EXHIBIT 12 |
STATEMENTS REGARDING COMPUTATION OF CONSOLIDATED RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
APPEARING IN QUARTERLY REPORT ON FORM 10-Q
For the Three Months Ended | |||
March 31, | |||
(Dollars in thousands) | 2009 | 2008 | |
Excluding Interest on Deposits: | |||
Earnings: | |||
Income before income taxes | $ 5,406 | $ 7,634 | |
Fixed charges (excluding Preferred Stock Dividends) | 3,896 | 4,612 | |
Total earnings | 9,302 | 12,246 | |
Fixed charges: | |||
Interest expense (excluding deposit interest) | 3,823 | 4,548 | |
Rent expense interest factor (1) | 73 | 64 | |
Preferred stock dividends (2) | 341 | – | |
Total fixed charges (excluding deposit interest) | 4,237 | 4,612 | |
Ratio of Earnings to Fixed Charges, | |||
Excluding Interest on Deposits | 2.20 | 2.66 | |
Including Interest on Deposits: | |||
Earnings: | |||
Income before income taxes | $ 5,406 | $ 7,634 | |
Fixed charges (excluding Preferred Stock Dividends) | 10,880 | 13,077 | |
Total earnings | 16,286 | 20,711 | |
Fixed charges: | |||
Interest expense (including deposit interest) | 10,807 | 13,013 | |
Rent expense interest factor (1) | 73 | 64 | |
Preferred stock dividends (2) | 341 | – | |
Total fixed charges (including deposit interest) | 11,221 | 13,077 | |
Ratio of Earnings to Fixed Charges, | |||
Including Interest on Deposits | 1.45 | 1.58 |
(1) | Represents one-third of gross rental expense, which management believes is representative of the interest factor. |
(2) | Represents the dividend accrued on the Series A Preferred Stock during the period. |