Exhibit 12.1
Ratio of Earnings to Fixed Charges
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Pre tax income | 6,350 | (63,272 | ) | 23,678 | 20,831 | 11,628 | ||||||||||||||
Total fixed charges | 16,921 | 41,324 | 54,158 | 36,985 | 15,280 | |||||||||||||||
Interest expense | 16,280 | 40,843 | 53,868 | 36,695 | 14,975 | |||||||||||||||
Interest on other liabilities | - | - | - | - | - | |||||||||||||||
Amortization of subordinated debt origination expense | - | - | - | - | 9 | |||||||||||||||
Estimated interest portion of rent expense (2) | 641 | 481 | 290 | 290 | 296 | |||||||||||||||
16,921 | 41,324 | 54,158 | 36,985 | 15,280 | ||||||||||||||||
Preferred stock dividends on a tax equivalent basis | 3,426 | 373 | 68 | 75 | 942 | |||||||||||||||
20,347 | 41,697 | 54,226 | 37,060 | 16,222 | ||||||||||||||||
23,271 | (21,948 | ) | 77,836 | 57,816 | 26,908 | |||||||||||||||
20,347 | 41,697 | 54,226 | 37,060 | 16,222 | ||||||||||||||||
Earnings to combined fixed charges and preferred | ||||||||||||||||||||
stock dividend requirements including interest on | ||||||||||||||||||||
deposits | 1.14 | - | (1) | 1.44 | 1.56 | 1.66 | ||||||||||||||
Ratio of earnings to fixed charges | 1.38 | - | (1) | 1.44 | 1.56 | 1.76 | ||||||||||||||
(1) The coverage deficiency was $63.3 million dollars for the year ended December 31, 2008. | ||||||||||||||||||||
(2) Estimated to be 33% of rent expense paid. |