EXHIBIT 12.1
Statement Regarding Computation of Ratios
Computation of Ratios
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The following formulas were used to calculate the ratios in Financial
Information and Supplementary Data, page 42, Selected Financial Data for the
years ended December 31, 1997, 1996, 1995, 1994 and 1993, included in this
report.
(Calculation)
Net Income/Weighted average shares of common stock outstanding for the period
= Earnings Per Share
December 31,
1997 1996 1995 1994 1993
----------- ----------- ----------- ----------- -----------
Net Income $ 1,930,568 $ 1,643,994 $ 1,470,347 $ 1,287,713 $ 1,192,614
Weighted Average
Shares Outstanding 1,209,085 1,209,085 1,209,085 1,208,987 1,206,498
Per Share Amount $ 1.60 $ 1.36 $ 1.22 $ 1.07 $ .99
(Calculation)
Cash dividends/ Shares issued
= Cash dividends declared per share
December 31,
1997 1996 1995 1994 1993
----------- ----------- ----------- ----------- -----------
Cash dividends $ 652,936 $ 573,698 $ 410,525 $ 448,535 $ 410,130
Shares issued 1,209,085 1,209,085 1,209,085 1,209,085 1,209,085
Per Share Amount $ .54 $ .47 $ .34 $ .37 $ .34
(Calculation)
Stockholders' Equity/ Shares issued
= Book Value per share
December 31,
1997 1996 1995 1994 1993
----------- ----------- ----------- ----------- -----------
Stockholders' Equity $14,128,995 $12,649,278 $11,709,207 $10,367,843 $ 9,755,475
Shares issued 1,209,085 1,209,085 1,209,085 1,209,085 1,209,085
Per Share Amount $ 11.69 $ 10.46 $ 9.68 $ 8.58 $ 8.07
(Calculation)
Net Income / Total average assets
= Return on Average Assets
(In thousands)
December 31,
1997 1996 1995 1994 1993
----------- ----------- ----------- ----------- -----------
Net Income $ 1,931 $ 1,644 $ 1,470 $ 1,288 $ 1,193
Total Average Assets $ 153,290 $ 137,810 $ 124,145 $ 117,996 $ 115,765
Return on Average Assets 1.26% 1.19% 1.18% 1.09% 1.03%
(Calculation)
Net Income/Average stockholders' equity
= Return on Average Equity
(In thousands)
December 31,
1997 1996 1995 1994 1993
----------- ----------- ----------- ----------- -----------
Net Income $ 1,931 $ 1,644 $ 1,470 $ 1,288 $ 1,193
Total Average
Stockholders' Equity $ 13,400 $ 12,186 $ 11,170 $ 10,253 $ 9,252
Return on Average Equity 14.41% 13.49% 13.16% 12.56% 12.89%
(Calculation)
Average Equity / Average stockholders' equity
= Average Equity to Average Assets
(In thousands)
December 31,
1997 1996 1995 1994 1993
----------- ----------- ----------- ----------- -----------
Total Average
Stockholders' Equity $ 13,400 $ 12,186 $ 11,170 $ 10,253 $ 9,252
Total Average Assets $ 153,290 $ 137,810 $ 124,145 $ 117,996 $ 115,765
Average Equity
to Average Assets 8.74% 8.84% 9.00% 8.69% 7.99%
(Calculation)
Cash dividends per share/Net income per share
= Dividend Payout Ratio
December 31,
1997 1996 1995 1994 1993
----------- ----------- ----------- ----------- -----------
Cash dividends
per share $ .54 $ .47 $ .34 $ .37 $ .34
Net income per share $ 1.60 $ 1.36 $ 1.22 $ 1.07 $ .99
Dividend Payout Ratio 33.75% 34.56% 27.87% 34.58% 34.34%
(Calculation)
Loans/ Total deposits
= Loan to Deposit Ratio
December 31,
1997 1996 1995 1994 1993
------------ ------------ ------------ ------------ ------------
Loans $ 95,373,653 $ 80,416,680 $ 72,006,276 $ 61,667,148 $ 55,838,361
Total deposits $137,044,813 $125,271,069 $114,895,154 $105,730,236 $105,790,970
Loan to Deposit Ratio 69.59% 64.19% 62.67% 58.32% 52.78%