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, 2002, 2001, 2000, 1999 and 1998, included in this
report.
(Calculation)
Net Income / Weighted average shares of common stock outstanding for the period
= Earnings Per Share
December 31,
----------------------------------------------------------------
2002 2001 2000 1999 1998
---------- ---------- ---------- ---------- ----------
Net Income $2,673,817 $2,412,403 $2,325,906 $2,450,381 $2,033,025
Weighted Average
Shares Outstanding 1,538,443 1,538,443 1,538,443 1,538,443 1,538,443
Per Share Amount $ 1.74 $ 1.57 $ 1.51 $ 1.59 $ 1.32
(Calculation)
Cash dividends/ Shares issued
= Cash dividends declared per share
December 31,
----------------------------------------------------------------
2002 2001 2000 1999 1998
---------- ---------- ------------ ---------- ----------
Cash dividends $1,061,526 $1,046,041 $ 980,542 $ 827,247 $ 732,677
Shares issued 1,538,443 1,538,443 1,538,443 1,538,443 1,538,443
Per Share Amount $ .69 $ .68 $ .64 $ .54 $ .48
(Calculation)
Stockholders' Equity/ Shares issued
= Book Value per share
December 31,
--------------------------------------------------------------------
2002 2001 2000 1999 1998
----------- ----------- ----------- ----------- -----------
Stockholders' Equity $22,459,633 $20,248,968 $18,225,100 $16,055,472 $15,460,938
Shares issued 1,538,443 1,538,443 1,538,443 1,538,443 1,538,443
Per Share Amount $ 14.60 $ 13.16 $ 11.85 $ 10.44 $ 10.05
(Calculation)
Net Income / Total average assets
= Return on Average Assets
(In thousands)
December 31,
----------------------------------------------------
2002 2001 2000 1999 1998
-------- -------- -------- -------- --------
Net Income $ 2,674 $ 2,412 $ 2,326 $ 2,450 $ 2,033
Total Average Assets $252,543 $217,006 $203,529 $183,436 $164,630
Return on Average Assets 1.06% 1.11% 1.14% 1.34% 1.23%
(Calculation)
Net Income / Average stockholders' equity
= Return on Average Equity
(In thousands)
December 31,
-----------------------------------------------
2002 2001 2000 1999 1998
------- ------- ------- ------- -------
Net Income $ 2,674 $ 2,412 $ 2,326 $ 2,450 $ 2,033
Total Average
Stockholders' Equity $20,302 $18,902 $17,448 $16,087 $14,697
Return on Average Equity 13.17% 12.76% 13.33% 15.23% 13.83%
(Calculation)
Average Equity / Average stockholders' equity
= Average Equity to Average Assets
(In thousands)
December 31,
----------------------------------------------------------
2002 2001 2000 1999 1998
-------- -------- -------------- -------- --------
Total Average
Stockholders' Equity $ 20,302 $ 18,902 $ 17,448 $ 16,087 $ 14,697
Total Average Assets $252,543 $217,006 $203,529 $183,436 $164,630
Average Equity
to Average Assets 8.04% 8.71% 8.57% 8.77% 8.93%
(Calculation)
Cash dividends per share / Net income per share
= Dividend Payout Ratio
December 31,
-----------------------------------------
2002 2001 2000 1999 1998
------ ----- ------ ------ ------
Cash dividends
per share $ .69 $ .68 $ .64 $ .54 $ .48
Net income per share $ 1.74 $1.57 $ 1.51 $ 1.59 $ 1.32
Dividend Payout Ratio 39.66% 43.31% 42.38% 33.96% 36.36%
(Calculation)
Loans/ Total deposits
= Loan to Deposit Ratio
December 31,
------------------------------------------------------------------------
2002 2001 2000 1999 1998
------------ ------------ ------------ ------------ ------------
Loans $136,771,760 $120,943,839 $114,053,003 $110,488,432 $103,555,319
Total deposits $231,375,582 $203,771,954 $173,668,578 $161,557,932 $147,784,819
Loan to Deposit Ratio 59.11% 59.35% 65.67% 68.39% 70.07%