFOLIO COMPOSITION
2007
CD
$239.0 52%
Money Market
$117.6 26%
Checking
$75.0 16%
Savings
$29.9 6%
16%
52%
26%
8
LOAN PORTFOLIO COMPOSITION
2006
Commercial Real Estate
2%
$195.9
31%
Multi-Family
$163.0
25%
Single-Family
$81.5
13%
Consumer
$63.5
10%
Real Estate Construction
$79.7
12%
Home Equity
$42.7
7%
Commercial Business
$13.1
2%
7%
12%
31%
10%
13%
25%
5%
LOAN PORTFOLIO COMPOSITION
Commercial Real Estate
2005
2%
$166.3
29%
Multi-Family
$159.0
27%
Single-Family
$84.9
15%
Consumer
$70.7
12%
Real Estate Construction
$60.9
10%
Home Equity
$31.9
5%
$9.2
2%
Commercial Business
10%
29%
12%
15%
27%
7%
Deposit PORTFOLIO COMPOSITION
2006
CD
$241.0
53%
Money Market
$109.0
24%
Checking
$75.3
16%
Savings
$32.1
7%
Deposit PORTFOLIO COMPOSITION
CD
2005
12%
16%
53%
24%
8%
$248.2
57%
Money Market
$88.5
20%
Checking
$64.5
15%
Savings
$36.8
8%
15%
57%
20%
9
FinancialT R E N D S
Deposits
Loans, Net
Assets
$631,095 $628,921
$438,030
$457,425 $461,487
$870,843
$902,697
Total Loans/ Deposits
Loan Originations
$878,864
139.8% 138.0%
$574,297
133.1%
$248,839
$227,284 $217,713
2005 2006 2007
2005 2006 2007
2005 2006 2007
2005 2006 2007
2005 2006 2007
Net Interest Income
Non-Interest Income
Non-Interest Expense
Net Income
Efficiency Ratio
$26,299
$8,880
$24,412 $24,984
At or For the Year Ended December 31, (Dollars in Thousands Except for Per Share Data)
$9,626
$28,710 $29,013
$7,326
$26,906
$2,547
2005 2006 2007
2005 2006 2007
2005 2006 2007
Shareholders’ Equity
Shareholders’
Equity/ Assets
Shares Outstanding
$87,830
$86,820
9.73%
9.73%
9.88%
6,164,791
6,129,511
2005 2006 2007
2005 2006 2007
$2,785
84.8%
Earnings Per Share
(Diluted)
$0.47
2005 2006 2007
84.8%
80.8%
2005 2006 2007
Book Value Per Share
$14.33
$0.64
$0.41
2005 2006 2007
$3,854
2005 2006 2007
6,076,370
$84,710
10
At or For the Year Ended December 31, (Dollars in Thousands Except Per Share Data)
$14.29
$13.74
2005 2006 2007
Executive
OFFICERS
Rainier Pacific Bank Executive Officers
JOHN A. HALL
Carolyn S. Middleton
David R.Webb
President and
Chief Executive Officer
Vice President and
Chief Lending Officer
Vice President, Information Services
Victor J. Toy
Dalen D. Harrison
Vice President, Business Banking
Senior Vice President,
Strategic Planning and Marketing
Vice President, Retail Administration
Joel G. Edwards
Vice President, Investments
and Insurance
Vice President, Chief Financial Officer
Treasurer and Corporate Secretary
Sandra K. Steffeney
Richard D. Pickett
Waylin L. Mccurley
Vice President, Corporate Services
11
Corporate
TRENDS
I N F O R M AT I O N
RAINIER PACIFIC INSURANCE SERVICES
CONTACT INFORMATION
CORPORATE WEB SITE &
INTERNET BANKING
253.926.4065
Corporate Offices
Federal Way 320th Branch
Gig Harbor North Branch
Gig Harbor Branch
Lakewood Branch
www.rainierpac.com
RAINIER PACIFIC FINANCIAL SERVICES
Corporate & Administrative Offices
1498 Pacific Avenue, Suite 400, Tacoma, WA 98402
253.926.4000
176th & Meridian Branch
Pearl Street Branch
South Hill Branch
Spanaway Branch
University Place Branch
