Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||||||||||||||||
Including Interest on Deposits: | ||||||||||||||||||||||||||||||||||||||||
Income before income taxes (A) | $ | (152,940 | ) | $ | 14,690 | $ | 54,404 | $ | 45,879 | $ | 34,980 | |||||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||||||||||
Interest on deposits | $ | 36,914 | $ | 154,045 | $ | 122,411 | $ | 62,649 | $ | 30,970 | ||||||||||||||||||||||||||||||
Interest on borrowings ‘(C) | $ | 176,712 | $ | 25,757 | $ | 17,426 | $ | 17,495 | $ | 8,598 | ||||||||||||||||||||||||||||||
Interest expense (B) | $ | 213,626 | $ | 179,802 | $ | 139,837 | $ | 80,144 | $ | 39,568 | ||||||||||||||||||||||||||||||
Preferred stock dividends before income taxes (D) | $ | 546 | $ | 107 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Ratio to Earnings to Fixed Charges: | ||||||||||||||||||||||||||||||||||||||||
Including deposit interest (A+B)/B | 0.28 | X | 1.08 | X | 1.39 | X | 1.57 | X | 1.88 | X | ||||||||||||||||||||||||||||||
Excluding deposit interest (A+C)/C | * | X | 1.57 | X | 4.12 | X | 3.62 | X | 5.07 | X | ||||||||||||||||||||||||||||||
Ratio to Earnings to Combined Fixed Charges and Preferred Stock Dividends: | ||||||||||||||||||||||||||||||||||||||||
Including deposit interest (A+B)/(B+D) | 0.28 | X | 1.08 | X | 1.39 | X | 1.57 | X | 1.88 | X | ||||||||||||||||||||||||||||||
Excluding deposit interest (A+C)/(C+D) | * | X | 1.09 | X | 1.44 | X | 1.73 | X | 2.13 | X |
* | The earnings for the year ended December 31, 2008 (excluding deposit interest) were inadequate to cover total fixed charges for the year. The coverage deficiency for the year was $23.8 million excluding preferred dividends and $24.3 million including preferred dividends. |