NEWARK, Ohio, July 20, 2009 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE Amex:PRK) today announced operating results for the three months ended June 30, 2009. Net income available to common shareholders was $19.9 million, a 9.2 percent increase from the $18.2 million net income for the same period in 2008. Second quarter 2009 net income per diluted common share was $1.42, a 9.2 percent increase from second quarter 2008 net income per diluted common share of $1.30.
Net income available to common shareholders for the first half of 2009 (six months ended June 30, 2009) was $39.8 million, a 3.3 percent decrease from the first half of 2008 net income of $41.2 million. Earnings per diluted share for the first half of 2009 were $2.85, down 3.4 percent compared to the first half of 2008 earnings per diluted share of $2.95.
On July 20, 2009, the Park Board of Directors declared a $0.94 per share quarterly cash dividend in respect of Park's common shares. The dividend is payable on September 10, 2009 to common shareholders of record as of the close of business on August 26, 2009.
Park Chairman C. Daniel DeLawder stated, "The banking industry is challenged by a number of issues, many of which have existed for over a year. However, Park's Ohio-based banking divisions continue to enjoy solid performance. As a result, our board of directors determined that Park could continue to pay a quarterly cash dividend of $0.94 per common share." DeLawder further indicated that the highest priority for Park's management is to generate sufficient net income to sustain the quarterly dividend at $0.94 per share.
Net income for Park's Ohio-based banking divisions for the first six months of 2009 was $52.4 million. DeLawder continued, "While Park's Ohio-based divisions had a record year in 2008 with net income of $95.3 million, the first six months of 2009 have been even better. The strong earnings generated thus far in 2009 are the result of our bankers' unwavering commitment to the personal style of banking that our friends and neighbors have come to trust."
CONTINUED GROWTH DURING SECOND QUARTER
Park's commercial and consumer loans increased again during the second quarter. At June 30, 2009, Park had $4,620 million in total loans on its consolidated balance sheet, compared to $4,491 million at December 31, 2008, an annualized growth rate of 5.8 percent. Total loans increased by $59 million during the second quarter of 2009. Additionally, Park enjoyed excellent mortgage loan volume through the six months ended June 30, 2009, with originations of $413 million in fixed rate residential mortgages, compared to $107 million for the same period in 2008 and $162 million for the entire 2008 year. These loans are largely sold in the secondary market, where Park maintains the servicing on these loans. As a result of the mortgage loan volume, pre-tax real estate non-yield loan fee income was $10.1 million for the six months ended June 30, 2009, compared to $4.0 million for the same period in 2008.
Deposit balances also increased during the second quarter of 2009. At June 30, 2009, Park had total deposits of $5,053 million, compared to $4,762 million at year-end 2008, or an annualized growth rate of 12.4 percent. Total deposits increased by $133 million during the second quarter of 2009.
ADDITIONAL INFORMATION FROM THE SECOND QUARTER
During the second quarter, the Federal Deposit Insurance Corporation (FDIC) imposed a five basis point special assessment on each insured depository institution's assets minus Tier 1 capital as of June 30, 2009. As a result of this assessment, Park accrued an amount of $3.3 million, payable to the FDIC on September 30, 2009. Additionally, in June 2009, Park completed the sale of $197 million of U.S. Agency mortgage-backed securities, resulting in a pre-tax gain of $7.3 million. Finally, Park continued to proactively address the impact of the current economic environment on its loan portfolio, increasing the allowance for loan losses to $104.8 million at June 30, 2009, up 4.7 percent from $100.1 million at December 31, 2008.
The loan loss provision was $28.1 million for the six months ended June 30, 2009, compared to $22 million for the same period in 2008. Park subsidiary Vision Bank (headquartered in Panama City, Fla.) had a loan loss provision of $18.4 million for the first two quarters of 2009, compared to $16.3 million for the same period in 2008. Park's Ohio-based banking divisions had a total loan loss provision of $9.7 million for the first two quarters of 2009, compared to $5.7 million for the same period in 2008.
