Exhibit 12.1
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES
Nine Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
September 30, | Year Ended December 31, | |||||||||||||||||||||||
(Dollars in thousands) | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||
Earnings (1): | ||||||||||||||||||||||||
Income (loss) before income tax expense | $ | (10,440 | ) | $ | 18,574 | $ | 13,654 | $ | 17,804 | $ | 13,674 | $ | 12,640 | |||||||||||
Fixed charges | 24,991 | 38,823 | 28,841 | 24,511 | 20,993 | 20,289 | ||||||||||||||||||
Other adjustments (2) | 101 | (2,558 | ) | (1,658 | ) | (850 | ) | (354 | ) | 652 | ||||||||||||||
Total earnings (a) | $ | 14,652 | $ | 54,839 | $ | 40,837 | $ | 41,465 | $ | 34,313 | $ | 33,581 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest on deposits | $ | 20,944 | $ | 33,403 | $ | 22,046 | $ | 17,233 | $ | 12,398 | $ | 10,274 | ||||||||||||
Interest on borrowings | 4,047 | 5,420 | 6,795 | 7,278 | 8,595 | 10,015 | ||||||||||||||||||
Total fixed charges (b) | $ | 24,991 | $ | 38,823 | $ | 28,841 | $ | 24,511 | $ | 20,993 | $ | 20,289 | ||||||||||||
Ratio of earnings to fixed charges (a/b) | — | 1.41 | x | 1.42 | x | 1.69 | x | 1.63 | x | 1.66 | x | |||||||||||||
Earnings, excluding interest on deposits: | ||||||||||||||||||||||||
Total earnings | $ | 14,652 | $ | 54,839 | $ | 40,837 | $ | 41,465 | $ | 34,313 | $ | 33,581 | ||||||||||||
Less interest on deposits | 20,944 | 33,403 | 22,046 | 17,233 | 12,398 | 10,274 | ||||||||||||||||||
Total earnings (loss) excluding interest on deposits (c) | $ | (6,292 | ) | $ | 21,436 | $ | 18,791 | $ | 24,232 | $ | 21,915 | $ | 23,307 | |||||||||||
Fixed charges, excluding interest on deposits: | ||||||||||||||||||||||||
Total fixed charges | $ | 24,991 | $ | 38,823 | $ | 28,841 | $ | 24,511 | $ | 20,993 | $ | 20,289 | ||||||||||||
Less interest on deposits | 20,944 | 33,403 | 22,046 | 17,233 | 12,398 | 10,274 | ||||||||||||||||||
Total fixed charges, excluding interest on deposits (d) | $ | 4,047 | $ | 5,420 | $ | 6,795 | $ | 7,278 | $ | 8,595 | $ | 10,015 | ||||||||||||
Ratio of earnings to fixed charges, excluding interest on deposits (c/d) (5) | — | 3.96 | x | 2.77 | x | 3.33 | x | 2.55 | x | 2.33 | x |
(1) | As defined in Item 503(d) of Regulation S-K. | |
(2) | For purposes of the “earnings” computation, other adjustments include adding the amortization of capitalized interest and subtracting interest capitalized. | |
(3) | The ratio of earning to fixed charges, excluding interest on deposits, is being provided as an additional measure to provide comparability to the ratios disclosed by other issuers of debt securities. |