EX-12.1 3 j0288_ex12d1.htm EX-12.1

Exhibit 12.1

 

COMMUNITY FIRST BANKSHARES, INC.

 

COMMUNITY FIRST BANKSHARES, INC.

HISTORICAL CONSOLIDATED FINANCIAL DATA

 

 

 

 

 

Three Months Ended
March 31,

 

Year Ended December 31,

 

 

 

2003

 

2002

 

2002

 

2001

 

2000

 

1999

 

1998

 

 

 

(Dollars in thousands, except per share data)

 

Historical Operating Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

82,858

 

$

91,740

 

$

358,183

 

$

434,016

 

$

477,558

 

$

465,206

 

$

467,270

 

Interest expense

 

17,964

 

25,154

 

89,928

 

162,220

 

210,281

 

185,818

 

194,787

 

Net interest income

 

64,894

 

66,586

 

268,255

 

271,796

 

267,277

 

279,388

 

272,483

 

Provision for loan losses

 

3,487

 

3,315

 

13,262

 

17,520

 

15,781

 

20,184

 

23,136

 

Net interest income after provision for loan losses

 

61,407

 

63,271

 

254,993

 

254,276

 

251,496

 

259,204

 

249,347

 

Noninterest income

 

20,927

 

19,000

 

81,319

 

79,575

 

77,860

 

74,742

 

64,867

 

Noninterest expense

 

53,480

 

53,109

 

217,555

 

235,316

 

221,974

 

220,460

 

242,248

 

Income from continuing operations before income taxes

 

28,854

 

29,162

 

118,757

 

98,535

 

107,382

 

113,486

 

71,966

 

Provision for income taxes

 

9,453

 

9,901

 

39,549

 

33,476

 

35,748

 

38,573

 

22,595

 

Income from continuing operations before

 

19,401

 

19,261

 

79,208

 

65,059

 

71,634

 

74,913

 

49,371

 

Discontinued Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations, net of taxes

 

0

 

0

 

0

 

0

 

0

 

0

 

(2,232

)

Disposal of discontinued operations

 

0

 

0

 

0

 

0

 

0

 

0

 

(1,676

)

Net income applicable to common equity

 

$

19,401

 

$

19,261

 

$

79,208

 

$

65,059

 

$

71,634

 

$

74,913

 

$

45,463

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common and common equivalent share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share from continuing operations effect of accounting change

 

$

0.50

 

$

0.48

 

$

2.00

 

$

1.59

 

$

1.55

 

$

1.50

 

$

0.98

 

Discontinued operations

 

0.00

 

0.00

 

0.00

 

0.00

 

0.00

 

0.00

 

(0.08

)

Basic net income

 

$

0.50

 

$

0.48

 

$

2.00

 

$

1.59

 

$

1.55

 

$

1.50

 

$

0.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per share from continuing operations

 

$

0.50

 

$

0.47

 

$

1.97

 

$

1.57

 

$

1.54

 

$

1.48

 

$

0.96

 

Discontinued operations

 

0.00

 

0.00

 

0.00

 

0.00

 

0.00

 

0.00

 

(0.07

)

Diluted net income

 

$

0.50

 

$

0.47

 

$

1.97

 

$

1.57

 

$

1.54

 

$

1.48

 

$

0.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid

 

0.22

 

0.19

 

0.80

 

0.68

 

0.60

 

0.56

 

0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

38,601,216

 

39,984,092

 

39,564,912

 

40,905,545

 

46,219,120

 

50,061,972

 

50,272,551

 

Diluted

 

39,111,903

 

40,644,637

 

40,243,135

 

41,471,404

 

46,578,750

 

50,670,559

 

51,114,703

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historical Operating Ratios and Other Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

1.38

%

1.38

%

1.40

%

1.11

%

1.16

%

1.20

%

0.75

%

Return on average common shareholders’ equity

 

21.01

%

22.03

%

21.76

%

18.66

%

19.90

%

18.07

%

11.03

%

Net interest margin

 

5.15

%

5.36

%

5.33

%

5.23

%

4.90

%

5.06

%

5.12

%

Dividend payout ratio

 

44.00

%

40.43

%

40.61

%

43.31

%

38.96

%

37.84

%

49.44

%

Net charge-offs to average loans

 

0.54

%

0.32

%

0.33

%

0.39

%

0.34

%

0.66

%

0.43

%

Ratio of earnings to fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excluding interest on deposits

 

9.86

 

9.13

 

9.27

 

5.16

 

3.62

 

4.27

 

3.58

 

Including interest on deposits

 

2.61

 

2.16

 

2.32

 

1.61

 

1.51

 

1.61

 

1.37

 

Historical Financial Condition Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

$

5,743,993

 

$

5,657,926

 

$

5,827,170

 

$

5,772,326

 

$

6,089,729

 

