Exhibit 12.1
STATEMENT OF RATIOS OF EARNINGS TO FIXED CHARGES
Year ended December 31, | |||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||
(dollars in thousands) | |||||||||||||||
Ratio of earnings to fixed charges | |||||||||||||||
Earnings: | |||||||||||||||
Income from continuing operations before taxes | $ | 22,389 | $ | 26,189 | $ | 24,437 | $ | 29,805 | $ | 24,114 | |||||
Fixed charges excluding deposits: | 16,583 | 12,824 | 11,957 | 9,195 | 6,583 | ||||||||||
Subtotal | 38,972 | 39,013 | 36,394 | 39,000 | 30,697 | ||||||||||
Interest on deposits | 39,303 | 52,274 | 41,546 | 24,832 | 15,527 | ||||||||||
Total | $ | 78,275 | $ | 91,287 | $ | 77,940 | $ | 63,832 | $ | 46,224 | |||||
Fixed charges: | |||||||||||||||
Interest excluding deposits | $ | 16,055 | $ | 12,376 | $ | 11,558 | $ | 8,800 | $ | 6,290 | |||||
Interest component on rentals* | 528 | 448 | 399 | 395 | 293 | ||||||||||
Subtotal | 16,583 | 12,824 | 11,957 | 9,195 | 6,583 | ||||||||||
Interest on deposits | 39,303 | 52,274 | 41,546 | 24,832 | 15,527 | ||||||||||
Total | $ | 55,886 | $ | 65,098 | $ | 53,503 | $ | 34,027 | $ | 22,110 | |||||
Ratio of earnings to fixed charges: | |||||||||||||||
Excluding interest on deposits | 2.35 | 3.04 | 3.04 | 4.24 | 4.66 | ||||||||||
Including interest on deposits | 1.40 | 1.40 | 1.46 | 1.88 | 2.09 |
* | Interest component on rentals estimated to be one-third of rentals |