Exhibit 12.1
RATIOS OF EARNINGS TO FIXED CHARGES
(amounts in thousands, except ratios)
The following table sets forth Heartland’s consolidated ratios of earnings to fixed charges for the periods indicated:
Year Ended December 31, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2011 | 2010 | |||||||||||||||||||||
Income before income taxes | $ | 33,749 | $ | 13,758 | $ | 14,604 | $ | 36,127 | $ | 37,611 | $ | 20,540 | $ | 14,645 | |||||||||||||
Add: fixed charges | 61,805 | 76,534 | 87,724 | 106,473 | 85,943 | 27,196 | 32,378 | ||||||||||||||||||||
Earnings including interest expense on deposits (1) | $ | 95,554 | $ | 90,292 | $ | 102,328 | $ | 142,600 | $ | 123,554 | $ | 47,736 | $ | 47,023 | |||||||||||||
Less: interest expense on deposits | (38,272 | ) | (52,744 | ) | (64,104 | ) | (77,865 | ) | (62,530 | ) | (15,701 | ) | (20,715 | ) | |||||||||||||
Earnings excluding interest expense on deposits (2) | $ | 57,282 | $ | 37,548 | $ | 38,224 | $ | 64,735 | $ | 61,024 | $ | 32,035 | $ | 26,308 | |||||||||||||
Fixed Charges: | |||||||||||||||||||||||||||
Interest expense on deposits | $ | 38,272 | $ | 52,744 | $ | 64,104 | $ | 77,865 | $ | 62,530 | $ | 15,701 | $ | 20,715 | |||||||||||||
Interest expense on borrowings | 17,608 | 17,786 | 22,795 | 28,026 | 22,879 | 8,501 | 8,692 | ||||||||||||||||||||
Estimated interest within rental expense | 581 | 660 | 647 | 582 | 534 | 322 | 299 | ||||||||||||||||||||
Preferred stock dividends | 5,344 | 5,344 | 178 | — | — | 2,672 | 2,672 | ||||||||||||||||||||
Fixed charges including interest on deposits (3) | $ | 61,805 | $ | 76,534 | $ | 87,724 | $ | 106,473 | $ | 85,943 | $ | 27,196 | $ | 32,378 | |||||||||||||
Less: interest expense on deposits | (38,272 | ) | (52,744 | ) | (64,104 | ) | (77,865 | ) | (62,530 | ) | (15,701 | ) | (20,715 | ) | |||||||||||||
Fixed charges excluding interest expense on deposits (4) | $ | 23,533 | $ | 23,790 | $ | 23,620 | $ | 28,608 | $ | 23,413 | $ | 11,495 | $ | 11,663 | |||||||||||||
Ratio of earning to fixed charges and preferred stock dividends | |||||||||||||||||||||||||||
Excluding interest expense on deposits (2)/(4) | 2.43 | 1.58 | 1.62 | 2.26 | 2.61 | 2.79 | 2.26 | ||||||||||||||||||||
Including interest expense on deposits (1)/(3) | 1.55 | 1.18 | 1.17 | 1.34 | 1.44 | 1.76 | 1.45 |