Financial Performance Report User Guide

10m ago
77 Views
1 Downloads
642.22 KB
57 Pages
Last View : 4d ago
Last Download : 1m ago
Upload by : Audrey Hope
Transcription

Financial Performance ReportUser GuideMarch 31, 2021Version 2.1

Financial Performance Report User Guide[This page intentionally left blank]i

Financial Performance Report User GuideTable of ContentsTypes of FPR2Single Credit Union FPR2Aggregate FPR4Standard FPR Contents7Cover Page7Summary Financial Information7Key Ratios8Supplemental Ratios8Historical Ratios8Detailed Call Report Data9Graphs9Other FPR Information11Peer Groups11Peer Average Ratios11Percentile Rankings12Ratio Calculations12Annualization13Ratio Components13Key Ratios15Supplemental Ratios25Historical Ratios44NCUA Contact Information55ii

Financial Performance Report User GuideCall Report data that credit unions submit to the NCUA each quarter are available to thepublic as a Financial Performance Report (FPR). FPRs present data in the form of ratios,percentages, dollar amounts, and—for select ratios—graphs. FPRs also display Peer Averageratios and Percentile Rankings, allowing users to conduct comparisons between a specificcredit union and credit unions of similar asset size. FPRs allow users to measure financialperformance and key trends for a credit union or a group of credit unions.The NCUA automatically emails an FPR to a credit union’s designated Call Report contact(s),assigned examiner, and state supervisor, if appropriate, within 24 hours of receiving an initialCall Report (or corrections) through CUOnline. Credit unions and the public can request anFPR by using the NCUA’s FPR Application.The NCUA relies on credit unions to submit accurate information. Theagency does not guarantee FPR data accuracy, and is not responsible for theconclusions users may draw.The formulas used to calculate Key Ratios, Supplemental Ratios and Historical Ratiospresented in an FPR are described in this guide. Descriptions include account numbers andcaptions reported in the Call Report and published quarterly on the Credit Union Onlinewebpage on NCUA.gov under Reporting Forms and Documents and Schema and AccountDescriptions for Credit Union Software Vendors.Types of FPRSingle Credit Union FPRA single credit union FPR provides a credit union’s financial and other trends for five CallReport cycles. In addition, an FPR for a single credit union shows peer average ratios basedon the selected credit union’s asset size. Comparisons to peer and analysis of trends over timecan also highlight numbers and ratios that may require attention.Request FPRFPRs are available to the public after the NCUA validates the quarterly Call Report. Uponrequest, the NCUA will email an FPR as an Excel spreadsheet, typically within 24 hours ofreceiving a request. Users without access to Microsoft Excel can download a free Excelviewer from the Microsoft web site.2

Financial Performance Report User Guide1. Open the NCUA’s FPR Application in your internet browser.2. Click the radio button next to I want an FPR emailed to me for one credit union, and clickOK.3. Enter your email address in the box marked Recipient’s Email.4. Select the report cycle date from the Report Cycle drop down box.5. Select the interval from the drop down box. You may select from three report intervals:QuarterlySelected Report Cycle date plus prior four quarter-end periods.AnnualSelected Report Cycle date plus prior four year-end periods.Semi-annualSelected Report Cycle date plus prior four semi-annual periods(available only for the June cycles).6. Enter the credit union charter number in the Charter Number box or click To Find aCredit Union: Click Here.7. If you want specific pages of the FPR, uncheck the All Pages box and check the boxesnext to the pages you want included. (See the Standard FPR Contents section for moreinformation.)8. Click the Submit button. If your request is successful, a message will indicate FPRRequest Submitted. Use the back arrow in your browser to return to the previous screento request additional reports.Within 24 hours of your request, or successful online submission of a Call Report, you willreceive an email with the FPR attached as an Excel file.1. You can save the FPR to your hard drive or view the FPR from the email.2. Open the FPR by double clicking on the file attachment.3. To view a specific page, click the links on the Cover Page or the tabs for each worksheetfound across the bottom of the Excel page.4. To print an entire FPR, click file, print, select entire workbook, and click OK.a. To print individual pages, click file, print, select page range, and click OK.View FPR SummaryA user can view a two-page FPR summary, of a single credit union, online, on demand.1. Open the NCUA’s FPR Application in your internet browser.2. Click the radio button next to I want to view an FPR Summary for one credit union onlineand click OK. The FPR request screen for a single credit union report will appear.3. Select the report cycle date from the Report Cycle drop down box.3