$

6,302,235

 

$

6,239,772

 

Loans

 

3,494,772

 

3,654,691

 

3,577,893

 

3,736,692

 

3,738,202

 

3,690,353

 

3,537,537

 

Investment securities

 

1,783,487

 

1,534,839

 

1,752,610

 

1,513,831

 

1,787,732

 

2,011,765

 

2,097,443

 

Deposits

 

4,542,720

 

4,589,575

 

4,669,746

 

4,750,813

 

5,019,891

 

4,909,863

 

5,101,065

 

Short-term borrowings

 

467,889

 

350,202

 

453,490

 

342,639

 

409,710

 

724,425

 

435,726

 

Long-term debt

 

117,500

 

132,478

 

127,500

 

136,841

 

123,957

 

75,622

 

93,524

 

Company-obligated mandatorily redeemable preferred securities of subsidiary trusts

 

180,000

 

120,000

 

120,000

 

120,000

 

120,000

 

120,000

 

120,000

 

Common shareholders’ equity

 

377,834

 

352,040

 

378,449

 

356,705

 

345,431

 

407,269

 

424,656

 

Book value per common share

 

9.83

 

8.83

 

9.78

 

8.86

 

8.25

 

8.12

 

8.49

 

Tangible book value per common share

 

7.36

 

6.39

 

7.32

 

6.44

 

5.50

 

5.60

 

5.83

 

Historical Financial Condition Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming assets to total loans and OREO

 

1.00

%

0.65

%

0.81

%

0.64

%

0.70

%

0.88

%

0.78

%

Allowance for loan losses to total loans

 

1.57

%

1.52

%

1.57

%

1.47

%

1.40

%

1.32

%

1.47

%

Allowance for loan losses to nonperforming loans

 

195

%

263

%

245

%

261

%

221

%

188

%

228

%

Average shareholders’ equity to average loans

 

6.57

%

6.27

%

6.45

%

5.95

%

5.83

%

6.64

%

6.83

%

Regulatory capital ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 capital

 

9.44

%

8.92

%

8.98

%

8.67

%

8.13

%

10.01

%

9.44

%

Total capital

 

12.92

%

12.85

%

11.04

%

11.11

%

10.73

%

12.45

%

12.09

%

Leverage ratio

 

6.72

%

6.63

%

6.52

%

6.51

%

5.94

%

7.16

%

6.47

%

Efficiency ratio

 

61.31

%

60.64

%

60.89

%

63.32

%

62.86

%

60.12

%

67.16

%

 

1

 

 

COMMUNITY FIRST BANKSHARES, INC.

CALCULATION OF EARNINGS TO FIXED CHARGES

 

 

 

Three Months Ended
March 31,

 

Year Ended December 31,

 

 

 

2003

 

2002

 

2002

 

2001

 

2000

 

1999

 

1998

 

Income before taxes & extraordinary item and cumulative effect of accounting change

 

$

28,854

 

$

29,162

 

$

118,757

 

$

98,535

 

$

107,382

 

$

113,486

 

$

71,966

 

Add:  fixed charges

 

17,964

 

25,154

 

89,928

 

162,220

 

210,281

 

185,818

 

194,787

 

Earnings including interest exp-deposits (a)

 

46,818

 

54,316

 

208,685

 

260,755

 

317,663

 

299,304

 

266,753

 

Less: interest expense — deposits

 

(14,707

)

(21,568

)

(75,572

)

(138,542

)

(169,281

)

(151,138

)

(166,873

)

Earnings excluding interest exp-deposits (b)

 

$

32,111

 

$

32,748

 

$

133,113

 

$

122,213

 

$

148,382

 

$

148,166

 

$

99,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense - deposits

 

$

14,707

 

$

21,568

 

$

75,572

 

$

138,542

 

$

169,281

 

$

151,138

 

$

166,873

 

Interest expense - borrowings

 

3,257

 

3,586

 

14,356

 

23,678

 

41,000

 

34,680

 

27,914

 

Fixed charges incl interest exp-deposits (c)

 

17,964

 

25,154

 

89,928

 

162,220

 

210,281

 

185,818

 

194,787

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: interest expense - deposits

 

(14,707

)

(21,568

)

(75,572

)

(138,542

)

(169,281

)

(151,138

)

(166,873

)

Fixed charges excl interest exp-deposits (d)

 

$

3,257

 

$

3,586

 

$

14,356

 

$

23,678

 

$

41,000

 

$

34,680

 

$

27,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings to combined fixed charges and preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excluding interest on deposits  (b) / (d)

 

9.86

 

9.13

 

9.27

 

5.16

 

3.62

 

4.27

 

3.58

 

Including interest on deposits  (a) / (c)

 

2.61

 

2.16

 

2.32

 

1.61

 

1.51

 

1.61

 

1.37

 

 

2