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) | 2011 | 2010 | | 2011 | 2010 |
| Excluding Interest on Deposits: | | | | | |
| | | | | | |
| Earnings: | | | | | |
| Income before income taxes | $ | 3,808 |
| $ | 4,050 |
| | $ | 6,168 |
| $ | 5,475 |
|
| Fixed charges (excluding preferred stock dividends) | 1,912 |
| 2,913 |
| | 3,826 |
| 5,860 |
|
| Total earnings | 5,720 |
| 6,963 |
| | 9,994 |
| 11,335 |
|
| Fixed charges: | | | | | |
| Interest expense (excluding deposit interest) | 1,836 |
| 2,837 |
| | 3,673 |
| 5,709 |
|
| Rent expense interest factor (1) | 76 |
| 75 |
| | 153 |
| 151 |
|
| Preferred stock dividends (2) | 238 |
| 513 |
| | 761 |
| 1,025 |
|
| Total fixed charges (excluding deposit interest) | 2,150 |
| 3,425 |
| | 4,587 |
| 6,885 |
|
| | | | | | |
| Ratio of Earnings to Fixed Charges, | | | | | |
| Excluding Interest on Deposits | 2.66 |
| 2.03 |
| | 2.18 |
| 1.65 |
|
| | | | | | |
| Including Interest on Deposits: | | | | | |
| Earnings: | | | | | |
| Income before income taxes | $ | 3,808 |
| $ | 4,050 |
| | $ | 6,168 |
| $ | 5,475 |
|
| Fixed charges (excluding preferred stock dividends) | 5,586 |
| 7,865 |
| | 11,485 |
| 15,957 |
|
| Total earnings | 9,394 |
| 11,915 |
| | 17,653 |
| 21,432 |
|
| | | | | | |
| Fixed charges: | | | | | |
| Interest expense (including deposit interest) | 5,510 |
| 7,790 |
| | 11,332 |
| 15,806 |
|
| Rent expense interest factor (1) | 76 |
| 75 |
| | 153 |
| 151 |
|
| Preferred stock dividends (2) | 238 |
| 513 |
| | 761 |
| 1,025 |
|
| Total fixed charges (including deposit interest) | 5,824 |
| 8,378 |
| | 12,246 |
| 16,982 |
|
| | | | | | |
| Ratio of Earnings to Fixed Charges, | | | | | |
| Including Interest on Deposits | 1.61 |
| 1.42 |
| | 1.44 |
| 1.26 |
|
| |
| (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. |
