EX-12.1 9 a04-1310_1ex12d1.htm EX-12.1

Exhibit 12.1

 

COMMUNITY FIRST BANKSHARES, INC.

 

COMMUNITY FIRST BANKSHARES

HISTORICAL CONSOLIDATED FINANCIAL DATA

 

 

 

 

 

Year Ended December 31,

 

 

 

2003

 

2002

 

2001

 

2000

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

Historical Operating Data:

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

309,242

 

$

354,701

 

$

430,473

 

$

474,205

 

$

461,883

 

Interest expense

 

70,538

 

100,655

 

172,811

 

220,843

 

196,380

 

Net interest income

 

238,704

 

254,046

 

257,662

 

253,362

 

265,503

 

Provision for loan losses

 

12,602

 

13,262

 

17,520

 

15,781

 

20,184

 

Net interest income after provision for loan losses

 

226,102

 

240,784

 

240,142

 

237,581

 

245,319

 

Noninterest income

 

92,693

 

85,123

 

83,436

 

81,530

 

78,382

 

Noninterest expense

 

206,859

 

207,150

 

225,043

 

211,729

 

210,215

 

Income before income taxes

 

111,936

 

118,757

 

98,535

 

107,382

 

113,486

 

Provision for income taxes

 

36,915

 

39,549

 

33,476

 

35,748

 

38,573

 

Net income applicable to common equity

 

$

75,021

 

$

79,208

 

$

65,059

 

$

71,634

 

$

74,913

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common and common equivalent share:

 

 

 

 

 

 

 

 

 

 

 

Basic net income

 

$

1.97

 

$

2.00

 

$

1.59

 

$

1.55

 

$

1.50

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income

 

$

1.95

 

$

1.97

 

$

1.57

 

$

1.54

 

$

1.48

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid

 

0.90

 

0.80

 

0.68

 

0.60

 

0.56

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

Basic

 

38,107,796

 

39,564,912

 

40,905,545

 

46,219,120

 

50,061,972

 

Diluted

 

38,553,806

 

40,243,135

 

41,471,404

 

46,578,750

 

50,670,559

 

 

 

 

 

 

 

 

 

 

 

 

 

Historical Operating Ratios and Other Data:

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

1.34

%

1.40

%

1.11

%

1.16

%

1.20

%

Return on average common shareholders’ equity

 

20.50

%

21.76

%

18.66

%

19.90

%

18.07

%

Net interest margin

 

4.84

%

5.09

%

4.99

%

4.67

%

4.85

%

Dividend payout ratio

 

46.15

%

40.61

%

43.31

%

38.96

%

37.84

%

Net charge-offs to average loans

 

0.48

%

0.33

%

0.39

%

0.34

%

0.66

%

Ratio of earnings to fixed charges (2):

 

 

 

 

 

 

 

 

 

 

 

Excluding interest on deposits

 

6.09

 

5.73

 

3.88

 

3.08

 

3.51

 

Including interest on deposits

 

2.59

 

2.18

 

1.57

 

1.49

 

1.58

 

Historical Financial Condition Data:

 

 

 

 

 

 

 

 

 

 

 

Assets

 

$

5,465,107

 

$

5,830,850

 

$

5,775,778

 

$

6,093,219

 

$

6,305,871

 

Loans

 

3,323,572

 

3,577,893

 

3,736,692

 

3,738,202

 

3,690,353

 

Investment securities (3)

 

1,563,419

 

1,672,445

 

1,437,066

 

1,714,510

 

1,937,517

 

Deposits

 

4,389,210

 

4,669,746

 

4,750,813

 

5,019,891

 

4,909,863

 

Short-term borrowings

 

442,266

 

453,490

 

342,639

 

409,710

 

724,425

 

Long-term debt

 

222,211

 

251,211

 

260,552

 

247,668

 

199,333

 

Common shareholders’ equity

 

361,800

 

378,449

 

356,705

 

345,431

 

407,269

 

Book value per common share

 

9.68

 

9.78

 

8.86

 

8.25

 

8.12

 

Tangible book value per common share

 

7.17

 

7.32

 

6.44

 

5.50

 

5.60

 

Historical Financial Condition Ratios:

 

 

 

 

 

 

 

 

 

 

 

Nonperforming assets to total loans and OREO

 

0.79

%

0.81

%

0.64

%

0.70

%

0.88

%

Allowance for loan losses to total loans

 

1.57

%

1.57

%

1.47

%

1.40

%

1.32

%

Allowance for loan losses to nonperforming loans

 

251

%

245

%

261

%

221

%

188

%

Average shareholders’ equity to average loans

 

6.56

%

6.45

%

5.95

%

5.82

%

6.64

%

Regulatory capital ratios:

 

 

 

 

 

 

 

 

 

 

 

Tier 1 capital

 

9.76

%

8.98

%

8.67

%

8.13

%

10.01

%

Total capital

 

11.42

%

11.04

%

11.11

%

10.73

%

12.45

%

Leverage ratio

 

6.99

%

6.52

%

6.51

%

5.94

%

7.15

%

Efficiency ratio

 

62.24

%

60.12

%

62.64

%

62.14

%

59.22

%

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

$

111,936

 

$

118,757

 

$

98,535

 

$

107,382

 

$

113,486

 

Add:  fixed charges

 

70,538

 

100,655

 

172,811

 

220,843

 

196,380

 

Earnings including interest exp-deposits

(a)

182,474

 

219,412

 

271,346

 

328,225

 

309,866

 

Less: interest expense - deposits

 

(48,559

)

(75,572

)

(138,542

)

(169,281

)

(151,138

)

Earnings excluding interest exp-deposits

(b)

$

133,915

 

$

143,840

 

$

132,804

 

$

158,944

 

$

158,728

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense - deposits

 

$

48,559

 

$

75,572

 

$

138,542

 

$

169,281

 

$

151,138

 

Interest expense - borrowings

 

21,979

 

25,083

 

34,269

 

51,562

 

45,242

 

Fixed charges incl interest exp-deposits

(c)

70,538

 

100,655

 

172,811

 

220,843

 

196,380

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: interest expense - deposits

 

(48,559

)

(75,572

)

(138,542

)

(169,281

)

(151,138

)

Fixed charges excl interest exp-deposits

(d)

$

21,979

 

$

25,083

 

$

34,269

 

$

51,562

 

$

45,242

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings to combined fixed charges and preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

Excluding interest on deposits (b) / (d)

 

6.09

 

5.73

 

3.88

 

3.08

 

3.51

 

Including interest on deposits  (a) / (c)

 

2.59

 

2.18

 

1.57

 

1.49

 

1.58

 

 

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