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 | For the Six Months Ended | ||||||
June 30, | June 30, | ||||||
(Dollars in thousands) | 2009 | 2008 | 2009 | 2008 | |||
Excluding Interest on Deposits: | |||||||
Earnings: | |||||||
Income before income taxes | $ 3,739 | $ 2,645 | $ 9,144 | $ 10,278 | |||
Fixed charges (excluding preferred stock dividends) | 3,809 | 3,950 | 7,705 | 8,561 | |||
Total earnings | 7,548 | 6,595 | 16,849 | 18,839 | |||
Fixed charges: | |||||||
Interest expense (excluding deposit interest) | 3,738 | 3,893 | 7,561 | 8,440 | |||
Rent expense interest factor (1) | 71 | 57 | 144 | 121 | |||
Preferred stock dividends (2) | 512 | – | 852 | – | |||
Total fixed charges (excluding deposit interest) | 4,321 | 3,950 | 8,557 | 8,561 | |||
Ratio of Earnings to Fixed Charges, | |||||||
Excluding Interest on Deposits | 1.75 | 1.67 | 1.97 | 2.20 | |||
Including Interest on Deposits: | |||||||
Earnings: | |||||||
Income before income taxes | $ 3,739 | $ 2,645 | $ 9,144 | $ 10,278 | |||
Fixed charges (excluding preferred stock dividends) | 10,387 | 11,731 | 21,266 | 24,808 | |||
Total earnings | 14,126 | 14,376 | 30,410 | 35,086 | |||
Fixed charges: | |||||||
Interest expense (including deposit interest) | 10,316 | 11,674 | 21,122 | 24,687 | |||
Rent expense interest factor (1) | 71 | 57 | 144 | 121 | |||
Preferred stock dividends (2) | 512 | – | 852 | – | |||
Total fixed charges (including deposit interest) | 10,899 | 11,731 | 22,118 | 24,808 | |||
Ratio of Earnings to Fixed Charges, | |||||||
Including Interest on Deposits | 1.30 | 1.23 | 1.37 | 1.41 |
(1) | Represents one-third of gross rental expense, which management believes is representative of the interest factor. |
(2) | Represents the dividends accrued on the Series A Preferred Stock during the period. |