Exhibit 12
First Midwest Bancorp, Inc.
Ratio of Earnings to Fixed Charges(1)
(Dollar Amounts in Thousands)
Years ended December 31, | |||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||
Ratio 1- Including Interest on Deposits | |||||||||||||||
Earnings available for fixed charges: | |||||||||||||||
Income from continuing operations | $ | 101,377 | $ | 99,136 | $ | 92,778 | $ | 90,150 | $ | 82,138 | |||||
Add: | |||||||||||||||
Income tax provision | 34,452 | 32,848 | 30,889 | 32,133 | 26,668 | ||||||||||
Fixed charges | 131,690 | 87,185 | 81,964 | 111,498 | 181,439 | ||||||||||
Total earnings available for fixed charges | $ | 267,519 | $ | 219,169 | $ | 205,631 | $ | 233,781 | $ | 290,245 | |||||
Fixed charges(2) | |||||||||||||||
Interest on deposits | $ | 86,675 | $ | 57,432 | $ | 56,272 | $ | 81,616 | $ | 134,497 | |||||
Interest on borrowed funds | 35,834 | 20,980 | 23,962 | 29,294 | 46,341 | ||||||||||
Interest on subordinated debt - trust preferred securities | 8,341 | 8,066 | 1,079 | — | — | ||||||||||
Portion of rental expense representative of interest factor | 840 | 707 | 651 | 588 | 601 | ||||||||||
Total fixed charges | $ | 131,690 | $ | 87,185 | $ | 81,964 | $ | 111,498 | $ | 181,439 | |||||
Ratio of earnings to fixed charges | 2.03 x | 2.51 x | 2.51 x | 2.10 x | 1.60 x | ||||||||||
Ratio 2 - Excluding Interest on Deposits | |||||||||||||||
Earnings available for fixed charges: | |||||||||||||||
Income from continuing operations | $ | 101,377 | $ | 99,136 | $ | 92,778 | $ | 90,150 | $ | 82,138 | |||||
Add: | |||||||||||||||
Income tax provision | 34,452 | 32,848 | 30,889 | 32,133 | 26,668 | ||||||||||
Fixed charges | 45,015 | 29,753 | 25,692 | 29,882 | 46,942 | ||||||||||
Total earnings available for fixed charges | $ | 180,844 | $ | 161,737 | $ | 149,359 | $ | 152,165 | $ | 155,748 | |||||
Fixed charges(2): | |||||||||||||||
Interest on borrowed funds | $ | 35,834 | $ | 20,980 | $ | 23,962 | $ | 29,294 | $ | 46,341 | |||||
Interest on subordinated debt - trust preferred securities | 8,341 | 8,066 | 1,079 | — | — | ||||||||||
Portion of rental expense representative of interest factor | 840 | 707 | 651 | 588 | 601 | ||||||||||
Total fixed charges | $ | 45,015 | $ | 29,753 | $ | 25,692 | $ | 29,882 | $ | 46,942 | |||||
Ratio of earnings to fixed charges | 4.02 x | 5.44 x | 5.81 x | 5.09 x | 3.32 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. |