Attached files
Exhibit 12.1
Computation of Ratios
The following formulas were used to calculate the ratios in Financial Information and Supplementary Data, page 23, Selected Financial Data for the years ended December 31, 2009, 2008, 2007, 2006 and 2005, included in this report as Exhibit 13.1.
(Calculation)
Net Income / Weighted average shares of common stock outstanding for the period
= Earnings Per Share
December 31, | ||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||
Net Income |
$2,304,986 | $2,205,511 | $2,035,962 | $2,143,824 | $2,262,265 | |||||
Weighted Average Shares Outstanding |
1,589,411 | 1,589,411 | 1,589,411 | 1,589,411 | 1,589,411 | |||||
Per Share Amount |
$1.45 | $1.39 | $1.28 | $1.35 | $1.42 |
(Calculation)
Cash dividends/ Shares issued
= Cash dividends declared per share
December 31, | ||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||
Cash dividends |
$1,207,952 | $1,173,201 | $1,161,616 | $1,161,616 | $1,161,616 | |||||
Shares issued |
1,589,411 | 1,589,411 | 1,589,411 | 1,589,411 | 1,589,411 | |||||
Per Share Amount |
$.76 | $.74 | $.73 | $.73 | $.73 |
(Calculation)
Stockholders Equity/ Shares issued
= Book Value per share
December 31, | ||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||
Stockholders Equity |
$30,806,237 | $28,736,558 | $27,214,599 | $25,276,954 | $23,958,629 | |||||
Shares issued |
1,589,411 | 1,589,411 | 1,589,411 | 1,589,411 | 1,589,411 | |||||
Per Share Amount |
$19.38 | $18.08 | $15.86 | $15.90 | $15.07 |
(Calculation)
Net Income / Total average assets
= Return on Average Assets
(In thousands) | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Net Income |
$ | 2,305 | $ | 2,206 | $ | 2,036 | $ | 2,144 | $ | 2,262 | ||||||||||
Total Average Assets |
$ | 266,414 | $ | 258,275 | $ | 253,930 | $ | 262,946 | $ | 270,500 | ||||||||||
Return on Average Assets |
.87 | % | .85 | % | .80 | % | .82 | % | .84 | % |
(Calculation)
Net Income / Average stockholders equity
= Return on Average Equity
(In thousands) | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Net Income |
$ | 2,305 | $ | 2,206 | $ | 2,036 | $ | 2,144 | $ | 2,262 | ||||||||||
Total Average Stockholders Equity |
$ | 28,192 | $ | 27,295 | $ | 26,223 | $ | 25,416 | $ | 24,409 | ||||||||||
Return on Average Equity |
8.18 | % | 8.08 | % | 7.76 | % | 8.44 | % | 9.27 | % |
(Calculation)
Average Equity / Average stockholders equity
= Average Equity to Average Assets
(In thousands) | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Total Average Stockholders Equity |
$ | 28,192 | $ | 27,295 | $ | 26,223 | $ | 25,416 | $ | 24,409 | ||||||||||
Total Average Assets |
$ | 266,414 | $ | 258,275 | $ | 253,930 | $ | 262,946 | $ | 270,500 | ||||||||||
Average Equity to Average Assets |
10.58 | % | 10.57 | % | 10.33 | % | 9.67 | % | 9.02 | % |
(Calculation)
Cash dividends per share / Net income per share
= Dividend Payout Ratio
December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Cash dividends |
||||||||||||||||||||
per share |
$ | .76 | $ | .74 | $ | .73 | $ | .73 | $ | .73 | ||||||||||
Net income per share |
$ | 1.45 | $ | 1.39 | $ | 1.28 | $ | 1.35 | $ | 1.42 | ||||||||||
Dividend Payout Ratio |
52.41 | % | 53.24 | % | 57.03 | % | 54.07 | % | 51.41 | % |
(Calculation)
Loans/ Total deposits
= Loan to Deposit Ratio
December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Loans |
$ | 128,581,422 | $ | 124,634,785 | $ | 121,739,193 | $ | 120,709,320 | $ | 135,214,258 | ||||||||||
Total deposits |
$ | 221,245,997 | $ | 206,385,267 | $ | 203,126,831 | $ | 210,408,415 | $ | 218,817,301 | ||||||||||
Loan to Deposit Ratio |
58.12 | % | 60.39 | % | 59.93 | % | 57.37 | % | 61.79 | % |