Park's At-the-Market (ATM) common share offering, announced on May 27, 2009, has resulted in the sale of 183,200 common shares at an average price of $61.18 through the period ended June 30, 2009. Net of all selling and due diligence expenses, the ATM offering has generated additional capital of $10.5 million.
Headquartered in Newark, Ohio, Park National Corporation holds $7.0 billion in total assets (as of June 30, 2009). Park consists of 13 community bank divisions and two specialty finance companies. Park's Ohio-based banking operations are conducted through Park subsidiary The Park National Bank and its divisions which include Fairfield National Bank, Richland Bank, Century National Bank, First-Knox National Bank, Farmers and Savings Bank, United Bank, Second National Bank, Security National Bank, Unity National Bank and The Park National Bank of Southwest Ohio & Northern Kentucky. Park's other banking subsidiary is Vision Bank (headquartered in Panama City, Florida), and its Vision Bank Division (of Gulf Shores, Alabama). Park also includes Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance) and Guardian Finance Company.
Complete financial tables are included below.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation: deterioration in the asset value of Park's loan portfolio may be worse than expected; Park's ability to execute its business plan successfully and within the expected timeframe; general economic and financial market conditions, and weakening in the economy, specifically, the real estate market and credit market, either national or in the states in which Park and its subsidiaries do business, may be worse than expected which could decrease the demand for loan, deposit and other financial services and increase loan delinquencies and defaults; changes in market rates and prices may adversely impact the value of securities, loans, deposits and other financial instruments and the interest rate sensitivity of our consolidated balance sheet; changes in consumer spending, borrowing and saving habits; our liquidity requirements could be adversely affected by changes in our assets and liabilities; our ability to convert our Ohio-based banking divisions into one operating system; competitive factors among financial institutions increase significantly, including product and pricing pressures and out ability to attract, develop and retain qualified bank professionals; the nature, timing and effect of changes in banking regulations or other regulatory or legislative requirements affecting the respective businesses of Park and its subsidiaries, including changes in laws concerning taxes, banking, securities and other aspects of the financial services industry; the effect of fiscal and governmental policies of the United States federal government; demand for loans in the respective market areas served by Park and its subsidiaries, and other risk factors relating to the banking industry as detailed from time to time in Park's reports filed with the Securities and Exchange Commission including those described in "Item 1A. Risk Factors" of Part I of Park's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and in "Item 1A. Risk Factors" of Part II of Park's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2009. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Park does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.
PARK NATIONAL CORPORATION
FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------------- -------------------------
INCOME STATEMENT PERCENT PERCENT
AND RATIOS 2009 2008 CHANGE 2009 2008 CHANGE
-------- -------- ------- -------- -------- -------
NET INTEREST
INCOME $67,994 $64,326 5.70% $136,227 $125,810 8.28%
------------------------------------------- -------------------------
PROVISION FOR LOAN
LOSSES 15,856 14,569 8.83% 28,143 21,963 28.14%
------------------------------------------- -------------------------
OTHER INCOME 19,757 18,543 6.55% 38,967 39,582 -1.55%
------------------------------------------- -------------------------
GAIN ON SALE OF
SECURITIES 7,340 587 7,340 896
------------------------------------------- -------------------------
OTHER EXPENSE 50,151 44,433 12.87% 96,013 87,710 9.47%
------------------------------------------- -------------------------
INCOME BEFORE
TAXES 29,084 24,454 18.93% 58,378 56,615 3.11%
------------------------------------------- -------------------------
NET INCOME 21,307 18,191 17.13% 42,697 41,169 3.71%
------------------------------------------- -------------------------
