45
EXHIBIT 12.1
Statement Regarding Computation of Ratios
46
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, 1998, 1997, 1996, 1995 and 1994, included in this
report.
(Calculation)
Net Income / Weighted average shares of common stock outstanding for the
period
= Earnings Per Share
December 31,
1998 1997 1996 1995 1994
------ ------ ------ ------ ------
Net Income $ 2,033,025 $ 1,930,568 $ 1,643,994 $ 1,470,347 $ 1,287,713
Weighted Average
Shares Outstanding 1,257,252 1,257,252 1,257,252 1,257,252 1,257,154
Per Share Amount $1.62 $1.54 $1.31 $1.17 $1.02
(Calculation)
Cash dividends/ Shares issued
= Cash dividends declared per share
December 31,
1998 1997 1996 1995 1994
------ ------ ------ ------ ------
Cash dividends $ 732,677 $ 652,936 $ 573,698 $ 410,525 $ 448,535
Shares issued 1,257,252 1,257,252 1,257,252 1,257,252 1,257,154
Per Share Amount $.58 $.52 $.46 $.33 $.36
(Calculation)
Stockholders' Equity/ Shares issued
= Book Value per share
December 31,
1998 1997 1996 1995 1994
------ ------ ------ ------ ------
Stockholders' Equity $15,460,938 $14,128,995 $12,649,278 $11,709,207 $10,367,843
Shares issued 1,257,252 1,257,252 1,257,252 1,257,252 1,257,154
Per Share Amount $12.30 $11.24 $10.06 $ 9.31 $ 8.25
47
(Calculation)
Net Income / Total average assets
= Return on Average Assets
(In thousands)
December 31,
1998 1997 1996 1995 1994
------ ------ ------ ------ ------
Net Income $ 2,033 $ 1,931 $ 1,644 $ 1,470 $ 1,288
Total Average Assets $ 164,630 $ 153,290 $ 137,810 $ 124,145 $ 117,996
Return on Average Assets 1.23% 1.26% 1.19% 1.18% 1.09%
(Calculation)
Net Income / Average stockholders' equity
= Return on Average Equity
(In thousands)
December 31,
1998 1997 1996 1995 1994
------ ------ ------ ------ ------
Net Income $ 2,033 $ 1,931 $ 1,644 $ 1,470 $ 1,288
Total Average
Stockholders' Equity $ 14,697 $ 13,400 $ 12,186 $ 11,170 $ 10,253
Return on Average Equity 13.83% 14.41% 13.49% 13.16% 12.56%
(Calculation)
Average Equity / Average stockholders' equity
= Average Equity to Average Assets
(In thousands)
December 31,
1998 1997 1996 1995 1994
------ ------ ------ ------ ------
Total Average
Stockholders' Equity $ 14,697 $ 13,400 $ 12,186 $ 11,170 $ 10,253
Total Average Assets $ 164,630 $ 153,290 $ 137,810 $ 124,145 $ 117,996
Average Equity
to Average Assets 8.93% 8.74% 8.84% 9.00% 8.69%
48
(Calculation)
Cash dividends per share / Net income per share
= Dividend Payout Ratio
December 31,
1998 1997 1996 1995 1994
------ ------ ------ ------ ------
Cash dividends
per share $ .58 $ .52 $ .46 $ .33 $ .36
Net income per share $ 1.62 $ 1.54 $ 1.31 $ 1.17 $ 1.02
Dividend Payout Ratio 35.80% 33.77% 35.11% 28.21% 35.29%
(Calculation)
Loans/ Total deposits
= Loan to Deposit Ratio
December 31,
1998 1997 1996 1995 1994
------ ------ ------ ------ ------
Loans $103,555,319 $95,373,653 $80,416,680 $72,006,276 $61,667,148
Total deposits $147,784,819 $137,044,813 $125,271,069 $114,895,154 $105,730,236
Loan to Deposit Ratio 70.07% 69.59% 64.19% 62.67% 58.32%