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EXHIBIT 12
STATEMENT OF COMPUTATION OF OTHER RATIOS
(Dollars in thousands, except per share data)
For the year ended December 31: 1997 1996 1995 1994
---- ---- ---- ----
Net income $ 180,304 $ 158,701 $ 141,814 $ 137,084
Less: preferred stock dividends -- -- -- --
--------------- -------------- --------------- ---------
Net income available to common shareholders $ 180,304 $ 158,701 $ 141,814 $ 137,084
Average common equity $ 1,037,958 $ 1,013,370 $ 972,665 $ 887,541
Average total equity 1,027,100 1,000,841 960,858 884,415
Average assets 13,298,246 12,251,860 11,674,214 10,761,022
Diluted net income per common share* $ 1.88 $ 1.61 $ 1.41 $ 1.37
Dividends per common share* $ 0.674 $ 0.604 $ 0.554 $ 0.509
Ratios:
Return on average common equity 17.37% 15.66% 14.58% 15.45%
(net income available to common shareholders
divided by average common equity)
Return on average total equity 17.55% 15.86% 14.76% 15.50%
(net income divided by average total equity)
Return on average assets 1.36% 1.30% 1.21% 1.27%
(net income divided by average assets)
Average total equity to average assets 7.72% 8.17% 8.23% 8.22%
Dividend payout ratio 35.9% 37.5% 39.2% 37.2%
(dividends per common share divided by
net income per common share)
(Dollars in thousands, except per share data)
For the year ended December 31: 1993
----
Net income $ 131,324
Less: preferred stock dividends --
---------------
Net income available to common shareholders $ 131,324
Average common equity $ 802,016
Average total equity 802,016
Average assets 9,718,875
Diluted net income per common share* $ 1.32
Dividends per common share* $ 0.461
Ratios:
Return on average common equity 16.37%
(net income available to common shareholders
divided by average common equity)
Return on average total equity 16.37%
(net income divided by average total equity)
Return on average assets 1.35%
(net income divided by average assets)
Average total equity to average assets 8.25%
Dividend payout ratio 34.9%
(dividends per common share divided by
net income per common share)
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* Per share amounts are shown adjusted for a 5% stock dividend paid on August
15, 1995, July 25, 1996, and July 28, 1997, and a 3-for-2 stock split paid
September 1992, and a 2-for-1 stock split paid December 15, 1997.