The power of the board of directors of an insured depository institution to declare a cash dividend or other distribution with respect to capital is subject to statutory and regulatory restrictions that limit the amount available for such distribution, depending upon earnings, financial condition and cash needs of the institution, as well as general business conditions. Insured depository institutions are also prohibited from paying management fees to any controlling persons or, with certain limited exceptions, making capital distributions, including dividends, if after such transaction the institution would be less than adequately capitalized. Under Utah law, we may only declare dividends to our shareholders out of our net profits, after providing for all expenses, losses, interest and taxes accrued or due.
Series G – Dividends are payable quarterly from the date of issuance to, but excluding, July 1, 2030, at a rate of 9.00% per annum, and from and including July 1, 2030, during each five-year reset period, at a rate equal to the five-year U.S. Treasury rate (determined prior to the start of the applicable reset period) plus a spread of 4.94% per annum.