Return on Beginning Equity definition
Return on Beginning Equity means net income (loss) as reported or included in the Company’s Statement of Income divided by beginning of the year “shareholders equity” as reported or included in the Company’s year-end audited financial statements for the Plan Year; and
Return on Beginning Equity or “ROBE” means the Bank’s after tax net income at the end of the most recent fiscal year, adjusted for Extraordinary Items, divided by the Bank’s shareholder’s equity at the beginning of the fiscal year, as determined by the Bank’s independent auditor based upon certified financial statements for the pertinent year.