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%