Financial Performance Report User Guide4. Select the Report Interval from the drop down box. You may select from three reportintervals:QuarterlySelected Report Cycle date plus prior four quarter-end periods.AnnualSelected Report Cycle date plus prior four year-end periods.Semi-annualSelected Report Cycle date plus prior four semi-annual periods(available only for the June cycles).5. Enter the credit union charter number in the Charter Number box or click To Find aCredit Union: Click Here.6. Click the Financial Summary button to view the Summary Financial Information page ofthe credit union’s FPR.7. Click the Key Ratios button to view the Key Ratios page of the credit union’s FPR.8. Click the Historical Ratios button to view the Historical Ratios page of the credit union’sFPR. Peer Average ratios for the current Call Report cycle are available after the NCUAhas validated all data for the Call Report cycle.9. Use the print command to print the FPR. You can also copy and paste the report into anExcel spreadsheet as follows:a. Place your cursor anywhere in the data page, right click and chose “Select All”to highlight the entire page.b. With the data highlighted, right click again and chose “Copy.”c. Open an empty Excel spreadsheet, right click in cell A1, and choose the“Paste” option.Aggregate FPRAn aggregate FPR consolidates data for a group of credit unions defined by a user usingselection criteria. A user can customize an aggregate FPR based on their specific needs.Ideally, user-defined groups will have common characteristics, making the group cohesiveand allowing the user to compare a select group of credit unions. For example, custom poolscould identify credit unions by region, state, charter type, type of membership (TOM Code),or peer group. If particular criteria is not selected, the FPR will include all information forthose criteria.The ratios on an aggregate FPR represent consolidated results for the selected group, and donot represent peer averages for that group. An aggregate FPR calculates ratios by addingtogether the individual account values for all credit unions in a group and then completing thecalculation. For example, the delinquency ratio for an aggregate FPR equals totaldelinquency for all credit unions in the group, divided by the total loans for all credit unions4

Financial Performance Report User Guidein the group. Alternatively, Peer Average ratios are calculated by averaging the individualratios in the predefined peer groups. 1Aggregate FPRs for the current cycle are available after the NCUA validates the data of allCall Reports submitted for the cycle and issues the quarterly press release.Request Aggregate FPR1. Open the NCUA’s FPR Application in your internet browser.2. Click the radio button next to I want an FPR emailed to me that aggregates data frommultiple credit unions based on credit union information and click OK.3. Enter your email address in the box marked Recipient’s Email.4. Select the Report Interval from the drop down box. You may select from three reportintervals:QuarterlySelected Report Cycle date plus prior four quarter-end periods.AnnualSelected Report Cycle date plus prior four year-end periods.Semi-annualSelected Report Cycle date plus prior four semi-annual periods(available only for the June cycles).5. Select the Report Cycle date from the drop down box.6. Select the criteria for the credit unions you want to aggregate. Leaving the Region and/orState selection boxes blank will default the FPR to include all credit unions. For example,if you leave the Region and State fields blank, your aggregate FPR will include all regionsand all states.7. Select the credit union types you want to aggregate. You must select the credit uniontypes you want to include in the report.8. If you want the report to include only low-income designated credit unions, select Yes.a. The default (No) includes all credit unions, regardless of low-income designation.9. Select the TOM Code and Peer Group, as necessary.a. Leaving the TOM Code or Peer Group selection boxes blank defaults to include allcredit unions. For example, if you leave the Peer Group field blank, youraggregate FPR will include all peer groups.10. Select the pages you want to include in the aggregate FPR.1Extreme values are trimmed automatically as part of the Peer Average ratio calculation.5

