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) | 2010 | 2009 | 2010 | 2009 | |
Excluding Interest on Deposits: | |||||
Earnings: | |||||
Income before income taxes | $ 4,050 | $ 3,739 | $ 5,475 | $ 9,144 | |
Fixed charges (excluding preferred stock dividends) | 2,913 | 3,809 | 5,860 | 7,705 | |
Total earnings | 6,963 | 7,548 | 11,335 | 16,849 | |
Fixed charges: | |||||
Interest expense (excluding deposit interest) | 2,837 | 3,738 | 5,709 | 7,561 | |
Rent expense interest factor (1) | 75 | 71 | 151 | 144 | |
Preferred stock dividends (2) | 513 | 512 | 1,025 | 852 | |
Total fixed charges (excluding deposit interest) | 3,425 | 4,321 | 6,885 | 8,557 | |
Ratio of Earnings to Fixed Charges, | |||||
Excluding Interest on Deposits | 2.03 | 1.75 | 1.65 | 1.97 | |
Including Interest on Deposits: | |||||
Earnings: | |||||
Income before income taxes | $ 4,050 | $ 3,739 | $ 5,475 | $ 9,144 | |
Fixed charges (excluding preferred stock dividends) | 7,865 | 10,387 | 15,957 | 21,266 | |
Total earnings | 11,915 | 14,126 | 21,432 | 30,410 | |
Fixed charges: | |||||
Interest expense (including deposit interest) | 7,790 | 10,316 | 15,806 | 21,122 | |
Rent expense interest factor (1) | 75 | 71 | 151 | 144 | |
Preferred stock dividends (2) | 513 | 512 | 1,025 | 852 | |
Total fixed charges (including deposit interest) | 8,378 | 10,899 | 16,982 | 22,118 | |
Ratio of Earnings to Fixed Charges, | |||||
Including Interest on Deposits | 1.42 | 1.30 | 1.26 | 1.37 |
(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. |