EXHIBIT 12
Statement Regarding Computation of Ratios
The following formulas were used to calculate the ratios in the Selected
Financial Data for the years ended December 31, 1999, 1998, 1997, 1996 and
1995, included in this report as Exhibit 13.
(Calculation)
Net Income/Weighted average shares of common stock outstanding for the period
= Earnings Per Share.
December 31,
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1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- -----------
Net income $ 3,018,327 $ 2,915,961 $ 3,005,462 $ 2,746,981 $ 2,626,728
Weighted Average
Shares Outstanding 705,331 666,779 665,215 669,465 675,000
Per Share Amount $ 4.28 $ 4.37 $ 4.52 $4.10 $ 3.89
Cash dividends/Average
Shares Outstanding =
Cash dividends declared
Per share
December 31,
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1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- -----------
Cash dividends $ 881,664 $ 718,882 $ 611,412 $ 507,792 $ 438,750
Average shares outstanding 705,331 684,650 664,578 668,147 675,000
Per Share Amount $ 1.25 $ 1.05 $ .92 $ .76 $ .65
Shareholders' Equity/Shares
Outstanding at period end =
Book Value per share
December 31,
---------------------------------------------------------------------------
1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- -----------
Shareholders' Equity $28,916,718 $27,437,211 $22,157,609 $19,933,740 $18,265,569
Shares outstanding 705,331 705,331 661,900 667,500 675,000
Per Share Amount $41.00 $38.90 $33.48 $29.86 $27.06
Net Income/Average
Assets = Return on
Average Assets
(In Thousands)
December 31,
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1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- -----------
Net Income $ 3,018 $ 2,916 $ 3,005 $ 2,747 $ 2,627
Average Assets $234,279 $208,565 $193,923 $175,807 $158,199
Return on Average Assets 1.29% 1.40% 1.55% 1.56% 1.66%
Net Income/Average
Shareholders' equity =
Return on Average Equity
(In Thousands)
December 31,
---------------------------------------------------------------------------
1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- -----------
Net Income $ 3,018 $ 2,916 $ 3,005 $ 2,747 $ 2,627
Average
Shareholders' Equity $ 28,238 $ 23,615 $ 21,067 $ 18,858 $ 17,286
Return on Average Equity 10.69% 12.35% 14.26% 14.57% 15.20%
Cash dividends per share/
Net income per share =
Dividends Payout Ratio
December 31,
---------------------------------------------------------------------------
1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- -----------
Cash dividends per share $ 1.25 $ 1.05 $ .92 $ .76 $ .65
Net income per share $ 4.28 $ 4.37 $ 4.52 $ 4.10 $ 3.89
Dividend Payout Ratio 29.21% 24.03% 20.35% 18.54% 16.71%
Average Equity/Average
Assets = Average Equity
To Average Assets
(In Thousands)
December 31,
---------------------------------------------------------------------------
1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- -----------
Average
Shareholders' Equity $ 28,238 $ 23,615 $ 21,067 $ 18,858 $ 17,286
Average Assets $234,279 $208,565 $193,923 $175,807 $158,199
Average Equity to
Average Assets 12.05% 11.32% 10.86% 10.73% 10.93%
Loans/Total deposits =
Loan to Deposit Ratio
(In Thousands)
December 31,
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1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- -----------
Total loans $143,777 $137,891 $122,034 $116,259 $107,255
Total deposits $201,738 $192,079 $163,809 $157,399 $150,413
Loan to Deposit Ratio 71.27% 71.79% 74.50% 73.86% 71.31%
Allowance for Loan Loss/
Total Loan = Allowance
To Total Loan Ratio
(In Thousands)
December 31,
---------------------------------------------------------------------------
1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- -----------
Allowance $ 1,888 $ 1,851 $ 1,745 $ 1,653 $ 1,545
Total loans $143,777 $137,891 $122,034 $116,259 $107,255
Allowance to total
Loan ratio 1.31% 1.34% 1.43% 1.42% 1.44%