Financial Performance Report User Guidea. The system defaults to send All Pages of the FPR. If you want specific pages ofthe FPR, uncheck the All Pages box and check the boxes next to the pages youwant to include in the report. (See the Standard FPR Contents section for moreinformation.)11. Check the Retroactive Population option if you want to compare a uniform set of creditunions for each cycle on the FPR.a. The retroactive population option consolidates data for the same credit unionsacross all cycles resulting in a uniform group of credit unions. This option may beuseful when reviewing the consolidated trends of existing credit unions in aspecific group such as a state, charter type, or TOM code (community,associational, etc.).The default (or standard aggregate) FPR includes all credit unions that meet yourselection criteria in each cycle. The group of credit unions consolidated on astandard aggregate FPR is determined by the selection criteria appliedindependently for each cycle. Material changes in the population from cycle tocycle will affect growth, income/expense, and charge off ratios. Consider thisimpact when analyzing aggregate FPRs.For example, if you choose Peer Group 3 (assets between 10 and 50 million) and1,000 credit unions as of the selected cycle date meet this criteria, the standardaggregate FPR will consolidate the data for the 1,000 credit unions for the currentcycle. However, there may have been 1,100 in peer group 3 in the prior cycle,1,200 in the next prior cycle, and so on. The number of credit unions in each cyclemay vary due to movement between peer groups caused by, but not limited to: Normal growth or decline in total assets; Growth in assets due to mergers; or Credit unions closed or liquidated.12. Click the Submit button. If your request is successful, your screen will indicate “FPRRequest Submitted.” Use the back arrow to return to the previous screen to requestadditional reports.Within 24 hours of your request, or successful online submission of a Call Report, you willreceive an email with the FPR attached as an Excel file.1. You can save the FPR to your hard drive or view the FPR from the email.2. Open the FPR by double clicking on the file attachment.3. To view a specific page, click the links on the Cover Page or the tabs for each worksheetfound across the bottom of the Excel page.6

Financial Performance Report User Guide4. To print an entire FPR, click file, print, select entire workbook, and click OK.a. To print individual pages, click file, print, select page range, and click OK.Standard FPR ContentsUsers may tailor the information that appears in an FPR using the online FPR Application.Users can exclude one or more of the following standard pages from an FPR: Cover Page Indirect and Participation Lending Summary Financial Information Real Estate Loan Information Key Ratios Commercial Loan Information Supplemental Ratios Historical RatiosInvestments, Cash, and CashEquivalents Assets Other Investment Information Liabilities, Shares and Equity Income StatementSupplemental Share Information,Off Balance Sheet, and Borrowings Delinquent Loan Information Miscellaneous Information,Programs, and Services Loan Losses, BankruptcyInformation and Troubled DebtRestructured Loans Information Systems andTechnology GraphsCover PageAn FPR provides information about a selected credit union or group of credit unions,including (if applicable) name, charter or certificate number, address, peer group, or othercriteria. A report will also include a table of contents, the cycle date, date the report was run,and interval of the report (quarterly, annual, or semi-annual).Summary Financial InformationThis page contains balance sheet and year-to-date income and expense data for the reportcycle date selected by the user and previous four cycles. Annualized percentage changes aredisplayed to the right of each line item. Users may use this information to review broadtrends and monitor various areas of financial performance.7

Financial Performance Report User GuideKey RatiosThis page displays financial ratios in five categories. The ratios are based on each componentof the CAMEL Rating System (Capital Adequacy Ratios, Asset Quality Ratios, ManagementRatios, Earnings Ratios and Asset Liability Management Ratios). A description of each ratiois provided in the Ratio Components section of this guide.The Key Ratios page allows users to conduct an in-depth analysis of fundamental financialratios and trends. By carefully reviewing peer and other available data, a user should be ableto judge the importance (positive or negative impact on the credit union) of any particularratio value.Supplemental RatiosThe Supplemental Ratios page consolidates and displays other ratios calculated usinginformation reported on the Detailed Call Report Data pages. Categories include OtherDelinquency Ratios, Real Estate Loan Delinquency, Miscellaneous Loan Loss Ratios,Specialized Lending Ratios, Real Estate Lending Ratios, and Miscellaneous Ratios. Adescription of each ratio is provided in the Ratio Components section of this guide.Historical RatiosThe Historical Ratios page displays financial ratios in five categories. The first fourcategories are derived from the four financial areas of the CAMEL Rating System (Capitaladequacy, Asset quality, Earnings, Asset Liability management). The remaining ratiocategory is productivity. The Historical Ratios page for a single credit union displays thecorresponding peer group ratios for the current cycle date and the prior period end. Adescription of each ratio is provided in the Ratio Components section of this guide.The Historical Ratios page allows a user to conduct an in-depth analysis of fundamentalfinancial ratios and trends. By carefully reviewing peer and other available data, a usershould be able to judge the importance (positive or negative impact on the credit union) ofany particular ratio value. A description of each ratio is provided in the Ratio Componentssection of this guide.8

