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Apple,AGoodInvestment?

1.ProvidearationalefortheU.S.publiclytradedcompanythatyouselected,indicatingthesignificant
factorsdrivingyourdecisionasafinancialmanager.
Asthefinancialmanager,Ihavedecidedtorecommendtomyinvestorthattheyinvestheavilyinthe
stockofAppleIncorporated.ThereareseveralreasonswhyIamgoingtoadvisemyinvestortoinvestin
AppleIncorporated.ThefirstofthesereasonsthathavecausedmetorecommendAppleasagood
investmentisbecauseattheendof2012accordingtoBernsteinanalystToniSacconaghiApplealone
was(2012)responsibleforseventeenpercentofthegainsoftheentireStandardandPoorsFive
hundred.ThenextreasonformyrecommendationofinvestmentinAppleisbecauseofitslongterm
performanceovertheprevioustenyears.Since2002Applesstockhassoaredsome7,800percentverse
54percentfortheS&PFivehundred.(Birger,2012)Inmyopinionthisstrengthoverthepasttenyears
showsthatthisstockisareliableinvestmentnowandwillcontinuetobeareliableinvestmentwellinto
thefuture.FurthermorewhileinthepastApplehasbeenconsideredspecificallyagrowthstock,currently
Iwouldconsideritnotonlyagrowthstockbutalsoavalueplay.Thereasonforthisconsiderationis
becauseaccordingtoBirger(2012)ithasseena66percentearningsgrowthoverthepriorfourquarters
aswellasa1.8percentyieldandaprice/earningsratioof13,lowerthantheS&P500s16P/E.Allof
thesereasonsshowthateventhoughApplesstockhastakenasignificanthit,dropping33percentsince
theirhistorichighof700dollars,itstillisastronginvestment.MoreoverinAugustof2013CarlIcahn
investedalargeamountinApplesayingthathethinks,Itisextremelyundervalued.LastlyAppleis
knownforitsinnovation.Inrecentyearsithasjustbeenrefreshingitscurrentproductline,andhasstill
maintainedandevengrowninvalue.Soonratherthanrefreshingitsproductlineitwillbringsomething
entirelynewtothetable.OncethathappensyouwillnolongerbeabletogetontheAppletrainatsucha
lowprice.Itwillriseincrediblyinvalueandbeoutofreachonceagainofthecommoninvestor.Sonow
istheprefecttimetoboardtheAppletrainbecauseitiscurrentlyundervalued,butwillnotbelikethat
forlong.
2.Determinetheprofileoftheinvestorforwhichthiscompanymaybeafit,relativetothatpotential
investorsinvestmentstrategy.Providesupportforyourrationale.
Aninvestorprofileiswhatdefinesaninvestorsindividualpreferencesintheirinvestmentdecisions.In
thecaseofmyinvestorthereareseveralthingsintheirprofilethatwouldmakeAppleIncorporateda
goodsolidcompanyforthemtoinvestin.Onepartoftheirprofileisthattheyareslow,methodically,
andanalytical.ThesetraitswouldallowthemtoinvestinAppleIncorporatedforthelonghaul.WhatI
meanbythisisthattheinvestorwouldnotwanttojustbuythestockandtheninashortperiodoftime
sellit,alsoknownasactivemanagement,butwouldwanttobuythestockandholditforalongerperiod
oftimeasinincreasesinvalue.Moreovermyinvestorhasasubstantialamountofcapitaltofallbackon.
Thisallowstheinvestortoberisktolerant.Theimportanceofthispartoftheirprofilecannotbeover
stated.ThereasonforthisbeingthatwithAppleIncorporatedbeingalonghaulinvestmenttheinvestor
couldnotflinchatthefirstsignoftroubleanddumpthestock.Lastlypartoftheinvestorsprofilethat
wouldmakethiscompanyagoodfitforthemisthattheywouldbeinterestedinbothvalueandgrowth
stocks.ThereasonforthisbeingthatAppleIncorporatedsstockiscurrentlyconsideredtobe
undervaluedmakingitavaluestockchoice.FurthermoreAppleIncorporatedisaleaderinthe
technologyindustryininnovation.Thisallowsthemtogeneratealargeamountofcashfasterthanalot
ofothercompanieswithinthesameindustry.WhichiswhyAppleIncorporatedsstockwouldbe
consideredagrowthstockinmyeyes.
