Exhibit 12.1
S.Y. BANCORP, INC.
COMPUTATION OF HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
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| As of and for the |
| As of and for the year ended December 31, |
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| 2008 |
| 2007 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
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| (Dollars in thousands) |
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Earnings: |
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1. | Income before income taxes |
| $ | 24,427 |
| $ | 26,505 |
| $ | 33,967 |
| $ | 33,858 |
| $ | 31,700 |
| $ | 27,834 |
| $ | 26,191 |
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2. | Plus interest expense |
| 23,502 |
| 27,949 |
| 37,539 |
| 32,441 |
| 23,108 |
| 16,319 |
| 17,372 |
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3. | Earnings including interest on deposits |
| 47,929 |
| 54,454 |
| 71,506 |
| 66,299 |
| 54,808 |
| 44,153 |
| 43,563 |
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4. | Less interest on deposits |
| 19,003 |
| 23,540 |
| 31,393 |
| 27,496 |
| 19,042 |
| 12,986 |
| 14,843 |
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5. | Earnings excluding interest on deposits |
| 28,926 |
| 30,914 |
| 40,113 |
| 38,803 |
| 35,766 |
| 31,167 |
| 28,720 |
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Fixed Charges: |
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| Interest expenses (Line 2) |
| 23,502 |
| 27,949 |
| 37,539 |
| 32,441 |
| 23,108 |
| 16,319 |
| 17,372 |
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| One third of net rental expense |
| 400 |
| 340 |
| 474 |
| 454 |
| 430 |
| 393 |
| 323 |
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6. | Including interest on deposits and capitalized interest |
| 23,902 |
| 28,289 |
| 38,013 |
| 32,895 |
| 23,538 |
| 16,712 |
| 17,695 |
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7. | Less interest on deposits (Line 4) |
| 19,003 |
| 23,540 |
| 31,393 |
| 27,496 |
| 19,042 |
| 12,986 |
| 14,843 |
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8. | Excluding interest on deposits |
| 4,899 |
| 4,749 |
| 6,620 |
| 5,399 |
| 4,496 |
| 3,726 |
| 2,852 |
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Ratio of earnings to fixed charges: |
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| Including interest on deposits |
| 2.01 | x | 1.92 | x | 1.88 | x | 2.02 | x | 2.33 | x | 2.64 | x | 2.46 | x | |||||||
| Excluding interest on deposits |
| 5.90 |
| 6.51 |
| 6.06 |
| 7.19 |
| 7.96 |
| 8.36 |
| 10.07 |
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Pro forma showing effect of incremental borrowing rate(1) |
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Earnings: |
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1 | Income before income taxes |
| $ | 23,808 |
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| $ | 33,893 |
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2 | Plus interest expense |
| 24,121 |
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| 37,613 |
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3 | Earnings including interest on deposits |
| 47,929 |
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| 71,506 |
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4 | Less interest on deposits |
| 19,003 |
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| 31,393 |
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5 | Earnings excluding interest on deposits |
| 28,926 |
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| 40,113 |
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Fixed Charges: |
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| Interest expenses (Line 2) |
| 24,121 |
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| 37,613 |
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| One third of net rental expense |
| 400 |
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| 474 |
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6 | Including interest on deposits and capitalized interest |
| 24,521 |
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| 38,087 |
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7 | Less interest on deposits (Line 4) |
| 19,003 |
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| 31,393 |
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8 | Excluding interest on deposits |
| 5,518 |
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| 6,694 |
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Ratio of earnings to fixed charges: |
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| Including interest on deposits (Line 3 divided by Line 6) |
| 1.95 | x |
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| 1.88 | x |
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| Excluding interest on deposits (Line 5 divided by Line 8) |
| 5.24 |
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| 6.01 |
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(1) | The pro forma ratios of earnings to fixed charges give pro forma effect to the estimated net incremental interest expense related to the repayment of outstanding borrowing under our credit facility with a portion of the net proceeds from the securities offered by this prospectus. For the periods presented we calculated the estimated net incremental interest expense based on the repayment of the weighted average outstanding borrowings under our credit facility for the applicable period and an assumed rate for the trust preferred securities used to repay the outstanding borrowings. |