EXHIBIT (12)
Page 1
Republic Bancorp Inc.
Calculations of Ratios of Earnings to Combined Fixed Charges and Dividends on Trust
Preferred Securities and Preferred Stock of Subsidiary
| Three Months Ended | Nine Months Ended | |||||||||||||||||
| (in thousands) | September, 30 | September, 30 | ||||||||||||||||
| 2003 | 2002 | 2003 | 2002 | |||||||||||||||
Including Interest on Deposits: | ||||||||||||||||||
| Fixed charges: | ||||||||||||||||||
| Total interest expense | $ | 29,075 | $ | 33,939 | $ | 89,127 | $ | 103,627 | ||||||||||
| Interest portion of rent expense | 188 | 183 | 569 | 551 | ||||||||||||||
| Dividends on trust preferred securities and preferred stock of subsidiary | 1,075 | 1,242 | 3,225 | 4,753 | ||||||||||||||
| Fixed charges including interest on deposits | $ | 30,338 | $ | 35,364 | $ | 92,921 | $ | 108,931 | ||||||||||
| Earnings: | ||||||||||||||||||
| Net income | $ | 15,790 | $ | 14,283 | $ | 46,101 | $ | 42,935 | ||||||||||
| Income taxes | 6,523 | 5,910 | 19,877 | 18,565 | ||||||||||||||
| Fixed charges, as above | 30,338 | 35,364 | 92,921 | 108,931 | ||||||||||||||
| Earnings for purposes of calculation | $ | 52,651 | $ | 55,557 | $ | 158,899 | $ | 170,431 | ||||||||||
| Ratio of earnings to combined fixed charges and dividends on trust preferred securities and preferred stock of subsidiary including interest on deposits | 1.74 | x | 1.57 | x | 1.71 | x | 1.56 | |||||||||||
Excluding Interest on Deposits: | ||||||||||||||||||
| Fixed charges: | ||||||||||||||||||
| Total interest expense excluding interest on deposits | $ | 15,903 | $ | 15,730 | $ | 46,029 | $ | 45,714 | ||||||||||
| Interest portion of rent expense | 188 | 183 | 569 | 551 | ||||||||||||||
| Dividends on trust preferred securities and preferred stock of subsidiary | 1,075 | 1,242 | 3,225 | 4,753 | ||||||||||||||
| Fixed charges excluding interest on deposits | $ | 17,166 | $ | 17,155 | $ | 49,823 | $ | 51,018 | ||||||||||
| Earnings: | ||||||||||||||||||
| Net income | $ | 15,790 | $ | 14,283 | $ | 46,101 | $ | 42,935 | ||||||||||
| Income taxes | 6,523 | 5,910 | 19,877 | 18,565 | ||||||||||||||
| Fixed charges, as above | 17,166 | 17,155 | 49,823 | 51,018 | ||||||||||||||
| Earnings for purposes of calculation | $ | 39,479 | $ | 37,348 | $ | 115,801 | $ | 112,518 | ||||||||||
| Ratio of earnings to combined fixed charges and dividends on trust preferred securities and preferred stock of subsidiary excluding interest on deposits | 2.30 | x | 2.18 | x | 2.32 | x | 2.21 x | |||||||||||
EXHIBIT (12)
Page 2
Republic Bancorp Inc.
Calculations of Ratios of Earnings to Combined Fixed Charges
| Three Months Ended | Nine Months Ended | |||||||||||||||||
| (in thousands) | September, 30 | September, 30 | ||||||||||||||||
| 2003 | 2002 | 2003 | 2002 | |||||||||||||||
Including Interest on Deposits: | ||||||||||||||||||
| Fixed charges: | ||||||||||||||||||
| Total interest expense | $ | 29,075 | $ | 33,939 | $ | 89,127 | $ | 103,627 | ||||||||||
| Interest portion of rent expense | 188 | 183 | 569 | 551 | ||||||||||||||
| Fixed charges including interest on deposits | $ | 29,263 | $ | 34,122 | $ | 89,696 | $ | 104,178 | ||||||||||
| Earnings: | ||||||||||||||||||
| Net income | $ | 15,790 | $ | 14,283 | $ | 46,101 | $ | 42,935 | ||||||||||
| Income taxes | 6,523 | 5,910 | 19,877 | 18,565 | ||||||||||||||
| Fixed charges, as above | 29,263 | 34,122 | 89,696 | 104,178 | ||||||||||||||
| Earnings for purposes of calculation | $ | 51,576 | $ | 54,315 | $ | 155,674 | $ | 165,678 | ||||||||||
| Ratio of earnings to combined fixed charges including interest on deposits | 1.76 | x | 1.59 | x | 1.74 | x | 1.59 x | |||||||||||
Excluding Interest on Deposits: | ||||||||||||||||||
| Fixed charges: | ||||||||||||||||||
| Total interest expense excluding interest on deposits | $ | 15,903 | $ | 15,730 | $ | 46,029 | $ | 45,714 | ||||||||||
| Interest portion of rent expense | 188 | 183 | 569 | 551 | ||||||||||||||
| Fixed charges excluding interest on deposits | $ | 16,091 | $ | 15,913 | $ | 46,598 | $ | 46,265 | ||||||||||
| Earnings: | ||||||||||||||||||
| Net income | $ | 15,790 | $ | 14,283 | $ | 46,101 | $ | 42,935 | ||||||||||
| Income taxes | 6,523 | 5,910 | 19,877 | 18,565 | ||||||||||||||
| Fixed charges, as above | 16,091 | 15,913 | 46,598 | 46,265 | ||||||||||||||
| Earnings for purposes of calculation | $ | 38,404 | $ | 36,106 | $ | 112,576 | $ | 107,765 | ||||||||||
| Ratio of earnings to combined fixed charges excluding interest on deposits | 2.39 | x | 2.27 | x | 2.42 | x | 2.33 x | |||||||||||