AllofthefeaturesoftheinvestorsprofilethatwouldbeagoodfitforAppleIncorporatedfitperfectly
withthepotentialinvestorsstrategyaswell.Inthisinstancetheinvestorsstrategywouldbean
AggressiveInvestmentStrategy.ThereasonforthisbeingthattheaimoftheAggressiveInvestment
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StrategyaccordingtoInvestopedia(2013)iscapitalgrowth.Withthisinmindtheyusuallybeara
higherthanusualamountofrisk.Inthiscase,theinvestorispreparedtotakeonthatrisk.Furthermore
underthisstrategyitwouldbeyearsbeforetheinvestorshouldaccessthefunds.Onceagainthisaligns
withtheinvestorsprofileofbeinginitforthelonghaul.Lastlysincethisstrategysaimiscapitalgrowth
asfastaspossible,itfitswiththeinvestorsgoaltobuildtheirwealth.
3.Selectanyfive(5)financialratiosthatyouhavelearnedaboutinthetext.Analyzethepastthree(3)
yearsofthecompanysfinancialdata,whichyoumayobtainfromthecompanysfinancialstatements.
Determinethecompanysfinancialhealth.(Note:Suggestedratiosinclude,butarenotlimitedto,current
ratio,quickratio,earningspershare,andpriceearningsratio.)
Whenitcomestotryingtofigureoutacompanysfinancialhealthyouhavetolookatalotoffinancial
documentsthatcanoftenbeenconfusingandhardtounderstand.Furthermorejusthavingnumbersto
lookatwithoutnumberstocomparethemtocanoftentimesbemeaningless.Thisiswherefinancial
ratioscomeintoplay.Financialratiosarenotonlyimportantinmakingfinancialinformationeasierto
understand.MoreoveraccordingtoAuerbach(2005)ratiosareusedtolearnmoreaboutacompanys
currentfinancialhealthaswellasitspotential.AfteranalyzingAppleIncorporatedsfinancial
statementsIhavedecidedthatthebestratiostousearethedebt/equityratio,currentratio,quickratio,
earningspershare,andthebasicearningpowerratio.
Thedebt/equityratioisessentiallyawayforaninvestortodeterminetheextentofafirmsleverage.This
ratioshowstheproportionofafirmsassetsthatarefinancedbydebtversusequity.Thereasonthatthis
ratioisimportantinthisinstanceisbecauseitshowsthelongtermviabilityofthefirmsbusiness.This
isespeciallyimportantinthiscasebecausetheinvestorislookingforalongterminvestment.The
debt/equityratioformulaistotalliabilitiesovershareholdersequity.AsofSeptember28th,2013Apple
Incorporatedstotalliabilitieswere$83,451,000anditstotalstockholdersequitywere$123,549,00.
Takingthesenumbersanddividingtotalliabilitiesbyshareholdersequityyouget.67.Whencomparing
thistootherbusinessesinthisindustrybothMicrosoftandDellhaveahigherdebt/equityratioof.77and
3.47respectfully.FurthermorethisnumbershowsthatthelongtermviabilityofAppleIncorporatedis
lookingverygood.
ThenextratioIchoosetouseisthecurrentratio.Thecurrentratioisessentiallydefinedasawayto
measureafirmsabilitytopayitsshorttermobligations.Thisratioisimportantforacoupleofreasons.
Primaryamongthemisthatifthecompanyisunabletopayoffitsshorttermobligationsatthattimeis
anindicatorofbadfinancialhealth.Furthermoreitalsoshowshowefficientacompanysabilitytoturn
theirproductintocash.Mostinvestorswillavoidinvestinginacompanywithbadfinancialhealth.The
currentratioformulaiscurrentassetsovercurrentliabilities.AsofSeptember28th,2013Apple
Incorporatedstotalcurrentassetswere$73,286,000anditscurrentliabilitieswere$43,658,000.Taking
thesenumbersanddividingthecurrentassetsbycurrentliabilitiesyouget1.68.Whenlookingatthis
ratioitisimportanttonotethatifitisbelowonethecompanywouldhavesignificanttroublepayingoff
itsobligationsiftheyweredoatthatpointintimeandtheoppositeistrueifthenumberisaboveone.In
thisinstanceAppleIncorporatedsratiois1.68.SothisshowsthatApplecouldinfactpayoffits
obligationsiftheybecomedueatthattime.Howeveritisalsoimportanttotakethisnumberincontext
withcompaniesinthesameindustrysuchasMicrosoftandDell.Whenlookingattheircurrentratios
yougetMicrosoftsat2.81andDellsat1.18.ThisshowsusthatnotonlywouldApplehavenotrouble
payingitsobligationsoffbutthatitisalsomiddleoftheroadinitsindustryaswell.Alsoitshowsthat
AppledoesnothaveanunnecessarybuildupofcashorinventorysuchasMicrosoftmayhave.Withthe
numberaboveoneandthecomparisonstootherfirmswithintheindustryshowingthatAppleisinthe
middleshowsacompanythatiscurrentlyingoodfinancialhealth.
