EX-12.3 6 j8261_ex12d3.htm EX-12.3

EXHIBIT 12.3

 

COMPUTATION OF OPERATING CASH PERFORMANCE RATIOS

 

 

 

Years Ended December 31,

 

 

 

2002

 

2001

 

2000

 

 

 

(Dollars in Thousands)

 

Operating Cash Earnings:

 

 

 

 

 

 

 

 

Net income

 

$

25,587

 

$

16,188

 

$

13,653

 

Add acquisition and conversion costs, net of tax

 

 

187

 

 

Add goodwill amortization, net of tax

 

 

2,538

 

2,494

 

 

 

 

 

 

 

 

 

Operating cash earnings

 

$

25,587

 

$

18,913

 

$

16,147

 

 

 

 

 

 

 

 

 

Operating Cash Earnings Per Share - Diluted:

 

 

 

 

 

 

 

Operating cash earnings per share

 

$

25,587

 

$

18,913

 

$

16,147

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - diluted

 

12,241

 

11,257

 

10,834

 

 

 

 

 

 

 

 

 

Operating cash earnings per share - diluted

 

$

2.09

 

$

1.68

 

$

1.49

 

 

 

 

 

 

 

 

 

Return on Average  Shareholders’ Equity:

 

 

 

 

 

 

 

Operating cash earnings per share

 

$

25,587

 

$

18,913

 

$

16,147

 

 

 

 

 

 

 

 

 

Average shareholders’ equity

 

$

184,168

 

$

154,008

 

$

124,172

 

 

 

 

 

 

 

 

 

Return on average shareholders’ equity (annualized)

 

13.9

%

12.3

%

13.0

%

 

 

 

 

 

 

 

 

Return on Average Assets:

 

 

 

 

 

 

 

Operating cash earnings

 

$

25,587

 

$

18,913

 

$

16,147

 

 

 

 

 

 

 

 

 

Average assets

 

$

3,201,929

 

$

2,788,471

 

$

2,632,907

 

 

 

 

 

 

 

 

 

Return on average assets (annualized)

 

0.80

%

0.68

%

0.62

%

 

 

 

 

 

 

 

 

Operating Efficiency:

 

 

 

 

 

 

 

Operating expenses

 

$

80,943

 

$

73,293

 

$

67,968

 

Less acquisition and conversion costs

 

 

283

 

 

Less goodwill and intangible amortization

 

644

 

5,377

 

5,490

 

 

 

 

 

 

 

 

 

Operating expenses, adjusted

 

$

80,299

 

$

67,633

 

$

62,478

 

 

 

 

 

 

 

 

 

Other income, excluding acquisition-related adjustments

 

$

29,080

 

$

20,721

 

$

14,488

 

Net interest income

 

100,348

 

84,869

 

79,766

 

 

 

 

 

 

 

 

 

Total revenue

 

$

129,428

 

$

105,590

 

$

94,254

 

 

 

 

 

 

 

 

 

Operating efficiency

 

62.0

%

64.1

%

66.3

%