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EXHIBIT 12.1
Statement Regarding Computation of Ratios
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Computation of Ratios
- ---------------------------------
The following formulas were used to calculate the ratios in Financial
Information and Supplementary Data, page 44, Selected Financial Data for the
years ended December 31, 2000, 1999, 1998, 1997 and 1996, included in this
report.
(Calculation)
Net Income / Weighted average shares of common stock outstanding for the period
= Earnings Per Share
December 31,
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
Net Income $2,325,906 $2,450,381 $ 2,033,025 $1,930,568 $1,643,994
Weighted Average
Shares Outstanding 1,538,443 1,538,443 1,538,443 1,538,443 1,538,443
Per Share Amount $1.51 $1.59 $1.32 $1.25 $1.07
(Calculation)
Cash dividends / Shares issued
= Cash dividends declared per share
December 31,
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
Cash dividends $ 980,542 $ 827,247 $ 732,677 $ 652,936 $ 573,698
Shares issued 1,538,443 1,538,443 1,538,443 1,538,443 1,538,443
Per Share Amount $.64 $.54 $.48 $.43 $.38
(Calculation)
Stockholders' Equity / Shares issued
= Book Value per share
December 31,
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
Stockholders' Equity $18,225,100 $16,055,472 $15,460,938 $14,128,995 $12,649,278
Shares issued 1,538,443 1,538,443 1,538,443 1,538,443 1,538,443
Per Share Amount $11.85 $10.44 $10.05 $ 9.18 $ 8.22
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(Calculation)
Net Income / Total average assets
= Return on Average Assets
(In thousands)
December 31,
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
Net Income $2,326 $2,450 $2,033 $1,931 $1,644
Total Average Assets $203,529 $183,436 $164,630 $153,290 $137,810
Return on Average Assets 1.14% 1.34% 1.23% 1.26% 1.19%
(Calculation)
Net Income / Average stockholders' equity
= Return on Average Equity
(In thousands)
December 31,
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
Net Income $ 2,326 $ 2,450 $ 2,033 $ 1,931 $ 1,644
Total Average
Stockholders' Equity $17,448 $16,087 $14,697 $13,400 $12,186
Return on Average Equity 13.33% 15.23% 13.83% 14.41% 13.49%
(Calculation)
Average Equity / Average stockholders' equity
= Average Equity to Average Assets
(In thousands)
December 31,
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
Total Average
Stockholders' Equity $ 17,448 $ 16,087 $ 14,697 $ 13,400 $ 12,186
Total Average Assets $203,529 $183,436 $164,630 $153,290 $137,810
Average Equity
to Average Assets 8.57% 8.77% 8.93% 8.74% 8.84%
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(Calculation)
Cash dividends per share / Net income per share
= Dividend Payout Ratio
December 31,
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
Cash dividends
per share $ .64 $ .54 $ .48 $ .43 $ .38
Net income per share $1.51 $1.59 $1.32 $1.25 $1.07
Dividend Payout Ratio 42.38% 33.96% 36.36% 34.40% 35.51%
(Calculation)
Loans / Total deposits
= Loan to Deposit Ratio
December 31,
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
Loans $114,053,003 $110,488,432 $103,555,319 $95,373,653 $80,416,680
Total deposits $173,668,578 $161,557,932 $147,784,819 $137,044,813 $125,271,069
Loan to Deposit Ratio 65.67% 68.39% 70.07% 69.59% 64.19%
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