Orrstown Financial Services, Inc. | ||||||||||||||||||||||||||||
Exhibit 12 - Statements Regarding Computation of Ratios | ||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | Years Ended December 31, | |||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||
Income (Loss) Before Income Taxes | $ | 7,923 | $ | 10,052 | $ | 13,010 | $ | 9,798 | $ | (30,499 | ) | $ | (23,380 | ) | (1) | $ | 23,051 | |||||||||||
Total Fixed Charges | 3,163 | 3,308 | 4,301 | 5,113 | 7,634 | 10,844 | 12,782 | |||||||||||||||||||||
Less: Preferred Stock Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Earnings, Including Interest on Deposits | 11,086 | 13,360 | 17,311 | 14,911 | (22,865 | ) | (12,536 | ) | 35,833 | |||||||||||||||||||
Less: Interest on Deposits | 2,536 | 2,840 | 3,678 | 4,445 | 6,712 | 9,368 | 10,682 | |||||||||||||||||||||
Earnings, Excluding Interest on Deposits | $ | 8,550 | $ | 10,520 | $ | 13,633 | $ | 10,466 | $ | (29,577 | ) | $ | (21,904 | ) | $ | 25,151 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest on Deposits | $ | 2,536 | $ | 2,840 | $ | 3,678 | $ | 4,445 | $ | 6,712 | $ | 9,368 | $ | 10,682 | ||||||||||||||
Interest on Borrowings and Long-term Debt | 519 | 360 | 481 | 566 | 836 | 1,386 | 2,006 | |||||||||||||||||||||
Interest Expense Embedded in Rental Expense on Long-term Leases (2) | 108 | 108 | 142 | 102 | 86 | 90 | 94 | |||||||||||||||||||||
Preferred Stock Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Total Fixed Charges, Including Interest on Deposits | 3,163 | 3,308 | 4,301 | 5,113 | 7,634 | 10,844 | 12,782 | |||||||||||||||||||||
Less Interest on Deposits | 2,536 | 2,840 | 3,678 | 4,445 | 6,712 | 9,368 | 10,682 | |||||||||||||||||||||
Total Fixed Charges, Excluding Interest on Deposits | $ | 627 | $ | 468 | $ | 623 | $ | 668 | $ | 922 | $ | 1,476 | $ | 2,100 | ||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
Excluding Interest on Deposits | 13.64 | 22.48 | 21.88 | 15.67 | (32.08 | ) | (14.84 | ) | 11.98 | |||||||||||||||||||
Including Interest on Deposits | 3.50 | 4.04 | 4.02 | 2.92 | (3.00 | ) | (1.16 | ) | 2.80 | |||||||||||||||||||
Deficiency (In Thousands) | 30,499 | 23,380 | ||||||||||||||||||||||||||
(1) Excludes nonrecurring goodwill impairment expense of $19,447,000. | ||||||||||||||||||||||||||||
(2) Represents one-third of total rent expense |
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S-3 Filing
Orrstown Financial Services (ORRF) S-3Shelf registration
Filed: 18 Dec 15, 12:00am