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RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENT
| Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Income before income taxes | $ | 3,036 | $ | 2,612 | $ | 11,551 | $ | 11,970 | $ | 12,715 | $ | 11,913 | $ | 7,993 | |||||||||
Fixed charges, excluding preferred stock dividend requirement | 6,604 | 5,414 | 23,676 | 23,729 | 17,880 | 8,008 | 4,328 | ||||||||||||||||
Total earnings including fixed charges(a) | $ | 9,640 | $ | 8,026 | $ | 35,227 | $ | 35,699 | $ | 30,595 | $ | 19,921 | $ | 12,321 | |||||||||
Fixed charges: | |||||||||||||||||||||||
Interest on deposits | $ | 5,557 | $ | 4,428 | $ | 19,543 | $ | 19,810 | $ | 15,603 | $ | 7,463 | $ | 3,755 | |||||||||
Interest on customer repurchase agreements and federal funds purchased | 281 | 394 | 1,406 | 1,887 | 1,199 | 350 | 105 | ||||||||||||||||
Interest on short-term borrowings | 40 | 190 | 399 | 611 | 639 | 195 | 171 | ||||||||||||||||
Interest on long-term borrowings deposits | 726 | 402 | 2,328 | 1,421 | 439 | — | 297 | ||||||||||||||||
Preferred stock dividend requirements (pre-tax) | 907 | — | 275 | — | — | — | — | ||||||||||||||||
Total fixed charges(b) | $ | 7,511 | $ | 5,414 | $ | 23,951 | $ | 23,729 | $ | 17,880 | $ | 8,008 | $ | 4,328 | |||||||||
Ratio of earnings to fixed charges and preferred stock dividend requirement (pre-tax)(a/b) | 1.28 | 1.48 | 1.47 | 1.50 | 1.71 | 2.49 | 2.85 | ||||||||||||||||
Earnings, excluding interest on deposits: | |||||||||||||||||||||||
Total earnings including fixed charges | $ | 9,640 | $ | 8,026 | $ | 35,227 | $ | 35,699 | $ | 30,595 | $ | 19,921 | $ | 12,321 | |||||||||
Less interest on deposits | 5,557 | 4,428 | 19,543 | 19,810 | 15,603 | 7,463 | 3,755 | ||||||||||||||||
Total earnings excluding interest on deposits(c) | $ | 4,083 | $ | 3,598 | $ | 15,684 | $ | 15,889 | $ | 14,992 | $ | 12,458 | $ | 8,566 | |||||||||
Fixed charges, excluding interest on deposits: | |||||||||||||||||||||||
Total fixed charges | $ | 7,511 | $ | 5,414 | $ | 23,951 | $ | 23,729 | $ | 17,880 | $ | 8,008 | $ | 4,328 | |||||||||
Less interest on deposits | 5,557 | 4,428 | 19,543 | 19,810 | 15,603 | 7,463 | 3,755 | ||||||||||||||||
Total fixed charges, excluding interest on deposits(d) | $ | 1,954 | $ | 986 | $ | 4,408 | $ | 3,919 | $ | 2,277 | $ | 545 | $ | 573 | |||||||||
Ratio of earnings to fixed charges and preferred stock dividend requirement (pre-tax), excluding interest on deposits(c/d) | 2.09 | 3.65 | 3.56 | 4.05 | 6.58 | 22.86 | 14.95 |
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENT