Exhibit 12.1
First Midwest Bancorp, Inc.
Ratio of Earnings to Fixed Charges(1)
Nine Months Ended Sept. 30, 2005 | Years ended December 31, | |||||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||||||
(Dollar amounts in thousands) | (Dollar amounts in thousands) | |||||||||||||||||||||||
Ratio 1—Including Interest on Deposits | ||||||||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||
Income from continuing operations | $ | 78,747 | $ | 99,136 | $ | 92,778 | $ | 90,150 | $ | 82,138 | $ | 75,540 | ||||||||||||
Add: | ||||||||||||||||||||||||
Income tax provision | 28,681 | 32,848 | 30,889 | 32,133 | 26,668 | 23,759 | ||||||||||||||||||
Fixed charges | 90,770 | 87,185 | 81,964 | 111,498 | 181,439 | 232,597 | ||||||||||||||||||
Total earnings available for fixed charges | $ | 198,198 | $ | 219,169 | $ | 205,631 | $ | 233,781 | $ | 290,245 | $ | 331,896 | ||||||||||||
Fixed charges(2): | ||||||||||||||||||||||||
Interest on deposits | $ | 60,501 | $ | 57,432 | $ | 56,272 | $ | 81,616 | $ | 134,497 | $ | 155,887 | ||||||||||||
Interest on borrowed funds | 23,471 | 20,980 | 23,962 | 29,294 | 46,341 | 76,019 | ||||||||||||||||||
Interest on subordinated debt—trust preferred securities | 6,197 | 8,066 | 1,079 | — | — | — | ||||||||||||||||||
Portion of rental expense representative of interest factor | 601 | 707 | 651 | 588 | 601 | 691 | ||||||||||||||||||
Total fixed charges | $ | 90,770 | $ | 87,185 | $ | 81,964 | $ | 111,498 | $ | 181,439 | $ | 232,597 | ||||||||||||
Ratio of earnings to fixed charges | 2.18 | x | 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 | $ | 78,747 | $ | 99,136 | $ | 92,778 | $ | 90,150 | $ | 82,138 | $ | 75,540 | ||||||||||||
Add: | ||||||||||||||||||||||||
Income tax provision | 28,681 | 32,848 | 30,889 | 32,133 | 26,668 | 23,759 | ||||||||||||||||||
Fixed charges | 30,269 | 29,753 | 25,692 | 29,882 | 46,942 | 76,710 | ||||||||||||||||||
Total earnings available for fixed charges | $ | 137,697 | $ | 161,737 | $ | 149,359 | $ | 152,165 | $ | 155,748 | $ | 176,009 | ||||||||||||
Fixed charges(2): | ||||||||||||||||||||||||
Interest on borrowed funds | $ | 23,471 | $ | 20,980 | $ | 23,962 | $ | 29,294 | $ | 46,341 | $ | 76,019 | ||||||||||||
Interest on subordinated debt—trust preferred securities | 6,197 | 8,066 | 1,079 | — | — | — | ||||||||||||||||||
Portion of rental expense representative of interest factor | 601 | 707 | 651 | 588 | 601 | 691 | ||||||||||||||||||
Total fixed charges | $ | 30,269 | $ | 29,753 | $ | 25,692 | $ | 29,882 | $ | 46,942 | $ | 76,710 | ||||||||||||
Ratio of earnings to fixed charges | 4.55 | x | 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. |