ThenextratiothatIchoosetousetoshowAppleIncorporatedsfinancialhealthisthequickratio.While
thequickratioisalittlebitlikethecurrentratioitisimportanttonotethemajordifference,itexcludes
inventoriesfromthecurrentassets.Thereasonforthisisbecausesometimesitcantaketimetoconvert
thecompanysinventoriestocash.Sowhenacompanyneedstopayoffitsobligationsquicklyitwould
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beforcedtoacceptlessmoneyforitsinventorytosellitquickly.Theratioisconcernedwiththe
companysshorttermliquidity.Thequickratioisimportantbecauseitshowsthecompanysabilityto
payitsshorttermobligationswithitsmostliquidassets.Furthermorethequickratioisimportant
becauseitcanshowwhetherornotthecompanyisstrugglingtogrowormaintainsales.Atitssimplest
theratioshowsthedollaramountofliquidassetsforeachdollarofcurrentliabilities.Theformulafor
quickratioisthecurrentassetsminusinventoriesdividedbycurrentliabilities.AsofSep.28th,2013
AppleIncorporatedscurrentassetswere$73,286,000,itsinventorywas$1,764,000,anditscurrent
liabilitieswere$43,658,000.Takingthesenumbersandpluggingthemintotheformulayougetaratioof
1.64.Lookingattheratioyouseethatitis1.64.ThismeansthatforeveryonedollarinliabilitiesApple
Incorporatedhas$1.64dollarsinliquidassets.ThisisimportantbecauseitshowsApplehasaccessto
quickcashallowingittopayitsobligationsrightthenwithouthavingtosellinventoryofforanythingof
thatnature.Inthisinstancethequickratioconfirmswhatthepriortworatiosshowed,Appleincorporated
isingoodfinancialhealth.
ThenextratiothatIchoosetousetoshowApplesfinancialhealthisthatearningspershareratio.The
earningspershareratioisusedasanindicatorofacompanysprofitability.Thisratioisimportantwhen
determiningacompanysfinancialhealthbecauseitshowshowmuchcashthecompanyactually
generated,howeveryouhavetobecarefulofalowqualityEPSwhichcanbemisleadingandisoften
done.TheformulatocalculateEPSisthenetincomeminusthedividendsonpreferredstockdividedby
theaverageoutstandingshares.AsofSeptember28th,2013ApplesNetIncomewas$37,037,000,its
dividendsonpreferredstockwere$0andtheaverageoutstandingshareswere899.21m.Pluggingthe
numbersintotheEarningsperShareformulayouget$8.31dollarspershare.Thisnumbershowsthatfor
everyshareApplemadejustovereightdollarsforthequarter.Thisratioallowstheinvestortoseehow
profitableAppleisandinturnshowthefinancialhealthofAppleaswell.
