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) | 2012 | 2011 | ||||
Excluding Interest on Deposits: | ||||||
Earnings: | ||||||
Income before income taxes | $ | 9,736 | $ | 2,360 | ||
Fixed charges (excluding preferred stock dividends) | 1,716 | 1,914 | ||||
Total earnings | 11,452 | 4,274 | ||||
Fixed charges: | ||||||
Interest expense (excluding deposit interest) | 1,633 | 1,837 | ||||
Rent expense interest factor (1) | 82 | 77 | ||||
Preferred stock dividends (2) | — | 523 | ||||
Total fixed charges (excluding deposit interest) | 1,715 | 2,437 | ||||
Ratio of Earnings to Fixed Charges, | ||||||
Excluding Interest on Deposits | 6.68 | 1.75 | ||||
Including Interest on Deposits: | ||||||
Earnings: | ||||||
Income before income taxes | $ | 9,736 | $ | 2,360 | ||
Fixed charges (excluding preferred stock dividends) | 4,263 | 5,899 | ||||
Total earnings | 13,999 | 8,259 | ||||
Fixed charges: | ||||||
Interest expense (including deposit interest) | 4,180 | 5,822 | ||||
Rent expense interest factor (1) | 82 | 77 | ||||
Preferred stock dividends (2) | — | 523 | ||||
Total fixed charges (including deposit interest) | 4,262 | 6,422 | ||||
Ratio of Earnings to Fixed Charges, | ||||||
Including Interest on Deposits | 3.28 | 1.29 |
(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. |