Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENT
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| Six Months Ended |
| Years Ended December 31, |
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(dollars in thousands) |
| 2012 |
| 2011 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
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Earnings: |
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Income before income taxes |
| $ | 24,425 |
| $ | 16,949 |
| $ | 38,289 |
| $ | 25,755 |
| $ | 16,384 |
| $ | 11,551 |
| 11,970 |
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Fixed charges, excluding preferred stock dividend requirement |
| 7,659 |
| 9,892 |
| 20,077 |
| 19,832 |
| 24,809 |
| 23,676 |
| 23,729 |
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Total earnings including fixed charges (a) |
| $ | 32,084 |
| $ | 26,841 |
| $ | 58,366 |
| $ | 45,587 |
| $ | 41,193 |
| $ | 35,227 |
| $ | 35,699 |
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Fixed charges: |
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Interest on deposits |
| $ | 6,408 |
| $ | 8,508 |
| $ | 17,248 |
| $ | 16,886 |
| $ | 20,956 |
| $ | 19,543 |
| $ | 19,810 |
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Interest on customer repurchase agreements and federal funds purchased |
| 182 |
| 321 |
| 685 |
| 731 |
| 957 |
| 1,406 |
| 1,887 |
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Interest on short-term borrowings |
| — |
| — |
| — |
| 27 |
| 611 |
| 546 |
| 611 |
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Interest on long-term borrowings deposits |
| 1,069 |
| 1,063 |
| 2,144 |
| 2,188 |
| 2,285 |
| 2,181 |
| 1,421 |
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Preferred stock dividend requirements (pre-tax) |
| 448 |
| 1,872 |
| 2,356 |
| 2,009 |
| 3,628 |
| 275 |
| — |
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Total fixed charges (b) |
| $ | 8,107 |
| $ | 11,764 |
| $ | 22,433 |
| $ | 21,841 |
| $ | 28,437 |
| $ | 23,951 |
| $ | 23,729 |
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Ratio of earnings to fixed charges and preferred stock dividend requirement (pre-tax) (a/b) |
| 3.96x |
| 2.28x |
| 2.60x |
| 2.09x |
| 1.45x |
| 1.47x |
| 1.50x |
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Earnings, excluding interest on deposits: |
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Total earnings including fixed charges |
| $ | 32,084 |
| $ | 26,841 |
| $ | 58,366 |
| $ | 45,587 |
| $ | 41,193 |
| $ | 35,227 |
| $ | 35,699 |
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Less interest on deposits |
| 6,408 |
| 8,508 |
| 17,248 |
| 16,886 |
| 20,956 |
| 19,543 |
| 19,810 |
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Total earnings excluding interest on deposits (c) |
| $ | 25,676 |
| $ | 18,333 |
| $ | 41,118 |
| $ | 28,701 |
| $ | 20,237 |
| $ | 15,684 |
| $ | 15,889 |
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Fixed charges, excluding interest on deposits: |
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Total fixed charges |
| $ | 8,107 |
| $ | 11,764 |
| $ | 22,433 |
| $ | 21,841 |
| $ | 28,437 |
| $ | 23,951 |
| $ | 23,729 |
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Less interest on deposits |
| 6,408 |
| 8,508 |
| 17,248 |
| 16,886 |
| 20,956 |
| 19,543 |
| 19,810 |
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Total fixed charges, excluding interest on deposits (d) |
| $ | 1,699 |
| $ | 3,256 |
| $ | 5,185 |
| $ | 4,955 |
| $ | 7,481 |
| $ | 4,408 |
| $ | 3,919 |
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Ratio of earnings to fixed charges and preferred stock dividend requirement (pre-tax), excluding interest on deposits (c/d) |
| 15.11x |
| 5.63x |
| 7.93x |
| 5.79x |
| 2.71x |
| 3.56x |
| 4.05x |
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