ThelastratioIchoosetouseisthebasicearningpowerratio.Essentiallythebasicearningpowerratio
showstheabilityofacompanytogenerateprofitsfromconductingitsoperations.Itdoesthisby
comparingtheearningsofthecompanywithouttheeffectofthecompanystaxesanditsfinancial
leverage.Thisratioisimportantbecauseitcanshowacompanyslongtermearningpower,andwiththat
informationyoucandeterminewhetherornotthecompanyisagoodinvestment.Theformulaforthe
basicearningpowerratioisearningsbeforeinterestandtaxesdividedbytotalassets.Apple
IncorporatedsearningsbeforeinterestandtaxesfortwelvemonthsendingonSeptember30th,2013was
50.16billionanditstotalassetswere$207,000,000.ThereasonthatyouuseEBITinthisratioissothat
yougetacompletepictureofhowthecompanymakesmoney.Takingthesenumbersandpluggingthem
intotheformulaforbasicearningpoweryougetyouget24percent.ThisshowsusthatAppleishighly
effectiveatgeneratingincomefromitsassets.Soonceagainthisratioisjustconfirmingwhatthefirst
fourratioshaveshowntheinvestor,thatAppleIncorporatedisafinanciallyhealthyandstablecompany
thatisworthinvestingin.Especiallywhenitisasundervaluedasitcurrentlyisinthefinancialmarket.
4.Basedonyourfinancialreview,determinetherisklevelofthecompanyfromyourinvestorspointof
view.Indicatekeystrategiesthatyoumayuseinordertominimizetheseperceivedrisks.
Riskwhendealingwithinvestingisdefinedasthechancethataninvestmentsactualreturnwillbe
differentthanexpected.(Investopedia,2013)Whendecidingtoinvestinacompanyitisimportantfor
theinvestortounderstandtherisksthatgoalongwiththatinvestment.Itisalsoimportanttonotethatno
matterhowsafeaninvestmentmayseemtherewillalwaysberiskinvolvedbecausethemarketiso
unpredictable.Howeveroncetheunderstandingisreachedthatnomatterwhattherewillberisksthere
arestepsthattheinvestorcantaketomitigatetherisksandgivethemselvesthebestpossiblechanceat
theoutcometheywanttoachieve.Aftercoveringthefivefinancialratiosthatweredeterminedtogive
thebestpictureofthefinancialhealthofAppleIncorporatedtherisklevelfromtheinvestorspointof
fewwouldbemoderate.ThereareseveralreasonswhytheinvestorfeelsthatinvestinginApple
Incorporatedcomeswithamoderaterisk.PrimaryamongthesereasonsisthatalotofApplesearning
powerlieswithinnovation.Currentlytheyhavebeenabletomaintaintheirprofitsthroughupdating
currentproductlines,butasthispastyearhasshownuswiththelargedropinshareprice,thiswillonly
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carrythemsofar.Iftheinnovationdoesnottakeplacelikeitisexpectedto,thenApplesprofitsmay
continuetodecline.MoreovertheinvestorhasdeterminedthatAppleisamoderateriskbecausethey
understandthateventhoughthefiveratiosusedhavegivenarelativelylargepictureofthefinancial
healthofAppleIncorporatedthereisstillalotofvariablesinplaythatcannotbeaccountedfor.Alsothe
investorrealizesthedrawbacksofusingthecurrentratiotohelpdeterminethefinancialhealthofa
company.Forexampletheinvestorsknowsthatthecurrentratiodoesnottellthemanythingabout
profitabilityofAppleorwhattheproductioncostis.Istheproductioncosthighthatmayresultinaloss
tothecompany?Furthermoretheinvestoralsorealizesthedrawbackswhenusingthequickratioaswell.
Whenusingthequickratiodoesnotprovideinformationonthetimingandlevelofthecashflows,which
manypeoplesayiswhatreallyshowswhetherornotacompanyhastheabilitytopayisbillsandother
obligationsontime.Lastlytheinvestorfeelsthattheirriskismoderateandnothighbecausetheyplanon
investingforthelongterm.Theinvestordoesnotintendtoactivelytradethestockthattheywould
purchaseinApple,butratherkeepthemforyears,thereforehelpingtolowertherisktomoderate.
NowthattheinvestorhasdeterminedthatApplewouldbeamoderateinvestmentriskitisimportantto
comeupwithstrategiestohelpmitigatetheriskthattheinvestorsees.Whilethereareseveralstrategies
availabletoinvestorstohelpmitigaterisk,oneofthebestonesoutthereisdiversification.