253.926.4020 Pearl Street Branch
253.926.4116 South Hill Branch
NON-BRANCH ATMs
BRANCH/ATMs
FEDERAL WAY
33650 21st Avenue SW
1900 S 320th Street
35007 Enchanted Parkway S
GIG HARBOR
3123 56th Street Court NW
4949 Borgen Boulevard
LAKEWOOD
6015 100th Street SW
PUYALLUP
11821 Canyon Road E
109 35th Avenue SE
17510 Meridian E
SPANAWAY
16120 Pacific Avenue
TACOMA
1498 Pacific Avenue
1211 S Pearl Street
2525 N Proctor Street
UNIVERSITY PLACE
4704 Bridgeport Way W
TACOMA
BATES TECHNICAL COLLEGE
1101 S Yakima Avenue
2201 S 78th Street
JAMES CENTER
1620 S Mildred Street
TACOMA COMMUNITY COLLEGE
6501 S 19th Street
TACOMA SCHOOL DISTRICT
601 S 8th Street
LAKEWOOD
LAKEWOOD CINEMAS
2310 S 84th Street
FIFE
Transpacific Trade CENTER
3700 Pacific Highway E
Independent Auditors
Moss Adams LLP
2707 Colby Ave., Suite 801
Everett, WA 98201
P: 425.259.7227 F: 425.259.2844
Investor & SharEholder Information
Requests for information by shareholders and
investors interested in Rainier Pacific Financial
Group, Inc. may contact:
Victor J. Toy
Senior Vice President and Corporate Secretary
Rainier Pacific Financial Group, Inc.
1498 Pacific Avenue, Suite 400
Tacoma, Washington 98402
P: 253.926.4038 F: 253.926.4090
Email: [email protected]
Regulatory & SecuritIes counSEl
Breyer & Associates PC
8180 Greensboro Dr., Suite 785
McLean, VA 22102
P: 703.883.1100 F: 703.883.2511
Form 10-k/Information Inquiries
The Company’s Forms 10-K, 10-Q and other
disclosure documents filed with the Securities and
Exchange Commission can be obtained from the
SEC website at www.sec.gov.
Stock Listing
The Company’s common stock is traded
on the NASDAQ Global Market under the
symbol “RPFG”
A copy of the Company’s Form 10-K, including
audited financial statements, as filed with the
Securities and Exchange Commission will be
furnished without charge to shareholders as of
the record date for voting at the Annual Meeting
of Shareholders upon written request.
Stock Transfer Agent & Registrar
Computershare Trust Co., Inc.
39322 Treasury Center
Chicago, IL 60694
P: 303.262.0600 F: 303.262.0700
CODE OF ETHICS
A copy of the Company’s Code of Business
Conduct and Ethics may be obtained
at the Company’s internet website at
www.rainierpac.com
Annual Meeting
The Annual Meeting of Shareholders will be
held on Monday, April 28, 2008 at 1:oo pm at the
Tacoma Courtyard Marriot Hotel, Tacoma, WA
Shareholders
As of February 29, 2008, the Company had
approximately 1,100 shareholders of record.
Market Price Range of Common Shares
The following table sets forth the high and low prices for
the Company’s common stock and cash dividends paid
during the periods indicated.
Fiscal 2006
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
HighLow $16.18 $14.99
$18.59 $16.29
$18.57 $17.91
$19.83 $18.10
Dividends
$0.060
$0.060
$0.060
$0.060
Fiscal 2007
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
HighLow $23.43 $19.41
$22.54 $16.75
$17.39 $14.95
$17.19 $14.46
Dividends
$0.065
$0.065
$0.065
$0.065