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, 2001, 2000, 1999, 1998 and 1997,
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,
--------------------------------------------------------------
2001 2000 1999 1998 1997
---------- ---------- ---------- ---------- ----------
Net income $2,944,565 $3,282,921 $3,018,327 $2,915,961 $3,005,462
Weighted Average
Shares Outstanding 696,674 704,498 705,331 666,779 665,215
Per Share Amount $ 4.23 $ 4.66 $ 4.28 $ 4.37 $ 4.52
Cash dividends/Average
Shares Outstanding =
Cash dividends declared
Per share
December 31,
--------------------------------------------------------
2001 2000 1999 1998 1997
---------- ---------- -------- -------- --------
Cash dividends $1,113,627 $1,020,487 $881,664 $718,882 $611,412
Average shares outstanding 696,017 703,784 705,331 684,650 664,578
Per Share Amount $ 1.60 $ 1.45 $ 1.25 $ 1.05 $ .92
Shareholders' Equity/Shares
Outstanding at period end =
Book Value per share
December 31,
-------------------------------------------------------------------
2001 2000 1999 1998 1997
----------- ----------- ----------- ----------- -----------
Shareholders' Equity $33,037,452 $31,741,165 $28,916,718 $27,437,211 $22,157,609
Shares outstanding 693,287 702,548 705,331 705,331 661,900
Per Share Amount $ 47.65 $ 45.18 $ 41.00 $ 38.90 $ 33.48
Net Income/Average
Assets = Return on
Average Assets
(In Thousands)
December 31,
----------------------------------------------------
2001 2000 1999 1998 1997
-------- -------- -------- -------- --------
Net Income $ 2,945 $ 3,283 $ 3,018 $ 2,916 $ 3,005
Average Assets $268,265 $250,577 $234,279 $208,565 $193,923
Return on Average Assets 1.10% 1.31% 1.29% 1.40% 1.55%
Net Income/Average
Shareholders' equity =
Return on Average Equity
(In Thousands)
December 31,
-----------------------------------------------
2001 2000 1999 1998 1997
------- ------- ------- ------- -------
Net Income $ 2,945 $ 3,283 $ 3,018 $ 2,916 $ 3,005
Average
Shareholders' Equity $31,534 $29,893 $28,238 $23,615 $21,067
Return on Average Equity 9.34% 10.98% 10.69% 12.35% 14.26%
Cash dividends per share/
Net income per share =
Dividends Payout Ratio
December 31,
------------------------------------------
2001 2000 1999 1998 1997
------ ------ ------ ------ ------
Cash dividends per share $ 1.60 $ 1.45 $ 1.25 $ 1.05 $ .92
Net income per share $ 4.23 $ 4.66 $ 4.28 $ 4.37 $ 4.52
Dividend Payout Ratio 37.83% 31.12% 29.21% 24.03% 20.35%
Average Equity/Average
Assets = Average Equity
To Average Assets
(In thousands)
December 31,
----------------------------------------------------
2001 2000 1999 1998 1997
-------- -------- -------- -------- --------
Average
Shareholders' Equity $ 31,534 $ 29,893 $ 28,238 $ 23,615 $ 21,067
Average Assets $268,265 $250,577 $234,279 $208,565 $193,923
Average Equity to
Average Assets 11.75% 11.93% 12.05% 11.32% 10.86%
Loans/Total deposits =
Loan to Deposit Ratio
(In thousands)
December 31,
----------------------------------------------------
2001 2000 1999 1998 1997
-------- -------- -------- -------- --------
Total loans $152,158 $151,800 $143,777 $137,891 $122,034
Total deposits $237,971 $219,168 $201,738 $192,079 $163,809
Loan to Deposit Ratio 63.94% 69.26% 71.27% 71.79% 74.50%
Allowance for Loan Loss/
Total Loan = Allowance
To Total Loan Ratio
(In thousands)
December 31,
----------------------------------------------------
2001 2000 1999 1998 1997
-------- -------- -------- -------- --------
Allowance $ 2,261 $ 2,359 $ 1,888 $ 1,851 $ 1,745
Total loans $152,158 $151,800 $143,777 $137,891 $122,034
Allowance to total
Loan ratio 1.49% 1.55% 1.31% 1.34% 1.43%