Exhibit 12.1
Central Pacific Financial Corp. & Subsidiaries
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
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| For the Year Ended December 31, |
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| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
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| (Dollars in thousdands) |
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Ratio 1 - including deposit interest |
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Earnings: |
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Pre-tax income (loss) from continuing operations |
| $ | (250,953 | ) |
| $ | (333,742 | ) |
| $ | (187,727 | ) |
| $ | 28,145 |
|
| $ | 120,492 |
|
|
Fixed charges |
| 42,503 |
|
| 67,788 |
|
| 102,234 |
|
| 138,420 |
|
| 109,935 |
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Total |
| $ | (208,450 | ) |
| $ | (265,954 | ) |
| $ | (85,493 | ) |
| $ | 166,565 |
|
| $ | 230,427 |
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Fixed charges: |
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Interest on deposits |
| $ | 20,789 |
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| $ | 42,546 |
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| $ | 62,305 |
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| $ | 93,973 |
|
| $ | 71,669 |
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|
Interest on other short-term borrowings |
| 1,177 |
|
| 548 |
|
| 6,563 |
|
| 1,616 |
|
| 2,197 |
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Interest on long-term debt |
| 20,135 |
|
| 24,621 |
|
| 33,129 |
|
| 42,390 |
|
| 35,666 |
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Interest on preferred stock dividends |
| 346 |
|
| 42 |
|
| - |
|
| - |
|
| - |
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Portion of rents representative of the interest factor of rental expense |
| 56 |
|
| 31 |
|
| 237 |
|
| 441 |
|
| 403 |
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Total fixed charges |
| $ | 42,503 |
|
| $ | 67,788 |
|
| $ | 102,234 |
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| $ | 138,420 |
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| $ | 109,935 |
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Preferred stock dividend requirements |
| 11,265 |
|
| 10,983 |
|
| - |
|
| - |
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| - |
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Fixed charges and preferred stock dividends |
| $ | 53,768 |
|
| $ | 78,771 |
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| $ | 102,234 |
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| $ | 138,420 |
|
| $ | 109,935 |
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Ratio of earnings to fixed charges |
| NM |
|
| NM |
|
| NM |
|
| 1.20 |
|
| 2.10 |
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Coverage deficiency |
| $ | (250,953 | ) |
| $ | (333,742 | ) |
| $ | (187,727 | ) |
| - |
|
| - |
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Ratio of earnings to fixed charges and preferred stock dividends |
| NM |
|
| NM |
|
| NM |
|
| 1.20 |
|
| 2.10 |
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Coverage deficiency |
| $ | (262,218 | ) |
| $ | (344,725 | ) |
| $ | (187,727 | ) |
| - |
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| - |
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Ratio 2 - excluding deposit interest |
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Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Pre-tax income (loss) from continuing operations |
| $ | (250,953 | ) |
| $ | (333,742 | ) |
| $ | (187,727 | ) |
| $ | 28,145 |
|
| $ | 120,492 |
|
|
Fixed charges |
| 21,714 |
|
| 25,242 |
|
| 39,929 |
|
| 44,447 |
|
| 38,266 |
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Total |
| $ | (229,239 | ) |
| $ | (308,500 | ) |
| $ | (147,798 | ) |
| $ | 72,592 |
|
| $ | 158,758 |
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Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest on other short-term borrowings |
| $ | 1,177 |
|
| $ | 548 |
|
| $ | 6,563 |
|
| $ | 1,616 |
|
| $ | 2,197 |
|
|
Interest on long-term debt |
| 20,135 |
|
| 24,621 |
|
| 33,129 |
|
| 42,390 |
|
| 35,666 |
|
| |||||
Interest on preferred stock dividends |
| 346 |
|
| 42 |
|
| - |
|
| - |
|
| - |
|
| |||||
Portion of rents representative of the interest factor of rental expense |
| 56 |
|
| 31 |
|
| 237 |
|
| 441 |
|
| 403 |
|
| |||||
Total fixed charges |
| $ | 21,714 |
|
| $ | 25,242 |
|
| $ | 39,929 |
|
| $ | 44,447 |
|
| $ | 38,266 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Preferred stock dividend requirements |
| 11,265 |
|
| 10,983 |
|
| - |
|
| - |
|
| - |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Fixed charges and preferred stock dividends |
| $ | 32,979 |
|
| $ | 36,225 |
|
| $ | 39,929 |
|
| $ | 44,447 |
|
| $ | 38,266 |
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Ratio of earnings to fixed charges |
| NM |
|
| NM |
|
| NM |
|
| 1.6 |
|
| 4.1 |
|
| |||||
Coverage deficiency |
| $ | (250,953 | ) |
| $ | (333,742 | ) |
| $ | (187,727 | ) |
| - |
|
| - |
|
| ||
|
|
|
|
|
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|
|
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|
|
|
|
|
| |||||
Ratio of earnings to fixed charges and preferred stock dividends |
| NM |
|
| NM |
|
| NM |
|
| 1.6 |
|
| 4.1 |
|
| |||||
Coverage deficiency |
| $ | (262,218 | ) |
| $ | (344,725 | ) |
| $ | (187,727 | ) |
| - |
|
| - |
|
|