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The ratio of earnings to fixed charges was calculated using the data presented below.
| Pro Forma(1) | CPF Historical Data(2) | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended June 30, | Year Ended December 31, | Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||
| 2003 | 2002 | 2003 | 2002 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||
Excluding Interest on Deposits | |||||||||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||
CPF income before income taxes | $ | $ | 48,238 | $ | $ | 23,597 | $ | 48,238 | $ | 38,882 | $ | 30,019 | $ | 24,377 | $ | 24,036 | |||||||||||||
Fixed charges | 25,967 | 5,004 | 9,395 | 13,476 | 13,823 | 9,779 | 9,692 | ||||||||||||||||||||||
Less: CPB Real Estate, Inc. preferred dividends | (2,010 | ) | (999 | ) | (2,010 | ) | (837 | ) | (10 | ) | (10 | ) | (10 | ) | |||||||||||||||
CB Bancshares income before income taxes | 19,740 | ||||||||||||||||||||||||||||
Pro forma adjustment | (8,000 | ) | |||||||||||||||||||||||||||
Total earnings | $ | $ | 83,935 | $ | $ | 27,602 | $ | 55,623 | $ | 51,521 | $ | 43,832 | $ | 34,146 | $ | 33,718 | |||||||||||||
Fixed charges: | |||||||||||||||||||||||||||||
CPF total interest expense | $ | $ | 29,483 | $ | $ | 15,830 | $ | 29,483 | $ | 51,421 | $ | 55,559 | $ | 44,418 | $ | 46,705 | |||||||||||||
CPF interest included in rental expense | 1,143 | 576 | 1,143 | 1,069 | 1,482 | 1,426 | 1,455 | ||||||||||||||||||||||
Less: CPF interest on deposits | (23,241 | ) | (12,401 | ) | (23,241 | ) | (39,851 | ) | (43,228 | ) | (36,075 | ) | (38,478 | ) | |||||||||||||||
CB Bancshares interest expense | 30,292 | ||||||||||||||||||||||||||||
CB Bancshares interest included in rental expense | 1,654 | ||||||||||||||||||||||||||||
Less: CB Bancshares interest on deposits | (18,098 | ) | |||||||||||||||||||||||||||
Pro forma adjustment | 2,724 | ||||||||||||||||||||||||||||
CPB Real Estate, Inc. preferred dividends | 2,010 | 999 | 2,010 | 837 | 10 | 10 | 10 | ||||||||||||||||||||||
Total fixed charges | $ | $ | 25,967 | $ | $ | 5,004 | $ | 9,395 | $ | 13,476 | $ | 13,823 | 9,779 | 9,692 | |||||||||||||||
Ratio of earnings to fixed charges | 3.23 | 5.52 | 5.92 | 3.82 | 3.17 | 3.49 | 3.48 | ||||||||||||||||||||||
Including Interest on Deposits | |||||||||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||
CPF income before income taxes | $ | $ | 48,238 | $ | $ | 23,597 | $ | 48,238 | $ | 38,882 | $ | 30,019 | $ | 24,377 | $ | 24,036 | |||||||||||||
Fixed charges | 67,306 | 17,405 | 32,636 | 53,327 | 57,051 | 45,854 | 48,170 | ||||||||||||||||||||||
Less: CPB Real Estate, Inc. preferred dividends | (2,010 | ) | (999 | ) | (2,010 | ) | (837 | ) | (10 | ) | (10 | ) | (10 | ) | |||||||||||||||
CB Bancshares income before income taxes | 19,740 | — | — | — | — | — | |||||||||||||||||||||||
Pro forma adjustment | (8,000 | ) | — | — | — | — | — | ||||||||||||||||||||||
Total earnings | $ | $ | 125,274 | $ | $ | 40,003 | $ | 78,864 | $ | 91,372 | $ | 87,060 | $ | 70,221 | $ | 72,196 | |||||||||||||
Fixed charges | |||||||||||||||||||||||||||||
CPF total interest expense | $ | $ | 29,483 | $ | $ | 15,830 | $ | 29,483 | $ | 51,421 | $ | 55,559 | $ | 44,418 | $ | 46,705 | |||||||||||||
CPF interest included in rental expense | 1,143 | 576 | 1,143 | 1,069 | 1,482 | 1,426 | 1,455 | ||||||||||||||||||||||
CB Bancshares interest expense | 30,292 | — | — | — | — | — | |||||||||||||||||||||||
CB Bancshares interest included in rental expense | 1,654 | — | — | — | — | — | |||||||||||||||||||||||
Pro forma adjustment | 2,724 | — | — | — | — | — | |||||||||||||||||||||||
CPB Real Estate, Inc. preferred dividends | 2,010 | 999 | 2,010 | 837 | 10 | 10 | 10 | ||||||||||||||||||||||
Total fixed charges | $ | $ | 67,306 | $ | $ | 17,405 | $ | 32,636 | $ | 53,327 | $ | 57,051 | $ | 45,854 | $ | 48,170 | |||||||||||||
Ratio of earnings to fixed charges | 1.86 | 2.30 | 2.42 | 1.71 | 1.53 | 1.53 | 1.50 | ||||||||||||||||||||||
- (1)
- Pro Forma data reflects CB Bancshares historical data, which is adjusted to reflect the 10% stock dividend paid on June 27, 2003, and CPF historical data, adjusted to give effect to the exchange offer and proposed merger. CB Bancshares historical data derived from information contained in CB Bancshares' Quarterly Reports on Form 10-Q for the quarterly periods
ended March 31 and June 30, 2003, and Annual Report on Form 10-K for the year ended December 31, 2002, which are incorporated by reference in this registration statement.
- (2)
- CPF historical data derived from information contained in CPF's Quarterly Reports on Form 10-Q for the quarterly periods ended March 31 and June 30, 2003, and Annual Report on Form 10-K for the fiscal year ended December 31, 2002, which are incorporated by reference in this registration statement.