NET INCOME
AVAILABLE TO
COMMON
SHAREHOLDERS(x) 19,866 18,191 9.21% 39,816 41,169 -3.29%
------------------------------------------- -------------------------
NET INCOME PER
COMMON SHARE-
BASIC(x) 1.42 1.30 9.23% 2.85 2.95 -3.39%
------------------------------------------- -------------------------
NET INCOME PER
COMMON SHARE-
DILUTED(x) 1.42 1.30 9.23% 2.85 2.95 -3.39%
------------------------------------------- -------------------------
RETURN ON AVERAGE
ASSETS(x) 1.13% 1.08% 1.14% 1.25%
------------------------------------------- -------------------------
RETURN ON AVERAGE
COMMON EQUITY(x) 14.11% 12.57% 14.38% 14.28%
------------------------------------------- -------------------------
CASH DIVIDENDS
DECLARED PER
COMMON SHARE 0.94 0.94 0.00% 1.88 1.88 0.00%
------------------------------------------- -------------------------
INCOME STATEMENT AND RATIOS
(NON GAAP)
RETURN ON AVERAGE
TANGIBLE ASSETS
(c)(x) 1.15% 1.11% 1.15% 1.28%
------------------------------------------- -------------------------
RETURN ON AVERAGE
TANGIBLE REALIZED
COMMON EQUITY
(a)(x) 17.04% 16.80% 17.35% 19.31%
------------------------------------------- -------------------------
OTHER RATIOS
YIELD ON EARNING
ASSETS 5.69% 6.40% 5.79% 6.60%
------------------------------------------- -------------------------
COST OF PAYING
LIABILITIES 1.78% 2.55% 1.81% 2.80%
------------------------------------------- -------------------------
NET INTEREST
MARGIN 4.21% 4.20% 4.24% 4.19%
------------------------------------------- -------------------------
NET LOAN CHARGE-
OFFS $12,330 $ 14,372 $ 23,427 $23,020
------------------------------------------- -------------------------
NET CHARGE-OFFS AS
A PERCENT OF
LOANS 1.08% 1.34% 1.03% 1.08%
------------------------------------------- -------------------------
BALANCE SHEET June 30, December 31, June 30,
2009 2008 2008
---------- ---------- ----------
INVESTMENTS $1,913,620 $2,059,051 $1,862,357
--------------------------------------------------------------------
LOANS 4,620,026 4,491,337 4,366,029
--------------------------------------------------------------------
LOAN LOSS RESERVE 104,804 100,088 86,045
--------------------------------------------------------------------
GOODWILL AND OTHER INTANGIBLES 83,672 85,545 142,543
--------------------------------------------------------------------
TOTAL ASSETS 7,007,610 7,070,720 6,820,233
--------------------------------------------------------------------
TOTAL DEPOSITS 5,053,424 4,761,750 4,531,874
--------------------------------------------------------------------
BORROWINGS 1,180,688 1,554,754 1,638,175
--------------------------------------------------------------------
EQUITY 665,141 642,663 578,113
--------------------------------------------------------------------
COMMON EQUITY 569,039 546,942 578,113
--------------------------------------------------------------------
TANGIBLE COMMON EQUITY(b) 485,367 461,397 435,570
--------------------------------------------------------------------
COMMON BOOK VALUE PER SHARE 40.20 39.15 41.40
--------------------------------------------------------------------
TANGIBLE COMMON BOOK VALUE PER
SHARE(b) 34.29 33.02 31.19
--------------------------------------------------------------------
NONPERFORMING LOANS 206,581 162,357 107,680
--------------------------------------------------------------------
NONPERFORMING ASSETS 247,860 188,205 127,300
--------------------------------------------------------------------
PAST DUE 90 DAY LOANS AND STILL
ACCRUING 4,417 5,421 5,787
RATIOS
LOANS/ASSETS 65.93% 63.52% 64.02%
--------------------------------------------------------------------
NONPERFORMING LOANS/LOANS 4.47% 3.61% 2.47%
--------------------------------------------------------------------
PAST DUE 90 DAY LOANS/LOANS 0.10% 0.12% 0.13%
--------------------------------------------------------------------
LOAN LOSS RESERVE/LOANS 2.27% 2.23% 1.97%
--------------------------------------------------------------------
TOTAL EQUITY/ASSETS 9.49% 9.09% 8.48%
--------------------------------------------------------------------
COMMON EQUITY/ASSETS 8.12% 7.74% 8.48%
--------------------------------------------------------------------
TANGIBLE COMMON EQUITY/TANGIBLE
ASSETS(d) 7.01% 6.61% 6.52%
--------------------------------------------------------------------
(x) Reported measure excludes the impact of the preferred stock
issued to the U.S. Treasury under the Capital Purchase Program
and uses net income available to common shareholders.
