Exhibit 12
First Midwest Bancorp, Inc.
Ratio of Earnings to Fixed Charges(1)
Years ended December 31, | ||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
(Dollar Amounts in Thousands) | ||||||||||||||||||||
Ratio 1 - Including Interest on Deposits | ||||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||
Income from continuing operations | $ | 99,136 | $ | 92,778 | $ | 90,150 | $ | 82,138 | $ | 75,540 | ||||||||||
Add: | ||||||||||||||||||||
Income tax provision | 32,848 | 30,889 | 32,133 | 26,668 | 23,759 | |||||||||||||||
Fixed charges | 87,185 | 81,964 | 111,498 | 181,439 | 232,597 | |||||||||||||||
Total earnings available for fixed charges | $ | 219,169 | $ | 205,631 | $ | 233,781 | $ | 290,245 | $ | 331,896 | ||||||||||
Fixed charges(2) | ||||||||||||||||||||
Interest on deposits | $ | 57,432 | $ | 56,272 | $ | 81,616 | $ | 134,497 | $ | 155,887 | ||||||||||
Interest on borrowed funds | 20,980 | 23,962 | 29,294 | 46,341 | 76,019 | |||||||||||||||
Interest on subordinated debt - trust preferred securities | 8,066 | 1,079 | — | — | — | |||||||||||||||
Portion of rental expense representative of interest factor | 707 | 651 | 588 | 601 | 691 | |||||||||||||||
Total fixed charges | $ | 87,185 | $ | 81,964 | $ | 111,498 | $ | 181,439 | $ | 232,597 | ||||||||||
Ratio of earnings to fixed charges | 2.51 | x | 2.51 | x | 2.10 | x | 1.60 | x | 1.43 | x | ||||||||||
Ratio 2 - Excluding Interest on Deposits | ||||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||
Income from continuing operations | $ | 99,136 | $ | 92,778 | $ | 90,150 | $ | 82,138 | $ | 75,540 | ||||||||||
Add: | ||||||||||||||||||||
Income tax provision | 32,848 | 30,889 | 32,133 | 26,668 | 23,759 | |||||||||||||||
Fixed charges | 29,753 | 25,692 | 29,882 | 46,942 | 76,710 | |||||||||||||||
Total earnings available for fixed charges | $ | 161,737 | $ | 149,359 | $ | 152,165 | $ | 155,748 | $ | 176,009 | ||||||||||
Fixed charges(2): | ||||||||||||||||||||
Interest on borrowed funds | $ | 20,980 | $ | 23,962 | $ | 29,294 | $ | 46,341 | $ | 76,019 | ||||||||||
Interest on subordinated debt - trust preferred securities | 8,066 | 1,079 | — | — | — | |||||||||||||||
Portion of rental expense representative of interest factor | 707 | 651 | 588 | 601 | 691 | |||||||||||||||
Total fixed charges | $ | 29,753 | $ | 25,692 | $ | 29,882 | $ | 46,942 | $ | 76,710 | ||||||||||
Ratio of earnings to fixed charges | 5.44 | x | 5.81 | x | 5.09 | x | 3.32 | x | 2.29 | x |
(1) | The ratio of earnings to fixed charges represents the number of times “fixed charges” are covered by “earnings.” |
(2) | “Fixed charges” consist of interest on outstanding debt plus one-third (the proportion deemed representative of the interest factor) of operating lease expense. |