EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
Years ended December 31
2001 2000 1999
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(dollars in thousands)
Inclusive of interest on deposits:
Pre-tax income from operations $ 9,626 $ 9,488 $ 9,523
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Add: Interest on deposits 24,455 23,582 19,541
Interest on short-term borrowings,
notes payable and long-term debt 7,598 8,517 3,739
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Total fixed charges 32,053 32,099 23,280
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Pre-tax earnings before fixed charges $41,679 $41,587 $32,803
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Ratio of earnings to fixed
charges, inclusive of interest on
deposits 1.30x 1.30x 1.41x
Exclusive of interest on deposits: ------- ------- -------
Pre-tax income from operations $ 9,626 $ 9,488 $ 9,523
Add: Total fixed charges -
interest on short-term borrowings,
notes payable, and long-term debt 7,598 8,517 3,739
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Pre-tax earnings before fixed charges $17,224 $18,005 $13,262
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Ratio of earnings to fixed charges, exclusive of
interest on deposits 2.27x 2.11x 3.55x
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Years ended December 31
1998 1997
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(dollars in thousands)
Inclusive of interest on deposits:
Pre-tax income from operations $ 8,264 $ 7,297
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Add: Interest on deposits 15,755 12,941
Interest on short-term borrowings,
notes payable and long-term debt 3,393 1,721
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Total fixed charges 19,148 14,662
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Pre-tax earnings before fixed charges $27,412 $21,959
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Ratio of earnings to fixed
charges, inclusive of interest on
deposits 1.43x 1.50x
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Exclusive of interest on deposits:
Pre-tax income from operations $ 8,264 $ 7,297
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Add: Total fixed charges - interest on short-term
borrowings, notes payable, and long-term debt 3,393 1,721
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Pre-tax earnings before fixed charges $11,657 $ 9,018
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Ratio of earnings to fixed charges, exclusive of
interest on deposits 3.44x 5.24x
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43