Exhibit 12.1
Year Ended December 31, | ||||||||||||||||||||||||
2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||||||||||||||||||
(In thousands except for ratios) | ||||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||
Including Interest on Deposits (1) | 2.39 | 2.21 | 1.95 | 1.72 | 1.58 | 1.50 | ||||||||||||||||||
Excluding Interest on Deposits (2) | 3.97 | 3.42 | 2.93 | 2.89 | 2.78 | 2.41 | ||||||||||||||||||
a Net Income | 26,431 | 30,767 | 33,205 | 32,851 | 28,381 | 23,964 | ||||||||||||||||||
b Income Taxes | 15,536 | 13,623 | 15,121 | 14,759 | 8,791 | 6,551 | ||||||||||||||||||
c Minority Interest | 4,353 | 1,072 | — | — | — | — | ||||||||||||||||||
d Interest Expense on Deposits | 17,801 | 18,925 | 25,758 | 40,793 | 43,639 | 38,896 | ||||||||||||||||||
e Interest Expense on Borrowings* | 14,732 | 17,872 | 24,060 | 24,245 | 19,916 | 20,030 | ||||||||||||||||||
f Dividends on Preferred Shares | — | — | — | — | — | — | ||||||||||||||||||
g Rent Expense | 840 | 898 | 978 | 948 | 1,019 | 1,662 |
* | Interest expense on borrowings reflects amortization | |
(1) | (a+b+c+d+e+f+g)/(d+e+f+g) | |
(2) | (a+b+c+e+f)/(e+f+g) |