Exhibit 12.1
Statement of Ratios of Earnings to Fixed Charges and Preference Dividends to Earnings
Three months ended March 31, 2009 | Three months ended March 31, 2008 | Years ended December 31, | ||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||
Excluding interest on deposits | 2.73x | 2.11x | 2.16x | 1.04x | 1.77x | 2.56x | 2.40x | |||||||
Including interest on deposits | 1.72x | 1.45x | 1.48x | 1.02x | 1.33x | 1.71x | 1.79x | |||||||
Ratio of earnings to preferred dividends | 9.32X | N/A | N/A | N/A | N/A | N/A | N/A |
Note: | The ratio of earnings to fixed charges is calculated by adding income before income taxes plus fixed charges and dividing that sum by fixed charges. |
Note: | The ratio of earnings to preferred dividends is calculated by dividing income before income taxes by the tax equivalent amount of preferred dividends (the preferred dividend divided by ( 1 – the marginal income tax rate of 40.85%)). |
(in thousands) | Three months ended March 31, 2009 | Three months ended March 31, 2008 | Years ended December 31, | ||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||
Income before income taxes | $ | 6,272 | $ | 5,996 | $ | 21,624 | $ | 935 | $ | 19,196 | $ | 29,832 | $ | 27,702 | |||||||
Interest on deposits | $ | 5,096 | $ | 7,864 | $ | 26,756 | $ | 36,586 | $ | 33,401 | $ | 22,807 | $ | 15,194 | |||||||
Interest on borrowings | 3,632 | 5,423 | 18,626 | 25,454 | 25,042 | 19,066 | 19,737 | ||||||||||||||
Total fixed charges, including Interest on deposits | $ | 8,728 | $ | 13,287 | $ | 45,382 | $ | 62,040 | $ | 58,443 | $ | 41,873 | $ | 34,931 | |||||||
Total fixed, charges, excluding interest on deposits | $ | 3,632 | $ | 5,423 | $ | 18,626 | $ | 25,454 | $ | 25,042 | $ | 19,066 | $ | 19,737 | |||||||
Preferred dividends | $ | 398 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||