Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
| Years ended December 31 | ||||||||||||
| 2005 | 2004 | 2003 | ||||||||||
| (dollars in thousands) | ||||||||||||
| Inclusive of interest on deposits: | ||||||||||||
| Pre-tax income from operations | $ | 12,739 | $ | 15,453 | $ | 10,017 | ||||||
| Add: Interest on deposits | 19,382 | 11,968 | 14,585 | |||||||||
| Interest on short-term borrowings, notes payable and long-term debt | 7,278 | 4,389 | 3,831 | |||||||||
| Total fixed charges | 26,660 | 16,357 | 18,416 | |||||||||
| Pre-tax earnings before fixed charges | $ | 39,399 | $ | 31,810 | $ | 28,433 | ||||||
| Ratio of earnings to fixed charges, inclusive of interest on deposits | 1.48x | 1.94x | 1.55x | |||||||||
| Exclusive of interest on deposits: | ||||||||||||
| Pre-tax income from operations | $ | 12,739 | $ | 15,453 | $ | 10,017 | ||||||
| Add: Total fixed charges — interest on short-term borrowings, notes payable, and long-term debt | 7,278 | 4,389 | 3,831 | |||||||||
| Pre-tax earnings before fixed charges | $ | 20,017 | $ | 19,842 | $ | 13,848 | ||||||
| Ratio of earnings to fixed charges, exclusive of interest on deposits | 2.75x | 4.52x | 3.61x | |||||||||
| Years ended December 31 | ||||||||
| 2002 | 2001 | |||||||
| (dollars in thousands) | ||||||||
| Inclusive of interest on deposits: | ||||||||
| Pre-tax income from operations | $ | 11,298 | $ | 9,626 | ||||
| Add: Interest on deposits | 17,335 | 24,455 | ||||||
| Interest on short-term borrowings, notes payable and long-term debt | 4,853 | 7,598 | ||||||
| Total fixed charges | 22,188 | 32,053 | ||||||
| Pre-tax earnings before fixed charges | $ | 33,486 | $ | 41,679 | ||||
| Ratio of earnings to fixed charges, inclusive of interest on deposits | 1.51x | 1.30x | ||||||
| Exclusive of interest on deposits: | ||||||||
| Pre-tax income from operations | $ | 11,298 | $ | 9,626 | ||||
| Add: Total fixed charges — interest on short-term borrowings, notes payable, and long-term debt | 4,853 | 7,598 | ||||||
| Pre-tax earnings before fixed charges | $ | 16,151 | $ | 17,224 | ||||
| Ratio of earnings to fixed charges, exclusive of interest on deposits | 3.33x | 2.27x | ||||||
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