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, | |||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before taxes | $ | 31,838 | $ | 28,563 | $ | 29,336 | $ | (13,173 | ) | $ | 22,389 | |||||||||
Fixed charges excluding deposits and preferred stock dividends: | 7,815 | 9,862 | 11,333 | 14,312 | 16,583 | |||||||||||||||
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Subtotal | 39,653 | 38,425 | 40,669 | 1,139 | 38,972 | |||||||||||||||
Interest on deposits | 8,344 | 10,878 | 15,195 | 26,793 | 39,303 | |||||||||||||||
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Total | $ | 47,997 | $ | 49,303 | $ | 55,864 | $ | 27,932 | $ | 78,275 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest excluding deposits | $ | 7,102 | $ | 9,233 | $ | 10,700 | $ | 13,650 | $ | 16,055 | ||||||||||
Interest component on rentals1 | 713 | 629 | 633 | 662 | 528 | |||||||||||||||
Preferred stock dividends | 620 | 2,167 | 3,987 | 3,194 | — | |||||||||||||||
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Subtotal | 8,435 | 12,029 | 15,320 | 17,506 | 16,583 | |||||||||||||||
Interest on deposits | 8,344 | 10,878 | 15,195 | 26,793 | 39,303 | |||||||||||||||
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Total | $ | 16,779 | $ | 22,907 | $ | 30,515 | $ | 44,299 | $ | 55,886 | ||||||||||
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Ratio of earnings to fixed charges: | ||||||||||||||||||||
Excluding interest on deposits | 4.70 | 3.19 | 2.65 | 0.07 | (2) | 2.35 | ||||||||||||||
Including interest on deposits | 2.86 | 2.15 | 1.83 | 0.63 | 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. |