Exhibit 12.1
Year Ended December 31, | ||||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | Six Months Ended June 30, 2012 | |||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||
Including Interest on Deposits (1) | 1.58 | 1.51 | 1.56 | 2.32 | 3.13 | 3.40 | ||||||||||||||||||
Excluding Interest on Deposits (2) | 2.80 | 2.46 | 2.35 | 3.69 | 4.92 | 5.38 | ||||||||||||||||||
a Net Income | 28,381 | 23,964 | 22,989 | 40,240 | 45,436 | 21,057 | ||||||||||||||||||
b Income Taxes | 8,791 | 6,551 | 6,747 | 12,227 | 17,148 | 7,860 | ||||||||||||||||||
c Interest Expense on Deposits | 43,639 | 38,896 | 31,163 | 20,254 | 13,355 | 5,426 | ||||||||||||||||||
d Interest Expense on Borrowings* | 19,916 | 20,030 | 20,832 | 18,509 | 15,317 | 6,316 | ||||||||||||||||||
e Rent Expense | 678 | 873 | 1,263 | 1,029 | 655 | 290 |
* | Interest expense on borrowings reflects amortization. |
(1) | (a+b+c+d+e+)/(c+d+e) |
(2) | (a+b+d+e)/(d+e) |
Year Ended December 31, | ||||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | Six Months Ended June 30, 2012 | |||||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | ||||||||||||||||||||||||
Including Interest on Deposits (1) | 1.58 | 1.51 | 1.49 | 2.32 | 3.13 | 3.40 | ||||||||||||||||||
Excluding Interest on Deposits (2) | 2.80 | 2.46 | 2.01 | 3.69 | 4.92 | 5.38 | ||||||||||||||||||
a Net Income | 28,381 | 23,964 | 22,989 | 40,240 | 45,436 | 21,057 | ||||||||||||||||||
b Income Taxes | 8,791 | 6,551 | 6,747 | 12,227 | 17,148 | 7,860 | ||||||||||||||||||
c Interest Expense on Deposits | 43,639 | 38,896 | 31,163 | 20,254 | 13,355 | 5,426 | ||||||||||||||||||
d Interest Expense on Borrowings* | 19,916 | 20,030 | 20,832 | 18,509 | 15,317 | 6,316 | ||||||||||||||||||
e Dividends on Preferred Shares** | — | — | 7,370 | — | — | — | ||||||||||||||||||
f Rent Expense | 678 | 873 | 1,263 | 1,029 | 655 | 290 |
* | Interest expense on borrowings reflects amortization. |
** | Represents preferred stock dividends and accretion on preferred stock, divided by 1 minus the effective tax rate of the Company at December 31, 2009. |
(1) | (a+b+c+d+e+f)/(c+d+e+f) |
(2) | (a+b+d+e+f)/(d+e+f) |