1
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS
ENDED
MARCH 31, YEAR ENDED DECEMBER 31,
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2000 1999 1998 1997 1996 1995
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Earnings
1. Income before income taxes $ 1,221 $ 4,604 $ 4,202 $ 3,431 $ 2,540 $ 1,620
2. Plus interest expense 3,455 11,204 9,205 7,258 5,796 4,895
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3. Earnings including interest on deposits 4,676 15,808 13,407 10,689 8,336 6,515
4. Less interest on deposits 2,951 9,832 8,232 6,634 5,191 4,175
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5. Earnings excluding interest on deposits $ 1,725 $ 5,976 $ 5,175 $ 4,055 $ 3,145 $ 2,340
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Fixed Charges:
6. Including interest on deposits excluding
capitalized interest $ 3,455 $ 11,204 $ 9,205 $ 7,258 $ 5,796 $ 4,895
7. Less interest on deposits (Line 4) 2,951 9,832 8,232 6,634 5,191 4,175
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8. Excluding interest on deposits $ 504 $ 1,372 973 624 605 720
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Ratio of Earnings to Fixed Charges:
Including interest on deposits
(Line 3 divided by Line 6) 1.35 1.41 1.46 1.47 1.44 1.33
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Excluding interest on deposits
(Line 5 divided by Line 8) 3.42 4.36 5.32 6.50 5.20 3.25
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PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS
ENDED YEAR ENDED
MARCH 31, 2000 DECEMBER 31, 1999
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(Dollars in thousands)
Earnings
1. Income before income taxes $ 1,221 $ 4,604
2. Plus interest expense 3,455 11,204
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3. Earnings including interest on deposits 4,676 15,808
4. Plus interest expense on the junior subordinated debentures 249 1,000
5. Less Historical Interest Expense on $7.3 million in debt 141 335
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6. Earnings after debt issuance and retirement 4,784 16,473
7. Less interest on deposits 2,951 9,832
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8. Earnings excluding interest on deposits 1,833 $ 6,641
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Fixed Charges:
9. Including interest on deposits excluding capitalized interest $ 3,455 $ 11,204
10. Plus interest expense on the junior subordinated debentures 249 1,000
11. Less Historical Interest Expense on $7.3 million of debt (Line 5) 141 335
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12. Fixed Charges after debt issuance and retirement 3,563 11,869
13. Less interest on deposits 2,951 9,832
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14. Excluding interest on deposits $ 612 $ 2,037
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Pro Forma Ratio of Earnings to Fixed Charges:
Including interest on deposits (Line 6 divided by Line 12) 1.34 1.39
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Excluding interest on deposits (Line 8 divided by Line 14) 3.00 3.26
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