Orrstown Financial Services, Inc.
Exhibit 12 - Statements Regarding Calculation of Ratios
Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
(Loss) Income Before Taxes | $ | (32,534 | ) | $ | (5,054 | ) | $ | (42,827 | ) | $ | 23,051 | $ | 17,423 | $ | 18,585 | $ | 17,755 | |||||||||||
Total Fixed Charges | 6,096 | 8,393 | 10,838 | 12,773 | 16,584 | 19,490 | 23,070 | |||||||||||||||||||||
Less: Preferred Stock Dividends | - | - | - | - | - | - | - | |||||||||||||||||||||
Earnings, Including Interest on Deposits | (26,438 | ) | 3,339 | (31,989 | ) | 35,824 | 34,007 | 38,075 | 40,825 | |||||||||||||||||||
Less: Interest on Deposits | 5,359 | 7,206 | 9,368 | 10,682 | 12,481 | 14,021 | 18,649 | |||||||||||||||||||||
Earnings, Excluding Interest on Deposits | $ | (31,797 | ) | $ | (3,867 | ) | $ | (41,357 | ) | $ | 25,142 | $ | 21,526 | $ | 24,054 | $ | 22,176 | |||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest on Deposits | $ | 5,359 | $ | 7,206 | $ | 9,368 | $ | 10,682 | $ | 12,481 | $ | 14,021 | $ | 18,649 | ||||||||||||||
Interest on Borrowings and Long-term Debt | 673 | 1,124 | 1,386 | 2,006 | 4,019 | 5,387 | 4,337 | |||||||||||||||||||||
Interest Expense Embedded in Rental Expense on Long-term Leases (1) | 64 | 63 | 84 | 85 | 84 | 82 | 84 | |||||||||||||||||||||
Preferred Stock Dividends | - | - | - | - | - | - | - | |||||||||||||||||||||
Total Fixed Charges, Including Interest on Deposits | 6,096 | 8,393 | 10,838 | 12,773 | 16,584 | 19,490 | 23,070 | |||||||||||||||||||||
Less Interest on Deposits | 5,359 | 7,206 | 9,368 | 10,682 | 12,481 | 14,021 | 18,649 | |||||||||||||||||||||
Total Fixed Charges, Excluding Interest on Deposits | $ | 737 | $ | 1,187 | $ | 1,470 | $ | 2,091 | $ | 4,103 | $ | 5,469 | $ | 4,421 | ||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
Excluding Interest on Deposits | (43.14 | ) | (3.26 | ) | (28.13 | ) | 12.02 | 5.25 | 4.40 | 5.02 | ||||||||||||||||||
Including Interest on Deposits | (4.34 | ) | 0.40 | (2.95 | ) | 2.80 | 2.05 | 1.95 | 1.77 | |||||||||||||||||||
Deficiency (In Thousands) | $ | 32,534 | $ | 5,054 | $ | 42,827 | ||||||||||||||||||||||
(1) Represents one-third of total rent expense |