Exhibit 12.1
STATEMENT OF RATIOS OF EARNINGS TO FIXED CHARGES
Exhibit 12.1 Ratio of Earnings to Fixed Charges
Ratio of earnings to fixed charges | Year ended December 31, | |||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before taxes | $ | 28,563 | $ | 29,336 | $ | (13,173 | ) | $ | 22,389 | $ | 26,189 | |||||||||
Fixed charges excluding deposits and preferred stock dividends: | 9,862 | 11,333 | 14,312 | 16,583 | 12,824 | |||||||||||||||
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Subtotal | 38,425 | 40,669 | 1,139 | 38,972 | 39,013 | |||||||||||||||
Interest on deposits | 10,878 | 15,195 | 26,793 | 39,303 | 52,274 | |||||||||||||||
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Total | $ | 49,303 | $ | 55,864 | $ | 27,932 | $ | 78,275 | $ | 91,287 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest excluding deposits | $ | 9,233 | $ | 10,700 | $ | 13,650 | $ | 16,055 | $ | 12,376 | ||||||||||
Interest component on rentals1 | 629 | 633 | 662 | 528 | 448 | |||||||||||||||
Preferred stock dividends | 2,167 | 3,987 | 3,194 | — | — | |||||||||||||||
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Subtotal | 12,029 | 15,320 | 17,506 | 16,583 | 12,824 | |||||||||||||||
Interest on deposits | 10,878 | 15,195 | 26,793 | 39,303 | 52,274 | |||||||||||||||
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Total | $ | 22,907 | $ | 30,515 | $ | 44,299 | $ | 55,886 | $ | 65,098 | ||||||||||
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Ratio of earnings to fixed charges: | ||||||||||||||||||||
Excluding interest on deposits | 3.19 | 2.65 | 0.07 | 2 | 2.35 | 3.04 | ||||||||||||||
Including interest on deposits | 2.15 | 1.83 | 0.63 | 1.40 | 1.40 |
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. |