- 9 -
a percentage of total interest income from 1.41 percent in 1986
to 1.29 percent in 1991.
3. Dividend History
Willits has a history of paying dividends. Dividends paid
increased each year during the 5 years preceding decedent's
death. For the 12 months that ended on September 30, 1991, the
dividends were $29 per share. For the years 1986 through 1990,
Savings paid dividends as follows:
Dividends Paid
Year Per Share
1986 $18
1987 22
1988 24
1989 26
1990 28
Thus, dividends paid increased during this measurement
period on average by approximately 10.01 percent per annum.
4. Assets and Shareholder's Equity
At all relevant times, Willits had 8,000 shares of common
stock issued and outstanding. As of September 30, 1991, total
assets were $54,929,000 and shareholder's equity was $6,448,000.
As of December 31, 1986 through 1990, Willits had total
assets and shareholder's equity as follows:
Year Total Assets Shareholder's Equity
1986 $40,665,000 $4,013,000
1987 41,442,000 4,496,000
1988 47,540,000 5,017,000
1989 52,290,000 5,236,000
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