EXHIBIT 12
STATEMENTS: COMPUTATION OF RATIOS
The following is a computation of Non-GAAP financial ratios:
| Years Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
Net Interest Income | $ | 137,644 | $ | 123,519 | $ | 91,522 | $ | 84,798 | $ | 74,628 | ||||||||||
Effect of Tax Benefit on Interest Income | 4,902 | 4,746 | 3,544 | 3,283 | 2,861 | |||||||||||||||
Net Interest Income (TE) (1) | 142,546 | 128,265 | 95,066 | 88,081 | 77,489 | |||||||||||||||
Noninterest Income | 91,932 | 76,594 | 23,450 | 26,141 | 23,217 | |||||||||||||||
Effect of Tax Benefit on Noninterest Income | 1,599 | 1,901 | 1,123 | 1,066 | 897 | |||||||||||||||
Noninterest Income (TE)(1) | 93,530 | 78,494 | 24,573 | 27,207 | 24,114 | |||||||||||||||
Total Revenues (TE)(1) | $ | 236,076 | $ | 206,759 | $ | 119,639 | $ | 115,288 | $ | 101,603 | ||||||||||
Total Noninterest Expense | $ | 161,226 | $ | 140,118 | $ | 72,545 | $ | 63,708 | $ | 54,291 | ||||||||||
Less Intangible Amortization Expense | (2,408 | ) | (2,198 | ) | (1,118 | ) | (1,207 | ) | (885 | ) | ||||||||||
Tangible Operating Expense(2) | $ | 158,818 | $ | 137,920 | $ | 71,427 | $ | 62,501 | $ | 53,406 | ||||||||||
Net income | $ | 39,912 | $ | 41,310 | $ | 35,695 | $ | 22,000 | $ | 27,339 | ||||||||||
Effect of Intangible Amortization, net of tax | 1,566 | 1,429 | 727 | 784 | 575 | |||||||||||||||
Cash earnings | $ | 41,478 | $ | 42,739 | $ | 36,422 | $ | 22,785 | $ | 27,914 | ||||||||||
Net Income per Common Share- Diluted | $ | 3.04 | $ | 3.27 | $ | 3.57 | $ | 2.24 | $ | 3.01 | ||||||||||
Diluted Shares | 13,027 | 12,642 | 9,993 | 9,813 | 9,093 | |||||||||||||||
Effect of Intangible Amortizaton per diluted share, net of tax | $ | 0.12 | $ | 0.11 | $ | 0.07 | $ | 0.08 | $ | 0.06 | ||||||||||
Cash Earnings per Share- Diluted | $ | 3.16 | $ | 3.38 | $ | 3.64 | $ | 2.32 | $ | 3.07 | ||||||||||
Return on Average Common Equity | 7.59 | % | 8.87 | % | 12.86 | % | 8.41 | % | 12.98 | % | ||||||||||
Effect of Intangibles (2) | 8.10 | 9.99 | 7.66 | 5.55 | 6.54 | |||||||||||||||
Return on Average Tangible Common Equity(2) | 15.69 | % | 18.86 | % | 20.52 | % | 13.96 | % | 19.52 | % | ||||||||||
Efficiency Ratio | 70.2 | % | 70.0 | % | 63.1 | % | 57.4 | % | 55.5 | % | ||||||||||
Effect of Tax Benefit Related to Tax Exempt Income | (1.9 | ) | (1.1 | ) | (2.5 | ) | (2.2 | ) | (2.1 | ) | ||||||||||
Efficiency Ratio (TE)(1) | 68.3 | % | 68.9 | % | 60.6 | % | 55.2 | % | 53.4 | % | ||||||||||
Effect of Amortization of Intangibles | (1.0 | ) | (2.2 | ) | (0.9 | ) | (1.0 | ) | (0.8 | ) | ||||||||||
Tangible Efficiency Ratio (TE)(1) (2) | 67.3 | % | 66.7 | % | 59.7 | % | 54.2 | % | 52.6 | % | ||||||||||
(1) | Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%. |
(2) | Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable. |
STATEMENTS: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Years Ended December 31, | |||||||||||||||
(dollars in thousands) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||
Net income | $ | 39,912 | $ | 41,310 | $ | 35,695 | $ | 22,000 | $ | 27,339 | |||||
Income tax expense | 15,870 | 17,160 | 14,535 | 8,162 | 12,174 | ||||||||||
Income before income tax expense | $ | 55,782 | $ | 58,470 | $ | 50,230 | $ | 30,162 | $ | 39,513 | |||||
Fixed charges | |||||||||||||||
Interest on short-term and other borrowings | $ | 29,807 | $ | 34,430 | $ | 15,655 | $ | 13,852 | $ | 10,144 | |||||
Fixed charges excluding interest on deposits | 29,807 | 34,430 | 15,655 | 13,852 | 10,144 | ||||||||||
Interest on deposits | 96,376 | 104,297 | 58,116 | 36,598 | 23,837 | ||||||||||
Fixed charges including interest on deposits | $ | 126,183 | $ | 138,727 | $ | 73,770 | $ | 50,450 | $ | 33,982 | |||||
Preferred stock dividends | 348 | — | — | — | — | ||||||||||
Fixed charges including preferred stock dividends | $ | 126,531 | $ | 138,727 | $ | 73,770 | $ | 50,450 | $ | 33,982 | |||||
Earnings for ratio computations (1) | |||||||||||||||
Excluding interest on deposits | $ | 85,589 | $ | 92,900 | $ | 65,885 | $ | 44,014 | $ | 49,657 | |||||
Including interest on deposits | $ | 181,965 | $ | 197,197 | $ | 124,000 | $ | 80,612 | $ | 73,495 | |||||
Ratio of earnings to fixed charges (2) | |||||||||||||||
Excluding interest on deposits | 2.87 | 2.70 | 4.21 | 3.18 | 4.90 | ||||||||||
Including interest on deposits | 1.44 | 1.42 | 1.68 | 1.60 | 2.16 | ||||||||||
Ratio of earnings to fixed charges and preferred dividends (2) | |||||||||||||||
Excluding interest on deposits | 2.84 | 2.70 | 4.21 | 3.18 | 4.90 | ||||||||||
Including interest on deposits | 1.44 | 1.42 | 1.68 | 1.60 | 2.16 | ||||||||||
(1) | Earnings are the sum of income before income tax expenses and fixed charges. |
(2) | For purposes of calculating the ratio of earnings to fixed charges, fixed charges are the sum of interest and debt expenses, excluding interest on deposits, and, for the second alternative, fixed charges are the sum of interest and debt expenses including interest on deposits. |