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. |