Financial Performance Report User GuidePeer ratios provide users a comparative means to view financial trends ofsimilar credit unions; however, before drawing any conclusions basedsolely on this information, we encourage users to consider other factorsunique to the credit union.Detailed Call Report DataDetailed financial and other data reported on the Call Report are also provided in an FPR onthe following pages: Assets Investments, Cash, and CashEquivalents Liabilities, Shares, and Equity Income Statement Other Investment Information Delinquent Loan Information Loan Losses, BankruptcyInformation, and Troubled DebtRestructured LoansSupplemental Share Information,Off Balance Sheet, and Borrowings Miscellaneous Information,Programs, and Services Indirect and Participation Lending Real Estate Loan InformationInformation Systems andTechnology Commercial Loan InformationGraphsGraphs provide a quick, visual review of key financial trends, and can be used to monitor acredit union's progress in various areas of financial performance. A single credit union FPRcontains several pages of graphs of financial ratios for the current cycle date and four priorCall Report cycles. Each graph includes a charted trend line for the peer ratios of each period.Peer ratios are not graphed for an aggregate FPR.The graphed ratios are described on the following pages, including insight into the method ofcomputation. Ratios are listed in the same order as they appear in an FPR.Delinquency RatioThis ratio measures delinquent loans in relation to total loans. This ratio is an indicator of theeffectiveness of delinquency control and quality of loans held in the portfolio.9

Financial Performance Report User GuideNet Charge-Off RatioThis ratio measures net charge-offs in relation to average loans. Net charge-offs are animportant indicator of the effectiveness of a credit union’s lending and collection practices.Net Worth / Total Assets RatioThis ratio measures net worth in relation to total assets. Net worth cushions fluctuations inearnings, supports growth, and provides protection against insolvency.Loan and Share Growth RatiosThese ratios provide a general view of a credit union’s growth in loans and shares for thecycle and may help a user assess interest rate risk.Return on Average Assets RatioThis ratio measures net income in relation to average assets. A positive ratio value shows thatearnings covered a credit union's operating expenses and cost of funds.Loans to Assets RatioThis ratio is one indicator of a credit union’s liquidity. A high loan to assets ratio may stressliquidity, especially if: The credit union has limited funding sources, Existing funding depends on volatile sources, or The credit union has minimal short-term investments.However, a very low or declining loans-to-assets ratio can stress a credit union’s earningssince the yield on loans is usually higher than other types of assets.Net Long-Term Assets RatioThis ratio measures a credit union’s ability to react to changing interest rates and its exposureto increased interest-rate risk. A low ratio does not automatically eliminate concerns abouthigh concentrations of long-term assets. Even variable-rate loans have different terms andconditions for repricing that may present potential interest-rate risk concerns.10

Financial Performance Report User GuideNet Interest Margin RatioThis ratio measures whether income from loans and investments sufficiently covers the costof funds. Net interest margin also reflects a credit union’s risk management practices and is afactor in the assessment of interest rate risk management, strategic risk, and planning.Cash & Short-Term Investments RatioThis ratio is an indicator of the level of cash and liquid assets a credit union has available tomeet share withdrawals or additional loan demand.Other FPR InformationPeer GroupsNCUA peer groups include all federally insured credit unions (all federal and state-charteredcredit unions). The NCUA does not include non-federally insured credit unions in peergroups. Total assets determine a credit union’s peer group, as shown below:Peer GroupTotal Assets1 2 million or less2 2 million to less than 10 million3 10 million to less than 50 million4 50 million to less than 100 million5 100 million to less than 500 million6 500 million or moreEach page of the FPR shows a credit union’s peer group and respectiveasset range.Peer Average RatiosPeer Average ratios are calculated for all ratios on the Key Ratios and Historical Ratios pages.(They are not calculated for Supplemental Ratios.) Peer Average ratios show how a single11

