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and March's cousin, was president and chief executive officer of
Savings and a director and the chairman of the board of Willits.
Savings' stock is not traded on any established exchange or
over-the-counter market.
2. Net Income
For the 12 months that ended on October 31, 1991, Savings
had net income of $4,149,000. For the years 1986 through 1990,2
Savings had net income as follows:
Year Net Income
1986 $2,531,000
1987 2,825,000
1988 3,048,000
1989 3,128,000
1990 3,481,000
Savings' net income increased on average by approximately
10.39 percent per annum for the 5 years preceding decedent's
death.
Savings has never had a negative income year. Earnings for
1991 were the best ever. Furthermore, provisions for loan losses
decreased from $670,000 (3.6 percent of total interest income) in
1986, to $310,000 (1.1 percent of total interest income) in 1991.
Thus, during this time, provisions for loan losses decreased both
on an absolute basis and as a percentage of interest income.
2The results of the years 1986 through 1990 are for 12
months that ended on December 31. Net income for the 12 months
that ended on Dec. 31, 1991, was $4,278,207, which is 23 percent
higher than the same period in 1990.
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