Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
(Dollars in thousands)
Six Months Ended | ||||||||||||||||||||||||||||
June 30, | Year ended December 31, | |||||||||||||||||||||||||||
2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||
Computation of Earnings | ||||||||||||||||||||||||||||
Income from continuing operations | $ | 15,146 | $ | 16,607 | $ | 35,681 | $ | 21,271 | $ | 30,808 | $ | 41,101 | $ | 36,939 | ||||||||||||||
Add: Income tax expense | 7,435 | 8,169 | 18,008 | 9,449 | 21,614 | 19,295 | 16,889 | |||||||||||||||||||||
Income from continuing operations before income taxes | 22,581 | 24,776 | 53,689 | 30,720 | 52,422 | 60,396 | 53,828 | |||||||||||||||||||||
Fixed charges, excluding interest on deposits | 3,426 | 4,403 | 8,758 | 10,440 | 19,076 | 19,463 | 17,561 | |||||||||||||||||||||
Total earnings for computation, excluding interest on deposits | 26,007 | 29,179 | 62,447 | 41,160 | 71,498 | 79,859 | 71,389 | |||||||||||||||||||||
Interest on deposits | 32,374 | 38,418 | 79,184 | 70,012 | 48,654 | 36,827 | 42,446 | |||||||||||||||||||||
Total earnings for computation, including interest on deposits | $ | 58,381 | $ | 67,597 | $ | 141,631 | $ | 111,172 | $ | 120,152 | $ | 116,686 | $ | 113,835 | ||||||||||||||
Computation of Fixed Charges | ||||||||||||||||||||||||||||
Portion of rental expense deemed representative of interest * | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Interest on short-term borrowed funds | 1,922 | 1,980 | 4,232 | 3,768 | 1,961 | 2,574 | 1,908 | |||||||||||||||||||||
Interest on long-term borrowed funds | 1,504 | 2,423 | 4,526 | 6,672 | 17,115 | 16,889 | 15,653 | |||||||||||||||||||||
Total fixed charges, excluding interest on deposits | 3,426 | 4,403 | 8,758 | 10,440 | 19,076 | 19,463 | 17,561 | |||||||||||||||||||||
Interest on deposits | 32,374 | 38,418 | 79,184 | 70,012 | 48,654 | 36,827 | 42,446 | |||||||||||||||||||||
Total fixed charges, including interest on deposits | $ | 35,800 | $ | 42,821 | $ | 87,942 | $ | 80,452 | $ | 67,730 | $ | 56,290 | $ | 60,007 | ||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
Excluding deposit interest | 7.59 | 6.63 | 7.13 | 3.94 | 3.75 | 4.10 | 4.07 | |||||||||||||||||||||
Including deposit interest | 1.63 | 1.58 | 1.61 | 1.38 | 1.77 | 2.07 | 1.90 |
* | All of First Financial Bancorp’s leases are operating; none are capitalized. |