CALCULATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
| | Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Dollars in thousands) | 2013 | 2012 | 2012 | 2011 | 2010 | 2009 | |||||||||||||
Earnings: | |||||||||||||||||||
Income (loss) before income taxes | $ | 3,035 | $ | 3,026 | $ | 14,203 | $ | 10,537 | $ | (61,623 | ) | $ | (24,694 | ) | |||||
Fixed Charges: | |||||||||||||||||||
Interest on deposits | $ | 625 | $ | 716 | $ | 2,800 | $ | 3,942 | $ | 8,086 | $ | 13,462 | |||||||
Interest on notes payable to subsidiary grantor trusts, repurchase agreements, and other borrowings | 89 | 474 | 1,387 | 1,933 | 2,426 | 2,864 | |||||||||||||
Rent expense interest factor(1) | 249 | 230 | 912 | 922 | 909 | 853 | |||||||||||||
Total fixed charges: | |||||||||||||||||||
Including interest on deposits | $ | 963 | $ | 1,420 | $ | 5,099 | $ | 6,797 | $ | 11,421 | $ | 17,179 | |||||||
Excluding interest on deposits | $ | 338 | $ | 704 | $ | 2,299 | $ | 2,855 | $ | 3,335 | $ | 3,717 | |||||||
Ratio of earnings (loss) to fixed charges: | |||||||||||||||||||
Excluding interest on deposits | 9.98 | 5.30 | 7.18 | 4.69 | (17.48 | ) | (5.64 | ) | |||||||||||
Including interest on deposits | 4.15 | 3.13 | 3.79 | 2.55 | (4.40 | ) | (0.44 | ) | |||||||||||
For purposes of calculating the ratios of earnings to fixed charges and preferred stock dividends, earnings consist of income (loss) before income taxes and fixed charges. Fixed charges consist of interest on subordinated debt, repurchase agreements and other borrowings, the proportion deemed representative of the interest factor within rent expense. These ratios are presented both including and excluding interest on deposits.
The earnings coverage for the three months ended March 31, 2013 was $3,035,000, both excluding and including interest on deposits.
CALCULATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
| | Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Dollars in thousands) | 2013 | 2012 | 2012 | 2011 | 2010 | 2009 | |||||||||||||
Earnings: | |||||||||||||||||||
Income (loss) before income taxes | $ | 3,035 | $ | 3,026 | $ | 14,203 | $ | 10,537 | $ | (61,623 | ) | $ | (24,694 | ) | |||||
Fixed Charges: | |||||||||||||||||||
Interest on deposits | $ | 625 | 716 | $ | 2,800 | $ | 3,942 | $ | 8,086 | $ | 13,462 | ||||||||
Interest on notes payable to subsidiary grantor trusts, repurchase agreements, and other borrowings | 89 | 474 | 1,387 | 1,933 | 2,426 | 2,864 | |||||||||||||
Preferred stock dividends | — | 373 | 373 | 1,939 | 2,027 | 2,028 | |||||||||||||
Rent expense interest factor(1) | 249 | 230 | 912 | 922 | 909 | 853 | |||||||||||||
Total fixed charges: | |||||||||||||||||||
Including interest on deposits | $ | 963 | $ | 1,793 | $ | 5,472 | $ | 8,736 | $ | 13,448 | $ | 19,207 | |||||||
Excluding interest on deposits | $ | 338 | $ | 1,077 | $ | 2,672 | $ | 4,794 | $ | 5,362 | $ | 5,745 | |||||||
Ratio of earnings (loss) to fixed charges and preferred stock dividends: | |||||||||||||||||||
Excluding interest on deposits | 9.98 | 3.81 | 6.32 | 3.20 | (10.49 | ) | (3.30 | ) | |||||||||||
Including interest on deposits | 4.15 | 2.69 | 3.60 | 2.21 | (3.58 | ) | (0.29 | ) | |||||||||||
For purposes of calculating the ratios of earnings to fixed charges and preferred stock dividends, earnings consist of income (loss) before income taxes and fixed charges. Fixed charges consist of interest on subordinated debt, repurchase agreements and other borrowings, the proportion deemed representative of the interest factor within rent expense, and preferred stock dividends. These ratios are presented both including and excluding interest on deposits.
The earnings coverage for the three months ended March 31, 2013 was $3,035,000, both excluding and including interest on deposits.
