Exhibit 12.1
Calculation of Ratios of Earnings to Fixed Charges
(Dollars in thousands)
Years Ended December 31, | Nine Months Ended September 30, | ||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2009 | ||||||||||||||
Ratios of earnings to fixed charges | |||||||||||||||||||
Including interest on deposits (1) | 1.36 | 1.50 | 1.55 | 1.90 | 2.20 | 1.82 | |||||||||||||
Excluding interest on deposits (2) | 1.82 | 2.34 | 2.63 | 3.39 | 4.11 | 2.89 | |||||||||||||
a Net Income | $ | 15,335 | $ | 20,283 | $ | 20,276 | $ | 21,380 | $ | 19,493 | $ | 17,546 | |||||||
b Income Taxes | 5,383 | 8,453 | 9,111 | 9,968 | 9,721 | 7,898 | |||||||||||||
c Interest Expense on Deposits | 31,700 | 36,452 | 35,017 | 21,584 | 14,963 | 17,743 | |||||||||||||
d Interest Expense on Borrowings | 25,199 | 21,414 | 18,031 | 13,113 | 9,402 | 13,403 | |||||||||||||
e Rent Expenses | 55 | — | — | — | — | 41 |
(1) | (a+b+c+d+e)/(c+d+e) |
(2) | (a+b+de)/(d+e) |