Exhibit 12
CVB Financial Corp.
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
For the Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Earnings excluding interest on deposits(1): | ||||||||||||||||||||
Earnings before income taxes | $ | 144,275 | $ | 114,693 | $ | 120,804 | $ | 86,739 | $ | 89,249 | ||||||||||
Fixed charges | 13,449 | 21,247 | 28,296 | 41,946 | 65,510 | |||||||||||||||
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$ | 157,724 | $ | 135,940 | $ | 149,100 | $ | 128,685 | $ | 154,759 | |||||||||||
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Preferred dividends(2): | $ | — | $ | — | $ | — | $ | — | $ | 5,827 | ||||||||||
Fixed charges (1): | ||||||||||||||||||||
Interest on borrowings | $ | 11,620 | $ | 19,361 | $ | 26,331 | $ | 39,719 | $ | 63,539 | ||||||||||
Amortization of debt expense | — | — | — | — | — | |||||||||||||||
Interest portion of rental expense | 1,829 | 1,886 | 1,965 | 2,227 | 1,971 | |||||||||||||||
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$ | 13,449 | $ | 21,247 | $ | 28,296 | $ | 41,946 | $ | 65,510 | |||||||||||
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Ratio of earnings to fixed charges, excluding interest on deposits | 11.73 | 6.40 | 5.27 | 3.07 | 2.36 | |||||||||||||||
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Ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits | 11.73 | 6.40 | 5.27 | 3.07 | 2.27 | |||||||||||||||
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Earnings including interest on deposits(1): | ||||||||||||||||||||
Earnings before income taxes | $ | 144,275 | $ | 114,693 | $ | 120,804 | $ | 86,739 | $ | 89,249 | ||||||||||
Fixed charges | 18,336 | 27,158 | 37,004 | 60,199 | 90,466 | |||||||||||||||
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$ | 162,611 | $ | 141,851 | $ | 157,808 | $ | 146,938 | $ | 179,715 | |||||||||||
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Preferred dividends(2): | $ | — | $ | — | $ | — | $ | — | $ | 5,827 | ||||||||||
Fixed charges(1): | ||||||||||||||||||||
Interest on deposits | $ | 4,887 | $ | 5,911 | $ | 8,708 | $ | 18,253 | $ | 24,956 | ||||||||||
Interest on borrowings | 11,620 | 19,361 | 26,331 | 39,719 | 63,539 | |||||||||||||||
Amortization of debt expense | — | — | — | — | — | |||||||||||||||
Interest portion of rental expense | 1,829 | 1,886 | 1,965 | 2,227 | 1,971 | |||||||||||||||
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$ | 18,336 | $ | 27,158 | $ | 37,004 | $ | 60,199 | $ | 90,466 | |||||||||||
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Ratio of earnings to fixed charges, including interest on deposits | 8.87 | 5.22 | 4.26 | 2.44 | 1.99 | |||||||||||||||
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Ratio of earnings to fixed charges and preferred dividends, including interest on deposits | 8.87 | 5.22 | 4.26 | 2.44 | 1.92 | |||||||||||||||
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(1) | As defined in Item 503(d) of Regulation S-K. |
(2) | The preferred dividends were increased to amounts representing the pretax earnings that would be required to cover such dividend requirements. |