2011 Annual Report - BDO

NOTES TOFINANCIAL STATEMENTS(b) The holders of serial preferred stock shall be entitled to receive dividends, when, as andif declared by the Board out of funds legally available and not before any dividends onthe common stock shall be paid or set apart for payments.(c) The holders of the preferred shares shall not be entitled to vote at any meeting of thestockholders for the election of directors or for any other purpose or participate in anyaction taken by the Bank or its stockholders.15.03 Common SharesThe Bank has an authorized common stock of 1,250,000 voting shares with a par value ofP1,000 per share.15.04 Unrealized Fair Value Gains (Losses) on Available-for-sale SecuritiesThe reconciliation of the unrealized fair value gain (losses) on available-for-sale securitiesfollows:2011 2010Balance at beginning of year (P 46,417,271 ) (P 44,464,048 )Unrealized fair value gain ( 28,930,920 ) ( 24,581,603 )Transfer of realized fair value losses (gain)to statements of income for thepreterminated AFS previouslyreclassified to UDSCL ( 203,465 ) 19,404,708Amortization of unrealized fairvalue losses 8,985,558 9,483,508Transfer of realized gain (loss) to statementsof income on disposal of securities 47,375,592 ( 6,259,836 )Balance at end of year ( P 19,190,506 ) (P 46,417,271 )