Exhibit 12.0
Intervest Bancshares Corporation and Subsidiary
Computation of Ratios of Earnings to Fixed Charges
For the Year Ended December 31, 2013 | ||||||||
($ in thousands) | Intervest Bancshares Corporation Consolidated | Intervest Bancshares Corporation (stand alone) | ||||||
Earnings before income taxes (1) | $ | 26,149 | $ | 28,710 | ||||
Fixed charges, excluding interest on deposits (2) | 2,737 | 2,736 | ||||||
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Earnings before income taxes and fixed charges, excluding interest on deposits | 28,886 | 31,446 | ||||||
Interest on deposits | 25,430 | — | ||||||
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Earnings before income taxes and fixed charges, including interest on deposits | $ | 54,316 | $ | 31,446 | ||||
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Earnings to fixed charges ratios: | ||||||||
Excluding interest on deposits | 10.55 | x | 11.49 | x | ||||
Including interest on deposits | 1.93 | x | 11.49 | x | ||||
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For the Year Ended December 31, 2012 | ||||||||
($ in thousands) | Intervest Bancshares Corporation Consolidated | Intervest Bancshares Corporation (stand alone) | ||||||
Earnings before income taxes (1) | $ | 22,529 | $ | (2,352 | ) | |||
Fixed charges, excluding interest on deposits (2) | 4,037 | 3,649 | ||||||
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Earnings before income taxes and fixed charges, excluding interest on deposits | 26,566 | 1,297 | ||||||
Interest on deposits | 35,831 | — | ||||||
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Earnings before income taxes and fixed charges, including interest on deposits | $ | 62,397 | $ | 1,297 | ||||
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Earnings to fixed charges ratios: | ||||||||
Excluding interest on deposits | 6.58 | x | 0.36 | x | ||||
Including interest on deposits | 1.57 | x | 0.36 | x | ||||
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For the Year Ended December 31, 2011 | ||||||||
($ in thousands) | Intervest Bancshares Corporation Consolidated | Intervest Bancshares Corporation (stand alone) | ||||||
Earnings before income taxes (1) | $ | 20,758 | $ | (2,695 | ) | |||
Fixed charges, excluding interest on deposits (2) | 4,688 | 3,802 | ||||||
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Earnings before income taxes and fixed charges, excluding interest on deposits | 25,446 | 1,107 | ||||||
Interest on deposits | 47,582 | — | ||||||
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Earnings before income taxes and fixed charges, including interest on deposits | $ | 73,028 | $ | 1,107 | ||||
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Earnings to fixed charges ratios: | ||||||||
Excluding interest on deposits | 5.43 | x | 0.29 | x | ||||
Including interest on deposits | 1.40 | x | 0.29 | x | ||||
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(1) | IBC’s stand alone earnings before income taxes for purposes of this calculation include dividends received from INB, its wholly-owned subsidiary, in the amounts of $31 million in 2013 and $0 in 2012 and 2011. See the section “Supervision and Regulation” in Item 1 “Business” of IBC’s Annual Report on Form 10-K for the year ended December 31, 2013. |
(2) | Fixed charges for purposes of this calculation represent the aggregate of interest expense on outstanding debentures and other short-term borrowings, amortization of debenture offering costs and preferred stock dividend requirements, which are comprised of preferred stock dividends and related preferred stock discount amortization. |