EXHIBIT 12.01
RATIO OF EARNINGS TO FIXED CHARGES
RATIO OF EARNINGS TO FIXED CHARGES TO PREFERRED DIVIDENDS
Year Ended December 31 | ||||||||||||||||||||||||
(Dollars in thousands) | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||
Excluding Interest on Deposits | ||||||||||||||||||||||||
Income before income taxes, as reported | $ | 20,028 | $ | 20,102 | $ | 18,548 | $ | 19,111 | $ | 15,326 | $ | 12,113 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense on borrowed funds | 897 | 1,172 | 1,469 | 841 | 166 | 2 | ||||||||||||||||||
Estimated interest component of net rent expense (1) | 830 | 759 | 653 | 492 | 448 | 393 | ||||||||||||||||||
Total fixed charges | 1,727 | 1,931 | 2,122 | 1,333 | 614 | 395 | ||||||||||||||||||
Preferred dividend requirements (2) | 113 | - | - | - | - | - | ||||||||||||||||||
Fixed charges and preferred dividends | 1,840 | 1,931 | 2,122 | 1,333 | 614 | 395 | ||||||||||||||||||
Earnings | $ | 21,868 | $ | 22,033 | $ | 20,670 | $ | 20,444 | $ | 15,940 | $ | 12,508 | ||||||||||||
Ratio of earnings to fixed charges | 12.66 | x | 11.41 | x | 9.74 | x | 15.34 | x | 25.96 | x | 31.67 | x | ||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 11.88 | x | 11.41 | x | 9.74 | x | 15.34 | x | 25.96 | x | 31.67 | x | ||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||
(Dollars in thousands) | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||
Including Interest on Deposits | ||||||||||||||||||||||||
Income before income taxes, as reported | $ | 20,028 | $ | 20,102 | $ | 18,548 | $ | 19,111 | $ | 15,326 | $ | 12,113 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | 10,817 | 19,099 | 16,578 | 10,043 | 5,352 | 5,169 | ||||||||||||||||||
Estimated interest component of net rent expense (1) | 830 | 759 | 653 | 492 | 448 | 393 | ||||||||||||||||||
Total fixed charges | 11,647 | 19,858 | 17,231 | 10,535 | 5,800 | 5,562 | ||||||||||||||||||
Preferred dividend requirements (2) | 113 | - | - | - | - | - | ||||||||||||||||||
Fixed charges and preferred dividends | 11,760 | 19,858 | 17,231 | 10,535 | 5,800 | 5,562 | ||||||||||||||||||
Earnings | $ | 31,788 | $ | 39,960 | $ | 35,779 | $ | 29,646 | $ | 21,126 | $ | 17,675 | ||||||||||||
Ratio of earnings to fixed charges | 2.73 | x | 2.01 | x | 2.08 | x | 2.81 | x | 3.64 | x | 3.18 | x | ||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 2.70 | x | 2.01 | x | 2.08 | x | 2.81 | x | 3.64 | x | 3.18 | x |
(1) Calculated using a 1/3 interest factor on rent expense, which is considered by management to be a reasonable estimate of the interest within rent expense.
(2) No shares of our preferred stock were outstanding during the years ended December 31, 2007, 2006, 2005, 2004 and 2003 and we did not pay preferred stock dividends during these periods. Dividend accrued in 2008 included accretion of preferred stock.