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EXHIBIT 12
STATEMENT REGARDING COMPUTATION OF RATIOS
AT OR FOR THE YEARS ENDED DECEMBER 31,
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(Dollars in Thousands) 1997 1996 1995 1994 1993
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Net earnings $ 13,790 $ 11,338 $ 7,197 $ 8,998 $ 8,608
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Average assets $ 2,264,642 $ 2,147,005 $ 2,003,137 $ 1,647,062 $ 1,308,158
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Average equity $ 121,027 $ 107,570 $ 96,520 $ 88,102 $ 77,357
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RETURN ON AVERAGE ASSETS 0.61% 0.53% 0.36% 0.55% 0.66%
RETURN ON AVERAGE EQUITY 11.39% 10.54% 7.46% 10.21% 11.13%
Average equity $ 121,027 $ 107,570 $ 96,520 $ 88,102 $ 77,357
less: Average intangibles (204) (237) (35) (3,467) (3,744)
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Average tangible equity $ 120,832 $ 107,333 $ 96,485 $ 84,626 $ 73,613
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Average assets $ 2,264,642 $ 2,147,005 $ 2,003,137 $ 1,647,062 $ 1,308,158
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AVERAGE TANGIBLE EQUITY TO
AVERAGE ASSETS 5.34% 5.00% 4.82% 5.14% 5.63%
Average interest earning assets $ 2,196,531 $ 2,080,634 $ 1,927,570 $ 1,582,928 $ 1,236,440
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Average interest bearing liabilities $ 2,121,527 $ 2,013,602 $ 1,891,902 $ 1,555,139 $ 1,224,120
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AVERAGE INTEREST EARNING
ASSETS TO AVERAGE INTEREST
BEARING LIABILITIES 103.54% 103.33% 101.89% 101.79% 101.01%
Net interest income after provisions
for loan losses $ 45,231 $ 43,109 $ 35,585 $ 36,696 $ 35,268
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Operating expenses $ 33,040 $ 44,067 $ 33,151 $ 32,069 $ 25,527
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NET INTEREST INCOME
AFTER PROVISIONS FOR
LOSSES, TO OTHER EXPENSE 136.90% 97.83% 107.34% 114.43% 138.16%
Operating expenses $ 33,040 $ 44,067 $ 33,151 $ 32,069 $ 25,527
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Average assets $ 2,264,642 $ 2,147,005 $ 2,003,137 $ 1,647,062 $ 1,308,158
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OTHER EXPENSE TO
AVERAGE ASSETS 1.46% 2.05% 1.65% 1.95% 1.95%