EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
Year Ended December 31, | |||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||
Including interest on deposits | |||||||||||||||
Earnings: | |||||||||||||||
Pre-tax income | $ | 6,567 | $ | 5,844 | $ | 5,608 | $ | 5,874 | $ | 5,674 | |||||
Add: Fixed charges from below | 26,420 | 28,891 | 23,288 | 15,474 | 12,537 | ||||||||||
$ | 32,987 | $ | 34,735 | $ | 28,896 | $ | 21,348 | $ | 18,211 | ||||||
Fixed charges: | |||||||||||||||
Total interest expense | $ | 26,420 | $ | 28,891 | $ | 23,288 | $ | 15,474 | $ | 12,537 | |||||
Preferred stock dividend | 56 | — | — | — | — | ||||||||||
Including preferred stock dividend | 26,476 | 28,891 | 23,288 | 15,474 | 12,537 | ||||||||||
Ratio of earnings to fixed charges | 1.25x | 1.20x | 1.24x | 1.38x | 1.45x | ||||||||||
Including preferred stock dividend | 1.25x | 1.20x | 1.24x | 1.38x | 1.45x | ||||||||||
Excluding interest on deposits | |||||||||||||||
Earnings: | |||||||||||||||
Pre-tax income | $ | 6,567 | $ | 5,844 | $ | 5,608 | $ | 5,874 | $ | 5,674 | |||||
Add: Fixed charges from below | 5,631 | 6,612 | 6,383 | 3,565 | 2,784 | ||||||||||
$ | 12,198 | $ | 12,456 | $ | 11,991 | $ | 9,439 | $ | 8,458 | ||||||
Fixed charges: | |||||||||||||||
Total interest expense excluding interest paid on deposits | $ | 5,631 | $ | 6,612 | $ | 6,383 | $ | 3,565 | $ | 2,784 | |||||
Preferred stock dividend | 56 | — | — | — | — | ||||||||||
Including preferred stock dividend | 5,687 | 6,612 | 6,383 | 3,565 | 2,784 | ||||||||||
Ratio of earnings to fixed charges | 2.17x | 1.88x | 1.88x | 2.65x | 3.04x | ||||||||||
Including preferred stock dividend | 2.14x | 1.88x | 1.88x | 2.65x | 3.04x | ||||||||||