COMPUTATION OF RATIOS
EXHIBIT 12.1
Statement Regarding Computation of Ratios
page 42
Computation of Ratios
- ---------------------
The following formulas were used to calculate the ratios in Financial
Information and Supplementary Data, page 50, Selected Financial Data for the
years ended December 31, 1996, 1995, 1994, 1993 and 1992, included in this
report.
(Calculation)
Net Income / Weighted average shares of common stock outstanding for the
period = Earnings Per Share
December 31,
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
Net Income $1,643,994 $1,470,347 $1,287,713 $1,192,614 $ 563,091
Weighted Average
Shares Outstanding 806,107 806,107 806,009 803,520 632,594
Per Share Amount $2.04 $1.82 $1.60 $1.48 $.89
(Calculation)
Cash dividends/ Shares issued
= Cash dividends declared per share
December 31,
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
Cash dividends $ 573,698 $ 410,525 $ 448,535 $ 410,130 $ $293,544
Shares issued 806,107 806,107 806,107 806,107 634,107
Per Share Amount $.71 $.51 $.56 $.51 $.46
(Calculation)
Stockholders' Equity/ Shares issued
= Book Value per share
December 31,
1996 1995 1994 1993 1992
----------- ----------- ----------- ----------- -----------
Stockholders' Equity $12,649,278 $11,709,207 $10,367,843 $9,755,475 $6,940,715
Shares issued 806,107 806,107 806,107 806,107 634,107
Per Share Amount $15.69 $14.53 $12.86 $12.10 $10.95
page 43
(Calculation)
Net Income / Total average assets
= Return on Average Assets
(In thousands)
December 31,
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
Net Income $ 1,644 $ 1,470 $ 1,288 $ 1,193 $ 563
Total Average Assets $ 137,810 $ 124,145 $ 117,996 $ 115,765 $ 92,491
Return on Average Assets 1.19% 1.18% 1.09% 1.03% .61%
(Calculation)
Net Income / Average stockholders' equity
= Return on Average Equity
(In thousands)
December 31,
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
Net Income $ 1,644 $ 1,470 $ 1,288 $ 1,193 $ 563
Total Average
Stockholders' Equity $ 12,186 $ 11,170 $ 10,253 $ 9,252 $ 6,783
Return on Average Equity 13.49% 13.16% 12.56% 12.89% 8.30%
(Calculation)
Average Equity / Assets
= Average Equity to Average Assets
(In thousands)
December 31,
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
Total Average
Stockholders' Equity $ 12,186 $ 11,170 $ 10,253 $ 9,252 $ 6,783
Total Average Assets $ 137,810 $ 124,145 $ 117,996 $ 115,765 $ 92,491
Average Equity
to Average Assets 8.84% 9.00% 8.69% 7.99% 7.33%
page 44
(Calculation)
Cash dividends per share / Net income per share
= Dividend Payout Ratio
December 31,
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
Cash dividends
per share $.71 $.51 $.56 $.51 $.46
Net income per share $2.04 $1.82 $1.60 $1.48 $.89
Dividend Payout Ratio 34.80% 28.02% 35.00% 34.46% 51.69%
(Calculation)
Loans/ Total deposits
= Loan to Deposit Ratio
December 31,
1996 1995 1994 1993 1992
------------ ------------ ------------ ------------ ------------
Loans $ 80,416,680 $ 72,006,276 $ 61,667,148 $ 55,838,361 $ 47,914,203
Total deposits $125,271,069 $114,895,154 $105,730,236 $105,790,970 $ 86,758,759
Loan to Deposit Ratio 64.19% 62.67% 58.32% 52.78% 55.23%
page 45