Exhibit 12.1
Central Pacific Financial Corp. & Subsidiaries
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
For the Year Ended December 31, | |||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
(Dollars in thousdands) | |||||||||||||||||||
Ratio 1 - including deposit interest | |||||||||||||||||||
Earnings: | |||||||||||||||||||
Pre-tax income (loss) from continuing operations | $ | 47,421 | $ | 36,571 | $ | (250,953 | ) | $ | (333,742 | ) | $ | (187,727 | ) | ||||||
Fixed charges | 8,802 | 18,757 | 42,503 | 67,788 | 102,234 | ||||||||||||||
Total | $ | 56,223 | $ | 55,328 | $ | (208,450 | ) | $ | (265,954 | ) | $ | (85,493 | ) | ||||||
Fixed charges: | |||||||||||||||||||
Interest on deposits | $ | 5,033 | $ | 9,610 | $ | 20,789 | $ | 42,546 | $ | 62,305 | |||||||||
Interest on other short-term borrowings | - | 204 | 1,177 | 548 | 6,563 | ||||||||||||||
Interest on long-term debt | 3,701 | 8,815 | 20,135 | 24,621 | 33,129 | ||||||||||||||
Interest on preferred stock dividends | - | 69 | 346 | 42 | - | ||||||||||||||
Portion of rents representative of the interest | |||||||||||||||||||
factor of rental expense | 68 | 59 | 56 | 31 | 237 | ||||||||||||||
Total fixed charges | $ | 8,802 | $ | 18,757 | $ | 42,503 | $ | 67,788 | $ | 102,234 | |||||||||
Preferred stock dividend requirements | - | 1,502 | 11,265 | 10,983 | - | ||||||||||||||
Fixed charges and preferred stock dividends | $ | 8,802 | $ | 20,259 | $ | 53,768 | $ | 78,771 | $ | 102,234 | |||||||||
Ratio of earnings to fixed charges | 6.4 | 2.9 | NM | NM | NM | ||||||||||||||
Coverage deficiency | $ | - | $ | - | $ | (250,953 | ) | $ | (333,742 | ) | (187,727 | ) | |||||||
Ratio of earnings to fixed charges and preferred | |||||||||||||||||||
stock dividends | 6.4 | 2.7 | NM | NM | NM | ||||||||||||||
Coverage deficiency | $ | - | $ | - | $ | (262,218 | ) | $ | (344,725 | ) | (187,727 | ) | |||||||
Ratio 2 - excluding deposit interest | |||||||||||||||||||
Earnings: | |||||||||||||||||||
Pre-tax income (loss) from continuing operations | $ | 47,421 | $ | 36,571 | $ | (250,953 | ) | $ | (333,742 | ) | $ | (187,727 | ) | ||||||
Fixed charges | 3,769 | 9,147 | 21,714 | 25,242 | 39,929 | ||||||||||||||
Total | $ | 51,190 | $ | 45,718 | $ | (229,239 | ) | $ | (308,500 | ) | $ | (147,798 | ) | ||||||
Fixed charges: | |||||||||||||||||||
Interest on other short-term borrowings | $ | - | $ | 204 | $ | 1,177 | $ | 548 | $ | 6,563 | |||||||||
Interest on long-term debt | 3,701 | 8,815 | 20,135 | 24,621 | 33,129 | ||||||||||||||
Interest on preferred stock dividends | - | 69 | 346 | 42 | - | ||||||||||||||
Portion of rents representative of the interest | |||||||||||||||||||
factor of rental expense | 68 | 59 | 56 | 31 | 237 | ||||||||||||||
Total fixed charges | $ | 3,769 | $ | 9,147 | $ | 21,714 | $ | 25,242 | $ | 39,929 | |||||||||
Preferred stock dividend requirements | - | 1,502 | 11,265 | 10,983 | - | ||||||||||||||
Fixed charges and preferred stock dividends | $ | 3,769 | $ | 10,649 | $ | 32,979 | $ | 36,225 | $ | 39,929 | |||||||||
Ratio of earnings to fixed charges | 13.6 | 5.0 | NM | NM | NM | ||||||||||||||
Coverage deficiency | $ | - | $ | - | $ | (250,953 | ) | $ | (333,742 | ) | $ | (187,727 | ) | ||||||
Ratio of earnings to fixed charges and preferred | |||||||||||||||||||
stock dividends | 13.6 | 4.3 | NM | NM | NM | ||||||||||||||
Coverage deficiency | $ | - | $ | - | $ | (262,218 | ) | $ | (344,725 | ) | $ | (187,727 | ) |