EXHIBIT 12.1 Statement Regarding Computation of Ratios 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, 2001, 2000, 1999, 1998 and 1997, included in this report. (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 $2,412,403 $2,325,906 $ 2,450,381 $2,033,025 $1,930,568 Weighted Average Shares Outstanding 1,538,443 1,538,443 1,538,443 1,538,443 1,538,443 Per Share Amount $ 1.57 $ 1.51 $ 1.59 $ 1.32 $ 1.25 (Calculation) Cash dividends/ Shares issued = Cash dividends declared per share December 31, 2001 2000 1999 1998 1997 ---------- ---------- ----------- ---------- ---------- Cash dividends $1,046,041 $ 980,542 $ 827,247 $ 732,677 $ 652,936 Shares issued 1,538,443 1,538,443 1,538,443 1,538,443 1,538,443 Per Share Amount $ .68 $ .64 $ .54 $ .48 $ .43 (Calculation) Stockholders' Equity/ Shares issued = Book Value per share December 31, 2001 2000 1999 1998 1997 ----------- ----------- ----------- ----------- ----------- Stockholders' $20,248,968 $18,225,100 $16,055,472 $15,460,938 $14,128,995 Equity Shares issued 1,538,443 1,538,443 1,538,443 1,538,443 1,538,443 Per Share $ 13.16 $ 11.85 $ 10.44 $ 10.05 $ 9.18 Amount (Calculation) Net Income / Total average assets = Return on Average Assets (In thousands) December 31, 2001 2000 1999 1998 1997 --------- --------- --------- --------- -------- Net Income $ 2,412 $ 2,326 $ 2,450 $ 2,033 $ 1,931 Total Average Assets $217,006 $203,529 $183,436 $164,630 $153,290 Return on Average Assets 1.11% 1.14% 1.34% 1.23% 1.26% (Calculation) Net Income / Average stockholders' equity = Return on Average Equity (In thousands) December 31, 2001 2000 1999 1998 1997 --------- --------- --------- -------- -------- Net Income $ 2,412 $ 2,326 $ 2,450 $ 2,033 $ 1,931 Total Average Stockholders' Equity $ 18,902 $ 17,448 $ 16,087 $14,697 $13,400 Return on Average Equity 12.76% 13.33% 15.23% 13.83% 14.41% (Calculation) Average Equity / Average stockholders' equity = Average Equity to Average Assets (In thousands) December 31, 2001 2000 1999 1998 1997 ---------- --------- --------- --------- ------- Total Average Stockholders' Equity $ 18,902 $ 17,448 $ 16,087 $ 14,697 $ 13,400 Total Average Assets $ 217,006 $203,529 $183,436 $164,630 $153,290 Average Equity to Average Assets 8.71% 8.57% 8.77% 8.93% 8.74% (Calculation) Cash dividends per share / Net income per share = Dividend Payout Ratio December 31, 2001 2000 1999 1998 1997 ------- ------- ------- ------- ------- Cash dividends per share $ .68 $ .64 $ .54 $ .48 $ .43 Net income per share $ 1.57 $ 1.51 $ 1.59 $ 1.32 $ 1.25 Dividend Payout Ratio 43.31% 42.38% 33.96% 36.36% 34.40% (Calculation) Loans/ Total deposits = Loan to Deposit Ratio December 31, 2001 2000 1999 1998 1997 ------------- ------------- ------------- ------------- ------------ Loans $120,943,839 $114,053,003 $110,488,432 $103,555,319 $ 95,373,653 Total deposits $203,771,954 $173,668,578 $161,557,932 $147,784,819 $137,044,813 Loan to Deposit Ratio 59.35% 65.67% 68.39% 70.07% 69.59%