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 Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
(Dollars in thousands) | 2011 | 2010 | 2011 | 2010 | |||||||||
Excluding Interest on Deposits: | |||||||||||||
Earnings: | |||||||||||||
Income before income taxes | $ | 5,806 | $ | 192 | $ | 11,974 | $ | 5,666 | |||||
Fixed charges (excluding preferred stock dividends) | 1,884 | 2,694 | 5,710 | 8,554 | |||||||||
Total earnings | 7,690 | 2,886 | 17,684 | 14,220 | |||||||||
Fixed charges: | |||||||||||||
Interest expense (excluding deposit interest) | 1,804 | 2,615 | 5,477 | 8,324 | |||||||||
Rent expense interest factor (1) | 80 | 80 | 233 | 230 | |||||||||
Preferred stock dividends (2) | 237 | 514 | 998 | 1,539 | |||||||||
Total fixed charges (excluding deposit interest) | 2,121 | 3,209 | 6,708 | 10,093 | |||||||||
Ratio of Earnings to Fixed Charges, | |||||||||||||
Excluding Interest on Deposits | 3.63 | 0.90 | 2.64 | 1.41 | |||||||||
Including Interest on Deposits: | |||||||||||||
Earnings: | |||||||||||||
Income before income taxes | $ | 5,806 | $ | 192 | $ | 11,974 | $ | 5,666 | |||||
Fixed charges (excluding preferred stock dividends) | 5,215 | 7,387 | 16,700 | 23,344 | |||||||||
Total earnings | 11,021 | 7,579 | 28,674 | 29,010 | |||||||||
Fixed charges: | |||||||||||||
Interest expense (including deposit interest) | 5,136 | 7,308 | 16,468 | 23,114 | |||||||||
Rent expense interest factor (1) | 80 | 80 | 233 | 230 | |||||||||
Preferred stock dividends (2) | 237 | 514 | 998 | 1,539 | |||||||||
Total fixed charges (including deposit interest) | 5,453 | 7,902 | 17,699 | 24,883 | |||||||||
Ratio of Earnings to Fixed Charges, | |||||||||||||
Including Interest on Deposits | 2.02 | 0.96 | 1.62 | 1.17 |
(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. |