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) | 2011 | 2010 | ||||
Excluding Interest on Deposits: | ||||||
Earnings: | ||||||
Income before income taxes | $ | 2,360 | $ | 1,425 | ||
Fixed charges (excluding preferred stock dividends) | 1,914 | 2,947 | ||||
Total earnings | 4,274 | 4,372 | ||||
Fixed charges: | ||||||
Interest expense (excluding deposit interest) | 1,837 | 2,872 | ||||
Rent expense interest factor (1) | 77 | 75 | ||||
Preferred stock dividends (2) | 523 | 513 | ||||
Total fixed charges (excluding deposit interest) | 2,437 | 3,460 | ||||
Ratio of Earnings to Fixed Charges, | ||||||
Excluding Interest on Deposits | 1.75 | 1.26 | ||||
Including Interest on Deposits: | ||||||
Earnings: | ||||||
Income before income taxes | $ | 2,360 | $ | 1,425 | ||
Fixed charges (excluding preferred stock dividends) | 5,899 | 8,091 | ||||
Total earnings | 8,259 | 9,516 | ||||
Fixed charges: | ||||||
Interest expense (including deposit interest) | 5,822 | 8,016 | ||||
Rent expense interest factor (1) | 77 | 75 | ||||
Preferred stock dividends (2) | 523 | 513 | ||||
Total fixed charges (including deposit interest) | 6,422 | 8,604 | ||||
Ratio of Earnings to Fixed Charges, | ||||||
Including Interest on Deposits | 1.29 | 1.11 |
(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. |