Diversificationisessentiallytheideaofhavingmultipleinvestmentsinordertoreducerisk.Thiswill
allowtheinvestortospreadouthisinvestmentstomitigatetheriskthatcouldcomefromtheApplestock
drasticallydroppinginvalueunexpectedly.Diversificationwillalsohelpwiththepotentiallackof
innovationatApplecausingthecompanytofail.Moreovertohelpreducetherisk,Iwouldadvisethe
investortokeepashorttermreserveofcashintheirportfolioaswell.LastlytohelpmitigatetheriskI
wouldrecommendtotheinvestorthattheyinvestinawiderangeofdifferentkindofinvestmentsthat
arenotcorrelatedtoeachother.Thethoughtbehindthisisthatitwouldpreventtheinvestorfromhaving
alloftheirinvestmentsinanareasuchasthetechnologicalsector.Iwouldhavetheinvestorinvestin
differentindustriessuchasautomotive,soifAppleandtheentiretechnologicalsectorwithittakeadive
theinvestorwouldbeprotectedbyhaveinvestmentsinotherindustries.
5.Provideyourrecommendationsofthisstockasaninvestmentopportunity.Supportyourrationalewith
resources,suchaspeerreviewedarticlesormaterialfromtheStrayerLibrary.
MyrecommendationtotheinvestorregardingAppleIncorporatedsstockisthattheinvestorshouldin
factinvestinAppleIncorporated.InanarticleinFortune,ElmerDeWitt(2013)Applessharesclosedup
37.7percent.ThisshowsthatAppleisagoodbuyasthesharescontinuetoclimb.Moreoverinrecent
monthsaccordingtoReeves(2013)Applewastherunawaywinneramongmobileshoppers,iOsbased
devicesdrovemorethan$543milliondollarsinonlinesales,withtheipadtaking77%share.
FurthermoreReevesbelievesthatAppleisacashcowwithastunningstockpileof$146billionincash
ThisgiveAppletheabilitytodoawholelotinthefuture.FurthermoreaccordingtoRossGerber(2013)
acontributortoForbesbelievesthatAppleisamustbuystockfortheholidayseason.StatingApplestill
hasthebestproductsaroundandthemusthavedevices.MoreoveranotheranalystWilliamMeade
fromForbesstates,Applehasahigherdividend(2.27%)thanboththeS&P500Index(1.93%)and
DowJonesIndustrialAverage(2.25%).ThereforeAppleisnotonlyavaluestockbutalsoanincome
stockaswell.(2013)LastlyindefenseofmerecommendingAppleasagoodbuyisthefactthat
billionaireactivistandinvestorCarlIcahnrecentlypurchasedfourpointsevenmillionsharesinApple.
ThisaloneshouldencourageinvestorstobuybecausehewillcontinuetopushAppletocreate
shareholdervalue.Inconclusionwiththebackingofseveralanalystsandtheencouraginggoodfinancial
healthofAppleIbelieveitisagreatbuyforthisinvestorandthataninvestmentinApplefitswiththis
investorsprofileaswell.
References
Auerbach,A.(2005)HowtoAnalyzeyourBusinessusingFinancialRatios.BusinessBuilder.6115

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Birger,J.(2013)WhyInvestorsAreRighttobeObsessedWithAppleStock.Fortune.166(10)9095.
ElmerDeWitt,P.(2013)Applesharesareintheblackfor2013,stilldownyeartoyear.Fortune.11.
