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, 1998, 1997, 1996, 1995 and
1994, 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,
---------------------------------------------------------------------------
1998 1997 1996 1995 1994
----------- ----------- ----------- ----------- -----------
Net income $ 2,915,961 $ 3,005,462 $ 2,746,981 $ 2,626,728 $ 2,216,437
Weighted Average
Shares Outstanding 666,779 665,215 669,465 675,000 675,000
Per Share Amount $4.37 $4.52 $4.10 $3.89 $3.28
Cash dividends/Average
Shares Outstanding =
Cash dividends declared
Per share
December 31,
---------------------------------------------------------------------------
1998 1997 1996 1995 1994
----------- ----------- ----------- ----------- -----------
Cash dividends $ 718,882 $ 611,412 $ 507,792 $ 438,750 $ 398,250
Average shares outstanding 684,650 664,578 668,147 675,000 675,000
Per Share Amount $1.05 $.92 $.76 $.65 $.59
Stockholders' Equity/Shares
Outstanding at period end =
Book Value per share
December 31,
---------------------------------------------------------------------------
1998 1997 1996 1995 1994
----------- ----------- ----------- ----------- -----------
Shareholders' Equity $27,437,211 $22,157,609 $19,933,740 $18,265,569 $16,003,697
Shares outstanding 705,331 661,900 667,500 675,000 675,000
Per Share Amount $38.90 $33.48 $29.86 $27.06 $23.71
Net Income/Average
Assets = Return on
Average Assets
(In Thousands)
December 31,
----------------------------------------------------
1998 1997 1996 1995 1994
-------- -------- -------- -------- --------
Net Income $ 2,916 $ 3,005 $ 2,747 $ 2,627 $ 2,216
Average Assets $208,565 $193,923 $175,807 $158,199 $145,894
Return on Average Assets 1.40% 1.55% 1.56% 1.66% 1.52%
Net Income/Average
Shareholders' equity =
Return on Average Equity
(In Thousands)
December 31,
----------------------------------------------------
1998 1997 1996 1995 1994
-------- -------- -------- -------- --------
Net Income $ 2,916 $ 3,005 $ 2,747 $ 2,627 $ 2,216
Average
Shareholders' Equity $ 23,615 $ 21,067 $ 18,858 $ 17,286 $ 15,253
Return on Average Equity 12.35% 14.26% 14.57% 15.20% 14.53%
Cash dividends per share/
Net income per share =
Dividends Payout Ratio
(In Thousands)
December 31,
----------------------------------------------------
1998 1997 1996 1995 1994
-------- -------- -------- -------- --------
Cash dividends per share $ 1.05 $ .92 $ .76 $ .65 $ .59
Net income per share $ 4.37 $ 4.52 $ 4.10 $ 3.89 $ 3.28
Dividend Payout Ratio 24.03% 20.35% 18.54% 16.71% 17.99%
Average Equity/Average
Assets = Average Equity
To Average Assets
(In Thousands)
December 31,
----------------------------------------------------
1998 1997 1996 1995 1994
-------- -------- -------- -------- --------
Average
Shareholders' Equity $ 23,615 $ 21,067 $ 18,858 $ 17,286 $ 15,253
Average Assets $208,565 $193,923 $175,807 $158,199 $145,894
Average Equity to
Average Assets 11.32% 10.86% 10.73% 10.93% 10.46%
Loans/Total deposits =
Loan to Deposit Ratio
(In Thousands)
December 31,
----------------------------------------------------
1998 1997 1996 1995 1994
-------- -------- -------- -------- --------
Total loans $137,891 $122,034 $116,259 $107,255 $103,238
Total deposits $192,079 $163,809 $157,399 $150,413 $132,112
Loan to Deposit Ratio 71.79% 74.50% 73.86% 71.31% 78.14%
Allowance for Loan Loss/
Total Loan = Allowance
To Total Loan Ratio
(In Thousands)
December 31,
----------------------------------------------------
1998 1997 1996 1995 1994
-------- -------- -------- -------- --------
Allowance $ 1,851 $ 1,745 $ 1,653 $ 1,545 $ 1,378
Total loans $137,891 $122,034 $116,259 $107,255 $103,238
Allowance to total
Loan ratio 1.34% 1.43% 1.42% 1.44% 1.34%