Financial Performance Report User Guidecredit union compares to a group of federally insured credit unions of similar asset size. TheNCUA excludes non-federally insured credit unions from the peer average calculations.The Peer Average ratios on a single credit union FPR are based on asset size. (Peer Averageratios are not presented on an aggregate FPR.) The NCUA computes the peer group averagesby calculating the average of the individual ratio values for all federally insured credit unionswithin each defined range. The calculation adjusts for credit unions with very extraordinaryratio values to prevent the peer average from being skewed by extreme outliers.The FPR includes both current and prior cycle Peer Average ratios. Current cycle PeerAverage ratios are available after all credit unions submit a Call Report for the cycle and thedata has been validated (typically 6 to 8 weeks after the Call Report cycle ends). Until peerratio data is finalized, current cycle Peer Average ratios will appear on the FPR as “N/A.”Percentile RankingsPercentile Rankings are provided for each ratio on the Key Ratios and Historical Ratios pages.(They are not calculated for Supplemental Ratios.) The Percentile Ranking is a number from1 to 100 that shows how a ratio compares to all other federally insured credit unions in thatpeer group. Ratios are ranked from 100 (highest) to 1 (lowest) based on their position. Creditunions with the same ratio value (to four decimal places) receive the same percentile ranking.The NCUA does not include non-federally insured credit unions in this ranking, and does notassign them Percentile Rankings.The Percentile Ranking is a measure of a credit union’s relative standing in the entire range ofratios. For example, a Percentile Ranking of 75 means 25 percent of all federally insuredcredit unions in the peer group have the same or higher ratios and 75 percent have lowerratios.A high or low Percentile Ranking does not automatically imply satisfactory or unsatisfactoryperformance. Users should consider other available data to determine the relevance of a highor low Percentile Ranking to a credit union's financial performance.Ratio CalculationsThe Key Ratios, Supplemental Ratios and Historical Ratios sections describe the ratios onthose pages of the FPR. Unless otherwise stated, all ratios are rounded.12

Financial Performance Report User GuideAnnualizationThose ratios that are annualized are specifically identified in this guide as such. (Decemberratios are not annualized, because they reflect an annual period.)To annualize a ratio, multiply the result of the formula by the appropriate annualization factorfor each quarter:Quarter EndAnnualization FactorMarch4June2September1.333Ratio ComponentsCommonly used components of some FPR ratios are defined below to simplify the formulasdescribed in the Key Ratios, Supplemental Ratios and Historical Ratios sections of this guide.Average AssetsTotal Assets for the current period Total Assets for the prior year-end, two.Average InvestmentsTotal Investments, Cash on Deposit, and Cash Equivalents for the current period TotalInvestments, Cash on Deposit, and Cash Equivalents for the prior year-end, two.Average LoansTotal Loans for the current period Total Loans for the prior year-end, two.BorrowingsThe total of Draws Against Lines of Credit, Other Notes, Promissory Notes, and InterestPayable, Borrowing Repurchase Transactions, Subordinated Debt and Subordinated Debtincluded in Net Worth, - Borrowing Repurchase Transactions Placed in Investments forPurposes of Positive Arbitrage.13

Financial Performance Report User GuideFor low-income designated credit unions only, borrowings also includeUninsured Secondary Capital.Cost of FundsThe total of Dividends on Shares, Interest on Deposits, and Interest on Borrowed Money.Estimated LossesEstimated losses include the allowance for loan and lease losses, the allowance for creditlosses, and the appropriation for non-conforming investments (this account is used by statechartered federally insured credit unions for investments not authorized by NCUA).In conformity with ASC 320 and 321, investments classified as EquitySecurities, Available-for-Sale Debt Securities, or Trading Debt Securitiesare properly reported at fair value.Full-Time Equivalent EmployeesNumber of Part-time Employees two number of Full-time Employees.Fixed Rate Real Estate LoansTotal fixed rate first mortgage loans (includes fixed rate first mortgages greater than 15 years,fixed rate first mortgages 15 years or less, balloon/hybrid first mortgages greater than 5 years,and other fixed rate first mortgages) other fixed rate real estate loans (closed-end fixed rateand open-end fixed rate).Gross IncomeTotal of Interest Income, Fee Income, and Other Operating Income.Net WorthThe total of the Undivided Earnings, Regular Reserves, Appropriation for Non-ConformingInvestments (state-chartered credit unions only), Other Reserves (Appropriations of14

Financial Performance Report User GuideUndivided Earnings), and Adjusted Retained Earnings acquired through BusinessCombinations.For low-income designated credit unions only, Net Worth also includesUninsured Secondary Capital.In all FPRs, other than the December cycle, the undistributed Net Income isincluded in the calculation of net worth for credit unions that did not closetheir books. Credit unions must close out net income into UndividedEarnings for the December reporting period.Operating ExpensesTotal Non-Interest Expense (this does not include the Provision for Loan and Lease Losses orCost of Funds).SharesThe total of all shares and deposits.Key RatiosKey ratios include Capital Adequacy ratios, Asset Quality ratios, Management ratios,Earnings ratios, and Asset Liability Management ratios.Capital Adequacy RatiosNet Worth / Total AssetsNet Worth total assets.Before 6/30/2020:On 6/30/2020 and after:997𝑥𝑥 100010997𝑥𝑥 100NW001015

