Exhibit 12
First Midwest Bancorp, Inc.
Ratio of Earnings to Fixed Charges(1)
Three Months Ended March 31, | Years ended December 31, | |||||||||||||||||||||||||||
2004 | 2003 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||||||||
(Dollar amounts in thousands) | (Dollar amounts in thousands) | |||||||||||||||||||||||||||
Ratio 1—Including Interest on Deposits | ||||||||||||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||||||
Income from continuing operations | $ | 24,032 | $ | 22,730 | $ | 92,778 | $ | 90,150 | $ | 82,138 | $ | 75,540 | $ | 70,909 | ||||||||||||||
Add: | ||||||||||||||||||||||||||||
Income tax provision | 8,109 | 7,807 | 30,889 | 32,133 | 26,668 | 23,759 | 24,520 | |||||||||||||||||||||
Fixed charges | 20,673 | 22,573 | 81,964 | 111,498 | 181,439 | 232,597 | 169,313 | |||||||||||||||||||||
Total earnings available for fixed charges | $ | 52,814 | $ | 53,110 | $ | 205,631 | $ | 233,781 | $ | 290,245 | $ | 331,896 | $ | 264,742 | ||||||||||||||
Fixed charges(2): | ||||||||||||||||||||||||||||
Interest on deposits | $ | 13,669 | $ | 15,169 | $ | 56,272 | $ | 81,616 | $ | 134,497 | $ | 155,887 | $ | 129,177 | ||||||||||||||
Interest on borrowed funds | 4,817 | 7,255 | 23,962 | 29,294 | 46,341 | 76,019 | 39,438 | |||||||||||||||||||||
Interest on subordinated debt—trust preferred securities | 2,014 | — | 1,079 | — | — | — | — | |||||||||||||||||||||
Portion of rental expense representative of interest factor | 173 | 149 | 651 | 588 | 601 | 691 | 698 | |||||||||||||||||||||
Total fixed charges | $ | 20,673 | $ | 22,573 | $ | 81,964 | $ | 111,498 | $ | 181,439 | $ | 232,597 | $ | 169,313 | ||||||||||||||
Ratio of earnings to fixed charges | 2.55 | x | 2.35 | x | 2.51 | x | 2.10 | x | 1.60 | x | 1.43 | x | 1.56 | x | ||||||||||||||
Ratio 2—Excluding Interest on Deposits | ||||||||||||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||||||
Income from continuing operations | $ | 24,032 | $ | 22,730 | $ | 92,778 | $ | 90,150 | $ | 82,138 | $ | 75,540 | $ | 70,909 | ||||||||||||||
Add: | ||||||||||||||||||||||||||||
Income tax provision | 8,109 | 7,807 | 30,889 | 32,133 | 26,668 | 23,759 | 24,520 | |||||||||||||||||||||
Fixed charges | 7,004 | 7,404 | 25,692 | 29,882 | 46,942 | 76,710 | 40,136 | |||||||||||||||||||||
Total earnings available for fixed charges | $ | 39,145 | $ | 37,941 | $ | 149,359 | $ | 152,165 | $ | 155,748 | $ | 176,009 | $ | 135,565 | ||||||||||||||
Fixed charges(2): | ||||||||||||||||||||||||||||
Interest on borrowed funds | $ | 4,817 | $ | 7,255 | $ | 23,962 | $ | 29,294 | $ | 46,341 | $ | 76,019 | $ | 39,438 | ||||||||||||||
Interest on subordinated debt—trust preferred securities | 2,014 | — | 1,079 | — | — | — | — | |||||||||||||||||||||
Portion of rental expense representative of interest factor | 173 | 149 | 651 | 588 | 601 | 691 | 698 | |||||||||||||||||||||
Total fixed charges | $ | 7,004 | $ | 7,404 | $ | 25,692 | $ | 29,882 | $ | 46,942 | $ | 76,710 | $ | 40,136 | ||||||||||||||
Ratio of earnings to fixed charges | 5.59 | x | 5.12 | x | 5.81 | x | 5.09 | x | 3.32 | x | 2.29 | x | 3.38 | x |
(1) | The ratio of earnings to fixed charges represents the number of times “fixed charges” are covered by “earnings.” |
(2) | “Fixed charges” consist of interest on outstanding debt plus one-third (the proportion deemed representative of the interest factor) of operating lease expense. |