(a) Net Income available to common shareholders for each period
divided by average tangible realized common equity during the
period. Average tangible realized common equity equals average
stockholders' equity during the applicable period less (i)
average goodwill and other intangibles during the period, (ii)
average accumulated other comprehensive income, net of taxes,
during the period, and (iii) Preferred stock.
RECONCILIATION OF AVERAGE STOCKHOLDERS' EQUITY TO AVERAGE TANGIBLE
REALIZED COMMON EQUITY:
THREE MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, JUNE 30,
---------------- ----------------
2009 2008 2009 2008
------- ------- ------- -------
AVERAGE STOCKHOLDERS' EQUITY 660,837 582,015 654,381 579,961
-------------------------------------------------- ----------------
Less: Average preferred stock 95,992 -- 95,897 --
-------------------------------------------------- ----------------
Average goodwill and other
intangibles 84,199 143,117 84,668 143,618
-------------------------------------------------- ----------------
Average accumulated other
comprehensive income, net of
taxes 13,088 3,354 11,054 5,330
-------------------------------------------------- ----------------
AVERAGE TANGIBLE REALIZED COMMON
EQUITY 467,558 435,544 462,762 431,013
================ ================
(b) Tangible common book value per share equals ending stockholders'
equity less preferred stock and goodwill and other intangibles at
the end of the period, divided by actual common shares
outstanding at the end of the period.
RECONCILIATION OF STOCKHOLDERS' EQUITY TO TANGIBLE COMMON EQUITY:
June 30, Dec. 31, June 30,
2009 2008 2008
------- ------- -------
STOCKHOLDERS' EQUITY 665,141 642,663 578,113
-------------------------------------------------------------
Less: Preferred stock 96,102 95,721 --
-------------------------------------------------------------
Goodwill and other intangibles 83,672 85,545 142,543
-------------------------------------------------------------
TANGIBLE COMMON EQUITY 485,367 461,397 435,570
===========================
(c) Net income available to common shareholders divided by average
tangible assets. Average tangible assets equals average assets
less goodwill and other intangibles.
RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
-------------------- --------------------
2009 2008 2009 2008
--------- --------- --------- ---------
AVERAGE ASSETS 7,030,456 6,751,058 7,045,010 6,622,761
------------------------------------------------ --------------------
Less average goodwill and
other intangibles 84,199 143,117 84,668 143,618
------------------------------------------------ --------------------
AVERAGE TANGIBLE ASSETS 6,946,257 6,607,941 6,960,342 6,479,143
==================== ====================
(d) Tangible common equity divided by tangible assets. Tangible
assets equals total assets less goodwill and other intangibles.
RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:
June 30, Dec. 31, June 30,
2009 2008 2008
--------- --------- ---------
TOTAL ASSETS 7,007,610 7,070,720 6,820,233
------------------------------------------------------------
Less: Goodwill and other
intangibles 83,672 85,545 142,543
------------------------------------------------------------
TANGIBLE ASSETS 6,923,938 6,985,175 6,677,690
=================================
PARK NATIONAL CORPORATION
Consolidated Statements of Income
(dollars in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
----------------------- -----------------------
2009 2008 2009 2008
----------- ----------- ----------- -----------
Interest income:
Interest and fees on
loans $ 68,496 $ 74,932 $ 137,584 $ 153,942
--------------------------------------------- -----------------------
Interest on:
Obligations of U.S.
