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, 2002, 2001, 2000, 1999 and 1998,
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,
----------------------------------------------------------------
2002 2001 2000 1999 1998
----------- ----------- ---------- ---------- ----------
Net income $ 3,217,544 $ 2,944,565 $ 3,282,921 $ 3,018,327 $ 2,915,961
Weighted Average
Shares Outstanding 687,216 696,674 704,498 705,331 666,779
Per Share Amount $ 4.68 $ 4.23 $ 4.66 $ 4.28 $ 4.37
Cash dividends/Average
Shares Outstanding =
Cash dividends declared
Per share
December 31,
--------------------------------------------------------------
2002 2001 2000 1999 1998
---------- ---------- ---------- ---------- ----------
Cash dividends $1,200,309 $1,113,627 $1,020,487 $ 881,664 $ 718,882
Average shares outstanding 687,216 696,017 703,784 705,331 684,650
Per Share Amount $ 1.75 $ 1.60 $ 1.45 $ 1.25 $ 1.05
Shareholders' Equity/Shares
Outstanding at period end =
Book Value per share
December 31,
-------------------------------------------------------------------
2002 2001 2000 1999 1998
----------- ----------- ----------- ----------- -----------
Shareholders' Equity $34,203,659 $33,037,452 $31,741,165 $28,916,718 $27,437,211
Shares outstanding 686,739 693,287 702,548 705,331 705,331
Per Share Amount $ 49.81 $ 47.65 $ 45.18 $ 41.00 $ 38.90
Net Income/Average
Assets = Return on
Average Assets
(In Thousands)
December 31,
------------------------------------------------------------------
2002 2001 2000 1999 1998
---------- ---------- ---------- ---------- ----------
Net Income $ 3,218 $ 2,945 $ 3,283 $ 3,018 $ 2,916
Average Assets $ 280,598 $ 268,265 $ 250,577 $ 234,279 $ 208,565
Return on Average Assets 1.15% 1.10% 1.31% 1.29% 1.40%
Net Income/Average
Shareholders' equity =
Return on Average Equity
(In Thousands)
December 31,
------------------------------------------------------------------
2002 2001 2000 1999 1998
---------- ---------- ---------- ---------- ----------
Net Income $ 3,218 $ 2,945 $ 3,283 $ 3,018 $ 2,916
Average
Shareholders' Equity $ 31,868 $ 31,534 $ 29,893 $ 28,238 $ 23,615
Return on Average Equity 10.10% 9.34% 10.98% 10.69% 12.35%
Cash dividends per share/
Net income per share =
Dividends Payout Ratio
December 31,
------------------------------------------------------------------
2002 2001 2000 1999 1998
---------- ---------- ---------- ---------- ----------
Cash dividends per share $ 1.75 $ 1.60 $ 1.45 $ 1.25 $ 1.05
Net income per share $ 4.68 $ 4.23 $ 4.66 $ 4.28 $ 4.37
Dividend Payout Ratio 37.31% 37.83% 31.12% 29.21% 24.03%
Average Equity/Average
Assets = Average Equity
To Average Assets
(In thousands)
December 31,
------------------------------------------------------------------
2002 2001 2000 1999 1998
---------- ---------- ---------- ---------- ----------
Average
Shareholders' Equity $ 31,868 $ 31,534 $ 29,893 $ 28,238 $ 23,615
Average Assets $ 280,598 $ 268,265 $ 250,577 $ 234,279 $ 208,565
Average Equity to
Average Assets 11.36% 11.75% 11.93% 12.05% 11.32%
Loans/Total deposits =
Loan to Deposit Ratio
(In thousands)
December 31,
------------------------------------------------------------------
2002 2001 2000 1999 1998
---------- ---------- ---------- ---------- ----------
Total loans $ 175,157 $ 152,158 $ 151,800 $ 143,777 $ 137,891
Total deposits $ 239,039 $ 237,971 $ 219,168 $ 201,738 $ 192,079
Loan to Deposit Ratio 73.28% 63.94% 69.26% 71.27% 71.79%
Allowance for Loan Loss/
Total Loan = Allowance
To Total Loan Ratio
(In thousands)
December 31,
------------------------------------------------------------------
2002 2001 2000 1999 1998
---------- ---------- ---------- ---------- ----------
Allowance $ 2,326 $ 2,261 $ 2,359 $ 1,888 $ 1,851
Total loans $ 175,157 $ 152,158 $ 151,800 $ 143,777 $ 137,891
Allowance to total
Loan ratio 1.33% 1.49% 1.55% 1.31% 1.34%