RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31,
----------------------------------------------
1999 1998 1997 1996 1995
------- ------- ------- ------- --------
(Dollars in thousands)
Earnings
1. Income before income taxes $ 4,604 $ 4,202 $ 3,431 $ 2,540 $ 1,620
2. Plus interest expense 11,204 9,205 7,258 5,796 4,895
------- ------- ------- ------- --------
3. Earnings including interest on 15,808 13,407 10,689 8,336 6,515
deposits
4. Less interest on deposits 9,832 8,232 6,634 5,191 4,175
------- ------- ------- ------- --------
5. Earnings excluding interest on $ 5,976 $ 5,175 $ 4,055 $ 3,145 $ 2,340
deposits ======= ======= ======= ======= ========
Fixed Charges:
6. Including interest on deposits
excluding capitalized interest $ 11,204 $ 9,205 $ 7,258 $ 5,796 $ 4,895
7. Less interest on deposits 9,832 8,232 6,634 5,191 4,175
(Line 4)
------- ------- ------- ------- --------
8. Excluding interest on deposits $ 1,372 973 624 605 720
======= ======= ======= ======= ========
Ratio of Earnings to Fixed Charges:
Including interest on deposits
(Line 3 divided by Line 6) 1.41 1.46 1.47 1.44 1.33
======= ======= ======= ======= ========
Excluding interest on deposits
(Line 5 divided by Line 8) 4.36 5.32 6.50 5.20 3.25
======= ======= ======= ======= ========
PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED
DECEMBER 31, 1999
-----------------------
(Dollars in thousands)
Earnings
1. Income before income taxes $ 4,604
2. Plus interest expense 11,204
------------
3. Earnings including interest on deposits 15,808
4. Plus interest expense on the junior subordinated 1,000
debentures
5. Less Historical Interest Expense on $7.3 million in 335
debt
------------
6. Earnings after debt issuance and retirement 16,473
7. Less interest on deposits 9,832
------------
8. Earnings excluding interest on deposits $ 6,641
============
Fixed Charges:
9. Including interest on deposits excluding capitalized $ 11,204
interest
10. Plus interest expense on the junior subordinated 1,000
debentures
11. Less Historical Interest Expense on $7.3 million of 335
debt (line 5)
------------
12. Fixed Charges after debt issuance and retirement 11,869
13. Less interest on deposits 9,832
------------
14. Excluding interest on deposits $ 2,037
============
Pro Forma Ratio of Earnings to Fixed Charges:
Including interest on deposits (Line 6 divided by Line 1.39
12) ============
Excluding interest on deposits (Line 8 divided by Line 3.26
14) ============