Government, its
agencies and other
securities 23,201 22,629 47,029 43,334
--------------------------------------------- -----------------------
Obligations of
states and
political
subdivisions 393 565 815 1,219
--------------------------------------------- -----------------------
Other interest income 2 75 29 174
--------------------------------------------- -----------------------
Total interest
income 92,092 98,201 185,457 198,669
--------------------------------------------- -----------------------
Interest expense:
Interest on deposits:
Demand and savings
deposits 2,809 5,335 5,714 12,693
--------------------------------------------- -----------------------
Time deposits 13,800 16,618 28,174 35,817
--------------------------------------------- -----------------------
Interest on
borrowings 7,489 11,922 15,342 24,349
--------------------------------------------- -----------------------
Total interest
expense 24,098 33,875 49,230 72,859
--------------------------------------------- -----------------------
Net interest
income 67,994 64,326 136,227 125,810
--------------------------------------------- -----------------------
Provision for loan
losses 15,856 14,569 28,143 21,963
--------------------------------------------- -----------------------
Net interest income
after provision
for loan losses 52,138 49,757 108,084 103,847
--------------------------------------------- -----------------------
Other income 19,757 18,543 38,967 39,582
--------------------------------------------- -----------------------
Gain on sale of
securities 7,340 587 7,340 896
--------------------------------------------- -----------------------
Other expense:
Salaries and employee
benefits 25,334 24,486 50,821 49,157
--------------------------------------------- -----------------------
Occupancy expense 2,882 2,883 6,040 5,908
--------------------------------------------- -----------------------
Furniture and
equipment expense 2,498 2,576 4,876 4,893
--------------------------------------------- -----------------------
Other expense 19,437 14,488 34,276 27,752
--------------------------------------------- -----------------------
Total other expense 50,151 44,433 96,013 87,710
--------------------------------------------- -----------------------
Income before
income taxes 29,084 24,454 58,378 56,615
--------------------------------------------- -----------------------
Income taxes 7,777 6,263 15,681 15,446
--------------------------------------------- -----------------------
Net income $ 21,307 $ 18,191 $ 42,697 $ 41,169
--------------------------------------------- -----------------------
Preferred stock
dividends 1,441 -- 2,881 --
--------------------------------------------- -----------------------
Net income available
to common
shareholders $ 19,866 $ 18,191 $ 39,816 $ 41,169
============================================= =======================
Per Common Share:
Net income - basic $ 1.42 $ 1.30 $ 2.85 $ 2.95
--------------------------------------------- -----------------------
Net income - diluted $ 1.42 $ 1.30 $ 2.85 $ 2.95
--------------------------------------------- -----------------------
Weighted average
shares - basic 14,001,608 13,964,561 13,986,664 13,964,567
--------------------------------------------- -----------------------
Weighted average
shares - diluted 14,001,608 13,964,561 13,986,664 13,964,567
--------------------------------------------- -----------------------
PARK NATIONAL CORPORATION
Consolidated Balance Sheets
(dollars in thousands, except share data)
June 30,
------------------------
2009 2008
----------- -----------
Assets
Cash and due from banks $ 107,053 $ 184,259
--------------------------------------------------------------------
Money market instruments 23,960 10,326
--------------------------------------------------------------------
Investment securities 1,913,620 1,862,357
--------------------------------------------------------------------
Loans 4,620,026 4,366,029
--------------------------------------------------------------------
Allowance for loan losses 104,804 86,045
--------------------------------------------------------------------
Loans, net 4,515,222 4,279,984
--------------------------------------------------------------------
Bank premises and equipment, net 67,254 70,074
--------------------------------------------------------------------
Goodwill and other intangibles 83,672 142,543
--------------------------------------------------------------------
Other assets 296,829 270,690
--------------------------------------------------------------------
Total assets $ 7,007,610 $ 6,820,233
--------------------------------------------------------------------
Liabilities and Stockholders' Equity
Deposits:
Noninterest bearing $ 812,959 $ 764,405
--------------------------------------------------------------------
