Exhibit 12.1
STATEMENT OF RATIOS OF EARNINGS TO FIXED CHARGES
Exhibit 12.1 Ratio of Earnings to Fixed Charges
Year ended December 31, | ||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
Ratio of earnings to fixed charges | ||||||||||||||||
Earnings: | ||||||||||||||||
Income (Loss) from continuing operations before taxes | $ | (13,173 | ) | $ | 22,389 | $ | 26,189 | $ | 24,437 | $ | 29,805 | |||||
Fixed charges excluding deposits and preferred stock dividends: | 14,312 | 16,583 | 12,824 | 11,957 | 9,195 | |||||||||||
Subtotal | 1,139 | 38,972 | 39,013 | 36,394 | 39,000 | |||||||||||
Interest on deposits | 26,793 | 39,303 | 52,274 | 41,546 | 24,832 | |||||||||||
Total | $ | 27,932 | $ | 78,275 | $ | 91,287 | $ | 77,940 | $ | 63,832 | ||||||
Fixed charges: | ||||||||||||||||
Interest excluding deposits | $ | 13,650 | $ | 16,055 | $ | 12,376 | $ | 11,558 | $ | 8,800 | ||||||
Interest component on rentals1 | 662 | 528 | 448 | 399 | 395 | |||||||||||
Preferred stock dividends | 3,194 | — | ||||||||||||||
Subtotal | 17,506 | 16,583 | 12,824 | 11,957 | 9,195 | |||||||||||
Interest on deposits | 26,793 | 39,303 | 52,274 | 41,546 | 24,832 | |||||||||||
Total | $ | 44,299 | $ | 55,886 | $ | 65,098 | $ | 53,503 | $ | 34,027 | ||||||
Ratio of earnings to fixed charges: | ||||||||||||||||
Excluding interest on deposits | 0.07 | 2 | 2.35 | 3.04 | 3.04 | 4.24 | ||||||||||
Including interest on deposits | 0.63 | 1.40 | 1.40 | 1.46 | 1.88 |
1 | Interest component on rentals estimated to be one-third of rentals |
2 | The dollar amount for the deficiency for the year ended 12/31/09 is $16.4 million. |