49
EXHIBIT 12.1
Statement Regarding Computation of Ratios
50
Computation of Ratios
- ---------------------------------
The following formulas were used to calculate the ratios in Financial
Information and Supplementary Data, page 47, Selected Financial Data for the
years ended December 31, 1999, 1998, 1997, 1996 and 1995, included in this
report.
(Calculation)
Net Income / Weighted average shares of common stock outstanding for the period
= Earnings Per Share
December 31,
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
Net Income $2,450,381 $2,033,025 $ 1,930,568 $1,643,994 $1,470,347
Weighted Average
Shares Outstanding 1,508,526 1,508,526 1,508,526 1,508,526 1,508,526
Per Share Amount $1.62 $1.35 $1.28 $1.09 $ .97
(Calculation)
Cash dividends/ Shares issued
= Cash dividends declared per share
December 31,
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
Cash dividends $ 827,247 $ 732,677 $ 652,936 $ 573,698 $ 410,525
Shares issued 1,508,526 1,508,526 1,508,526 1,508,526 1,508,526
Per Share Amount $.55 $.49 $.43 $.38 $.27
(Calculation)
Stockholders' Equity/ Shares issued
= Book Value per share
December 31,
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
Stockholders' Equity $16,055,472 $15,460,938 $14,128,995 $12,649,278 $11,709,207
Shares issued 1,508,526 1,508,526 1,508,526 1,508,526 1,508,526
Per Share Amount $10.64 $10.25 $ 9.37 $ 8.39 $ 7.76
51
(Calculation)
Net Income / Total average assets
= Return on Average Assets
(In thousands)
December 31,
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
Net Income $ 2,450 $ 2,033 $ 1,931 $ 1,644 $ 1,470
Total Average Assets $183,436 $164,630 $153,290 $137,810 $124,145
Return on Average Assets 1.34% 1.23% 1.26% 1.19% 1.18%
(Calculation)
Net Income / Average stockholders' equity
= Return on Average Equity
(In thousands)
December 31,
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
Net Income $ 2,450 $ 2,033 $ 1,931 $ 1,644 $ 1,470
Total Average
Stockholders' Equity $16,087 $14,697 $13,400 $12,186 $11,170
Return on Average Equity 15.23% 13.83% 14.41% 13.49% 13.16%
(Calculation)
Average Equity / Average stockholders' equity
= Average Equity to Average Assets
(In thousands)
December 31,
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
Total Average
Stockholders' Equity $ 16,087 $ 14,697 $ 13,400 $ 12,186 $ 11,170
Total Average Assets $183,436 $164,630 $153,290 $137,810 $124,145
Average Equity
to Average Assets 8.77% 8.93% 8.74% 8.84% 9.00%
52
(Calculation)
Cash dividends per share / Net income per share
= Dividend Payout Ratio
December 31,
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
Cash dividends
per share $ .55 $ .49 $ .43 $ .38 $ .27
Net income per share $1.62 $1.35 $1.28 $1.09 $ .97
Dividend Payout Ratio 33.95% 36.30% 33.59% 34.86% 27.84%
(Calculation)
Loans/ Total deposits
= Loan to Deposit Ratio
December 31,
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
Loans $110,488,432 $103,555,319 $ 95,373,653 $ 80,416,680 $ 72,006,276
Total deposits $161,557,932 $147,784,819 $137,044,813 $125,271,069 $114,895,154
Loan to Deposit Ratio 68.39% 70.07% 69.59% 64.19% 62.67%