Financial Performance Report User GuideThe Net Worth ratio is truncated to two decimal places (for example, 6.997 would betruncated to 6.99%)Net Worth / PCA Opt. Total Assets (if applicable)Net Worth alternative asset election or total assets.If a credit union selects one of the three optional total asset elections (average of daily assetsover the calendar quarter, average of the three month-end balances over the calendar quarter,or average of the current and three preceding calendar quarter-end balances), the Net Worthratio will be computed using the alternative asset election as the denominator instead of totalassets. If a credit union does not select an optional total assets election, total assets are usedand the results are the same as the NET WORTH/TOTAL ASSETS ratio above.If 010A or 010B or 010C is greater than zero:997𝑥𝑥 100(010𝐴𝐴 010𝐵𝐵 010𝐶𝐶)If 010A or 010B or 010C is less than zero before 6/30/2020:997𝑥𝑥 100010If 010A or 010B or 010C is less than zero on 6/30/2020 and after:997𝑥𝑥 100NW0010This ratio is truncated to two decimal places (for example, 6.997 would be truncated to6.99%)Net Worth ALLL or ACL / Total Assets ALLL or ACLNet worth the allowance for loan and lease losses or the allowance for credit losses onloans total assets the allowance for loan and lease losses or the allowance for creditlosses on loans.From 12/31/2000 to 3/31/2019:(997 179)𝑥𝑥 100(010 719)16

Financial Performance Report User GuideOn 3/31/2019 and after:(997 AS0048 719)𝑥𝑥 100(010 AS0048 719)RBNW Requirement (if applies)The risk-based net worth requirement using the standard calculation 100.On 6/30/2006 and after:GAAP Equity / Total Assets999B100The sum of undivided earnings plus regular reserves the appropriation for non-conforminginvestments (state credit unions) other reserves plus equity acquired in a merger miscellaneous equity other comprehensive income accumulated unrealized net gains(losses) on cash flow hedges accumulated unrealized gains (losses) on available-for-saledebt securities accumulated unrealized losses for OTTI (due to other factors) on HTM DebtSecurities net income (unless this amount is already included in Undivided Earnings) totalassets.From 9/30/2009 to 12/31/2018:(940 931 668 658 658A 996 945B 945A 945 945C 602)𝑥𝑥 100010On 3/31/2019 and after: 940 931 668 658 658A 996 945B 945A EQ0009 945C 602𝑥𝑥 100010Loss Coverage RatioThe amount of loans delinquent 30-59 days the total amount of reportable delinquent loans the amount of loans held for sale delinquent 30-59 days the total amount of reportabledelinquent loans held for sale negative shares included in all other unsecured loans/lines ofcredit the total amount of foreclosed and repossessed assets the total amount oftroubled debt restructured (TDR) loans outstanding by category - the amount of TDR loanssecured by first mortgages 30-59 days delinquent - the total amount of reportable delinquentTDR loans secured for first mortgages - the amount of TDR loans secured by other realestate/LOCs 30-59 days delinquent - the total amount of reportable delinquent TDR loans17

Financial Performance Report User Guidesecured by other real estate/LOCs - the amount of TDR consumer loans not secured by realestate 30-59 days delinquent - the total amount of reportable delinquent TDR consumerloans not secured by real estate - the amount of TDR commercial loans not secured by realestate 30-59 days delinquent - the total amount of reportable delinquent TDR commercialloans not secured by real estate total net worth the allowance for loan and lease losses the allowance for credit losses.From 3/31/2004 to 6/30/2008:(020B 041B 798A)𝑥𝑥 100(997 719)From 9/30/2008 to 12/31/2009:(020B 041B 798A 0.5 x (1001A 1001B) )𝑥𝑥 100(997 719)From 3/31/2010 to 9/30/2012:(020B 041B 798A 0.5 x (1001A 1001B 1001D 1001E) )𝑥𝑥 100(997 719)From 12/31/2012 to 3/31/2013:(020B 041B 798A 1001F 020U 041U 020V 041V 020X 041X 020Y 041Y )𝑥𝑥 100(997 719)From 6/30/2013 to 6/30/201

Excel spreadsheet as follows: a. Place your cursor anywhere in the data page, right click and chose “Select All” to highlight the entire page. b. With the data highlighted, right click again and chose “Copy.” c. Open an empty Excel spreadsheet, right click in cell A1, and choo