1
EXHIBIT 12
Statement Regarding Computation of Ratios
The following formulas were used to calculate the ratios in the Selected
Financial Data for the years ended December 31, 2000, 1999, 1998, 1997 and 1996,
included in this report as Exhibit 13.
(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 $3,282,921 $3,018,327 $2,915,961 $3,005,462 $2,746,981
Weighted Average
Shares Outstanding 704,498 705,331 666,779 665,215 669,465
Per Share Amount $ 4.66 $ 4.28 $ 4.37 $ 4.52 $ 4.10
Cash dividends/Average
Shares Outstanding =
Cash dividends declared
Per share
December 31,
--------------------------------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ---------- ---------- ----------
Cash dividends $1,020,487 $ 881,664 $ 718,882 $ 611,412 $ 507,792
Average shares outstanding 703,784 705,331 684,650 664,578 668,147
Per Share Amount $ 1.45 $ 1.25 $ 1.05 $ .92 $ .76
Shareholders' Equity/Shares
Outstanding at period end =
Book Value per share
December 31,
-------------------------------------------------------------------------------
2000 1999 1998 1997 1996
----------- ----------- ----------- ----------- -----------
Shareholders' Equity $31,741,165 $28,916,718 $27,437,211 $22,157,609 $19,933,740
Shares outstanding 702,548 705,331 705,331 661,900 667,500
Per Share Amount $ 45.18 $ 41.00 $ 38.90 $ 33.48 $ 29.86
2
Net Income/Average
Assets = Return on
Average Assets
(In Thousands)
December 31,
--------------------------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
Net Income $ 3,283 $ 3,018 $ 2,916 $ 3,005 $ 2,747
Average Assets $250,577 $234,279 $208,565 $193,923 $175,807
Return on Average Assets 1.31% 1.29% 1.40% 1.55% 1.56%
Net Income/Average
Shareholders' equity =
Return on Average Equity
(In Thousands)
December 31,
---------------------------------------------------------------
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
Net Income $ 3,283 $ 3,018 $ 2,916 $ 3,005 $ 2,747
Average
Shareholders' Equity $29,893 $28,238 $23,615 $21,067 $18,858
Return on Average Equity 10.98% 10.69% 12.35% 14.26% 14.57%
Cash dividends per share/
Net income per share =
Dividends Payout Ratio
December 31,
------------------------------------------------------------------------
2000 1999 1998 1997 1996
------ ------ ------ ------ ------
Cash dividends per share $ 1.45 $ 1.25 $ 1.05 $ .92 $ .76
Net income per share $ 4.66 $ 4.28 $ 4.37 $ 4.52 $ 4.10
Dividend Payout Ratio 31.12% 29.21% 24.03% 20.35% 18.54%
3
Average Equity/Average
Assets = Average Equity
To Average Assets
(In thousands)
December 31,
--------------------------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
Average
Shareholders' Equity $ 29,893 $ 28,238 $ 23,615 $ 21,067 $ 18,858
Average Assets $250,577 $234,279 $208,565 $193,923 $175,807
Average Equity to
Average Assets 11.93% 12.05% 11.32% 10.86% 10.73%
Loans/Total deposits =
Loan to Deposit Ratio
(In thousands)
December 31,
--------------------------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
Total loans $151,800 $143,777 $137,891 $122,034 $116,259
Total deposits $219,168 $201,738 $192,079 $163,809 $157,399
Loan to Deposit Ratio 69.26% 71.27% 71.79% 74.50% 73.86%
Allowance for Loan Loss/
Total Loan = Allowance
To Total Loan Ratio
(In thousands)
December 31,
--------------------------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
Allowance $ 2,359 $ 1,888 $ 1,851 $ 1,745 $ 1,653
Total loans $151,800 $143,777 $137,891 $122,034 $116,259
Allowance to total
Loan ratio 1.55% 1.31% 1.34% 1.43% 1.42%