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) | 2010 | 2009 | |
Excluding Interest on Deposits: | |||
Earnings: | |||
Income before income taxes | $ 1,425 | $ 5,406 | |
Fixed charges (excluding preferred stock dividends) | 2,947 | 3,896 | |
Total earnings | 4,372 | 9,302 | |
Fixed charges: | |||
Interest expense (excluding deposit interest) | 2,872 | 3,823 | |
Rent expense interest factor (1) | 75 | 73 | |
Preferred stock dividends (2) | 513 | 341 | |
Total fixed charges (excluding deposit interest) | 3,460 | 4,237 | |
Ratio of Earnings to Fixed Charges, | |||
Excluding Interest on Deposits | 1.26 | 2.20 | |
Including Interest on Deposits: | |||
Earnings: | |||
Income before income taxes | $ 1,425 | $ 5,406 | |
Fixed charges (excluding preferred stock dividends) | 8,091 | 10,880 | |
Total earnings | 9,516 | 16,286 | |
Fixed charges: | |||
Interest expense (including deposit interest) | 8,016 | 10,807 | |
Rent expense interest factor (1) | 75 | 73 | |
Preferred stock dividends (2) | 513 | 341 | |
Total fixed charges (including deposit interest) | 8,604 | 11,221 | |
Ratio of Earnings to Fixed Charges, | |||
Including Interest on Deposits | 1.11 | 1.45 |
(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. |