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) | 2012 | 2011 | 2012 | 2011 | |||||||||
Excluding Interest on Deposits: | |||||||||||||
Earnings: | |||||||||||||
Income before income taxes | $ | 7,134 | $ | 5,806 | $ | 24,371 | $ | 11,974 | |||||
Fixed charges (excluding preferred stock dividends) | 1,535 | 1,884 | 4,767 | 5,710 | |||||||||
Total earnings | 8,669 | 7,690 | 29,138 | 17,684 | |||||||||
Fixed charges: | |||||||||||||
Interest expense (excluding deposit interest) | 1,450 | 1,804 | 4,523 | 5,477 | |||||||||
Rent expense interest factor (1) | 85 | 80 | 244 | 233 | |||||||||
Preferred stock dividends (2) | — | 237 | — | 998 | |||||||||
Total fixed charges (excluding deposit interest) | 1,535 | 2,121 | 4,767 | 6,708 | |||||||||
Ratio of Earnings to Fixed Charges, | |||||||||||||
Excluding Interest on Deposits | 5.65 | 3.63 | 6.11 | 2.64 | |||||||||
Including Interest on Deposits: | |||||||||||||
Earnings: | |||||||||||||
Income before income taxes | $ | 7,134 | $ | 5,806 | $ | 24,371 | $ | 11,974 | |||||
Fixed charges (excluding preferred stock dividends) | 3,706 | 5,215 | 11,774 | 16,700 | |||||||||
Total earnings | 10,840 | 11,021 | 36,145 | 28,674 | |||||||||
Fixed charges: | |||||||||||||
Interest expense (including deposit interest) | 3,621 | 5,136 | 11,530 | 16,468 | |||||||||
Rent expense interest factor (1) | 85 | 80 | 244 | 233 | |||||||||
Preferred stock dividends (2) | — | 237 | — | 998 | |||||||||
Total fixed charges (including deposit interest) | 3,706 | 5,453 | 11,774 | 17,699 | |||||||||
Ratio of Earnings to Fixed Charges, | |||||||||||||
Including Interest on Deposits | 2.92 | 2.02 | 3.07 | 1.62 |
(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. |