Exhibit 12.1
(Dollars in thousands)
Year ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Computation of Earnings | ||||||||||||||||||||
Net income | $ | 59,251 | $ | 221,337 | $ | 22,962 | $ | 35,681 | $ | 21,271 | ||||||||||
Add: Income tax expense | 32,702 | 132,639 | 10,403 | 18,008 | 9,449 | |||||||||||||||
Income from continuing operations before income taxes | 91,953 | 353,976 | 33,365 | 53,689 | 30,720 | |||||||||||||||
Fixed charges, excluding interest on deposits | 9,656 | 9,665 | 9,106 | 8,758 | 10,440 | |||||||||||||||
Total earnings for computation, excluding interest on deposits | 101,609 | 363,641 | 42,471 | 62,447 | 41,160 | |||||||||||||||
Interest on deposits | 58,336 | 47,580 | 57,997 | 79,184 | 70,012 | |||||||||||||||
Total earnings for computation, including interest on deposits | $ | 159,945 | $ | 411,221 | $ | 100,468 | $ | 141,631 | $ | 111,172 | ||||||||||
Computation of Fixed Charges | ||||||||||||||||||||
Portion of rental expense deemed representative of interest * | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Interest on short-term borrowed funds | 94 | 1,318 | 4,828 | 4,232 | 3,768 | |||||||||||||||
Interest on long-term borrowed funds | 9,562 | 8,347 | 4,278 | 4,526 | 6,672 | |||||||||||||||
Total fixed charges, excluding interest on deposits | 9,656 | 9,665 | 9,106 | 8,758 | 10,440 | |||||||||||||||
Interest on deposits | 58,336 | 47,580 | 57,997 | 79,184 | 70,012 | |||||||||||||||
Total fixed charges, including interest on deposits | $ | 67,992 | $ | 57,245 | $ | 67,103 | $ | 87,942 | $ | 80,452 | ||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
Excluding deposit interest | 10.52 | 37.62 | 4.66 | 7.13 | 3.94 | |||||||||||||||
Including deposit interest | 2.35 | 7.18 | 1.50 | 1.61 | 1.38 |
* All of First Financial Bancorp’s leases are operating; none are capitalized.