Interest bearing 4,240,465 3,767,469
--------------------------------------------------------------------
Total deposits 5,053,424 4,531,874
--------------------------------------------------------------------
Borrowings 1,180,688 1,638,175
--------------------------------------------------------------------
Other liabilities 108,357 72,071
--------------------------------------------------------------------
Total liabilities 6,342,469 6,242,120
--------------------------------------------------------------------
Stockholders' Equity:
Preferred Stock (200,000 shares
authorized in 2009 and -0- in 2008;
100,000 shares issued in 2009 and -0-
in 2008) 96,102 --
--------------------------------------------------------------------
Common stock (No par value; 20,000,000
shares authorized in 2009 and 2008;
16,151,132 shares issued in 2009
and 16,151,177 in 2008) 301,209 301,212
--------------------------------------------------------------------
Common stock warrants 4,297 --
--------------------------------------------------------------------
Accumulated other comprehensive
income (loss), net of taxes 8,612 (7,502)
--------------------------------------------------------------------
Retained earnings 446,028 492,507
--------------------------------------------------------------------
Treasury stock (1,996,224 shares in
2009 and 2,186,624 shares in 2008) (191,107) (208,104)
--------------------------------------------------------------------
Total stockholders' equity 665,141 578,113
--------------------------------------------------------------------
Total liabilities and
stockholders' equity $ 7,007,610 $ 6,820,233
--------------------------------------------------------------------
PARK NATIONAL CORPORATION
Consolidated Average Balance Sheets
(dollars in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
2009 2008 2009 2008
---------- ---------- ---------- ----------
Assets
Cash and due from
banks $ 98,026 $ 147,698 $ 113,032 $ 144,633
------------------------------------------- ----------------------
Money market
instruments 21,221 14,695 22,477 13,098
------------------------------------------- ----------------------
Investment
securities 1,974,176 1,873,568 1,996,788 1,796,447
------------------------------------------- ----------------------
Loans 4,585,406 4,311,989 4,567,459 4,270,706
------------------------------------------- ----------------------
Allowance for loan
losses 100,198 84,577 100,325 85,925
------------------------------------------- ----------------------
Loans, net 4,485,208 4,227,412 4,467,134 4,184,781
------------------------------------------- ----------------------
Bank premises and
equipment, net 68,076 69,170 68,213 69,094
------------------------------------------- ----------------------
Goodwill and other
intangibles 84,199 143,117 84,668 143,618
------------------------------------------- ----------------------
Other assets 299,550 275,398 292,698 271,090
------------------------------------------- ----------------------
Total assets $7,030,456 $6,751,058 $7,045,010 $6,622,761
------------------------------------------- ----------------------
Liabilities and
Stockholders' Equity
Deposits:
Noninterest
bearing $ 824,841 $ 738,518 $ 799,319 $ 721,568
------------------------------------------- ----------------------
Interest bearing 4,185,578 3,767,366 4,120,986 3,767,713
------------------------------------------- ----------------------
Total deposits 5,010,419 4,505,884 4,920,305 4,489,281
------------------------------------------- ----------------------
Borrowings 1,248,571 1,570,201 1,359,010 1,456,902
------------------------------------------- ----------------------
Other liabilities 110,629 92,958 111,314 96,617
------------------------------------------- ----------------------
Total
liabilities 6,369,619 6,169,043 6,390,629 6,042,800
Stockholders'
Equity:
Preferred stock 95,992 -- 95,897 --
------------------------------------------- ----------------------
Common stock 301,209 301,212 301,210 301,213
------------------------------------------- ----------------------
Common stock
warrants 4,297 -- 4,297 --
------------------------------------------- ----------------------
Accumulated
other
comprehensive
income, net of
taxes 13,088 3,354 11,054 5,330
------------------------------------------- ----------------------
Retained
earnings 451,245 485,553 448,245 481,522
------------------------------------------- ----------------------
Treasury stock (204,994) (208,104) (206,322) (208,104)
------------------------------------------- ----------------------
Total
stockholders'
equity 660,837 582,015 654,381 579,961
------------------------------------------- ----------------------
Total
liabilities
and
stockholders'
equity $7,030,456 $6,751,058 $7,045,010 $6,622,761
------------------------------------------- ----------------------