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 | ||||||
September 30, | September 30, | ||||||
(Dollars in thousands) | 2009 | 2008 | 2009 | 2008 | |||
Excluding Interest on Deposits: | |||||||
Earnings: | |||||||
Income before income taxes | $ (6,693) | $ 3,444 | $ 2,452 | $ 13,722 | |||
Fixed charges (excluding preferred stock dividends) | 3,590 | 4,062 | 11,294 | 12,625 | |||
Total earnings | (3,103) | 7,506 | 13,746 | 26,347 | |||
Fixed charges: | |||||||
Interest expense (excluding deposit interest) | 3,512 | 4,003 | 11,073 | 12,444 | |||
Rent expense interest factor (1) | 78 | 59 | 221 | 181 | |||
Preferred stock dividends (2) | 512 | – | 1,364 | – | |||
Total fixed charges (excluding deposit interest) | 4,102 | 4,062 | 12,658 | 12,625 | |||
Ratio of Earnings to Fixed Charges, | |||||||
Excluding Interest on Deposits | (0.76) | 1.85 | 1.09 | 2.09 | |||
Including Interest on Deposits: | |||||||
Earnings: | |||||||
Income before income taxes | $ (6,693) | $ 3,444 | $ 2,452 | $ 13,722 | |||
Fixed charges (excluding preferred stock dividends) | 10,080 | 11,520 | 31,346 | 36,329 | |||
Total earnings | 3,387 | 14,964 | 33,798 | 50,051 | |||
Fixed charges: | |||||||
Interest expense (including deposit interest) | 10,002 | 11,461 | 31,125 | 36,148 | |||
Rent expense interest factor (1) | 78 | 59 | 221 | 181 | |||
Preferred stock dividends (2) | 512 | – | 1,364 | – | |||
Total fixed charges (including deposit interest) | 10,592 | 11,520 | 32,710 | 36,329 | |||
Ratio of Earnings to Fixed Charges, | |||||||
Including Interest on Deposits | 0.32 | 1.30 | 1.03 | 1.38 |
(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 Shares during the period. |