Gerber,R.(2013)AppleandFourMoreStocksforHolidayCheer.RetrievedonDec.11,2013from
http://www.forbes.com/sites/greatspeculations/2013/11/26/appleandfourmorestocksforholdiay
cheer/
Hesseldahl,A.(2013)CarlIcahnMakesaLargeInvestmentinApple.RetrievedonDec.10,2013from
http://allthingsd.com/20130813/carlicahnmakesalargeinvestmentonapple/
Investopida(2013)RetrievedonDec.10,2013from
http://www.investopedia.com/terms/a/aggressiveinvestmentstrategy.asp
Rich,B.(2013)10ReasonsAppleWillHit$700Again.RetrievedonDec.11,2013from
http://www.forbes.com/sites/greatspeculations/2013/11/22/10reasonsapplewillhit700again/
Reeves,J.(2013)10ReasonstobuyAppleStockNowOpinion:Thecompanyhaschangedsohave
expectations.RetrievedonDec.11,2013fromhttp://www.marketwatch.com/story/10reasonstobuy
applestocknow20131211?pagenumber=2
Appendix
IncomeStatementAPPLINC.(APPL)|GetIncomeStatementfor:|
||
View:AnnualData|QuarterlyData|Allnumbersinthousands|
|
PeriodEnding|Sep28,2013|Jun29,2013|Mar30,2013|Dec29,2012||
TotalRevenue|37,472,000|35,323,000|43,603,000|54,512,000||
CostofRevenue|23,601,000|22,299,000|27,254,000|33,452,000||
|
GrossProfit|13,871,000|13,024,000|16,349,000|21,060,000||
|
|OperatingExpenses|
|ResearchDevelopment|1,168,000|1,178,000|1,119,000|1,010,000||
|SellingGeneralandAdministrative|2,673,000|2,645,000|2,672,000|2,840,000||
|NonRecurring||||||
|Others||||||
||
|TotalOperatingExpenses||||||
|
|
OperatingIncomeorLoss|10,030,000|9,201,000|12,558,000|17,210,000||
|
|IncomefromContinuingOperations|
|TotalOtherIncome/ExpensesNet|113,000|234,000|347,000|462,000||
|EarningsBeforeInterestAndTaxes|10,143,000|9,435,000|12,905,000|17,672,000||
|InterestExpense||||||
|IncomeBeforeTax|10,143,000|9,435,000|12,905,000|17,672,000||
|IncomeTaxExpense|2,631,000|2,535,000|3,358,000|4,594,000||
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|||||||
|MinorityInterest||||||
||
|NetIncomeFromContinuingOps|7,512,000|6,900,000|9,547,000|13,078,000||
|
|NonrecurringEvents|
|DiscontinuedOperations||||||
|ExtraordinaryItems||||||
|EffectOfAccountingChanges||||||
|OtherItems||||||
|
|
NetIncome|7,512,000|6,900,000|9,547,000|13,078,000||
PreferredStockAndOtherAdjustments||||||
|
NetIncomeApplicableToCommonShares|7,512,000|6,900,000|9,547,000|13,078,000||
BalanceSheetPeriodEnding|AppleInc.(APPL)Sep28,2013|Sep29,2012|Sep24,2011|
|
Assets|
CurrentAssets|
|CashAndCashEquivalents|14,259,000|10,746,000|9,815,000|
|ShortTermInvestments|26,287,000|18,383,000|16,137,000|
|NetReceivables|24,094,000|21,275,000|13,731,000|
|Inventory|1,764,000|791,000|776,000|
|OtherCurrentAssets|6,882,000|6,458,000|4,529,000|
|
TotalCurrentAssets|73,286,000|57,653,000|44,988,000|
LongTermInvestments|106,215,000|92,122,000|55,618,000|
PropertyPlantandEquipment|16,597,000|15,452,000|7,777,000|
Goodwill|1,577,000|1,135,000|896,000|
IntangibleAssets|4,179,000|4,224,000|3,536,000|
AccumulatedAmortization||||
OtherAssets|5,146,000|5,478,000|3,556,000|
DeferredLongTermAssetCharges||||
|
TotalAssets|207,000,000|176,064,000|116,371,000|
|
Liabilities|
CurrentLiabilities|
|AccountsPayable|36,223,000|32,589,000|23,879,000|
|Short/CurrentLongTermDebt||||
|OtherCurrentLiabilities|7,435,000|5,953,000|4,091,000|
|
TotalCurrentLiabilities|43,658,000|38,542,000|27,970,000|
LongTermDebt|16,960,000|||
OtherLiabilities|20,208,000|16,664,000|10,100,000|
DeferredLongTermLiabilityCharges|2,625,000|2,648,000|1,686,000|
MinorityInterest||||
NegativeGoodwill||||
|
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TotalLiabilities|83,451,000|57,854,000|39,756,000|
|
Stockholders'Equity|
MiscStocksOptionsWarrants||||
RedeemablePreferredStock||||
PreferredStock||||
CommonStock|19,764,000|16,422,000|13,331,000|
RetainedEarnings|104,256,000|101,289,000|62,841,000|
TreasuryStock||||
CapitalSurplus||||
OtherStockholderEquity|(471,000)|499,000|443,000|
|
TotalStockholderEquity|123,549,000|118,210,000|76,615,000|
|
NetTangibleAssets|117,793,000|112,851,000|72,183,000|
BalanceSheet|GetBalanceSheetfor:|
||
View:AnnualData|QuarterlyData|Allnumbersinthousands|
|

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