EXHIBIT (12)
PAGE 1
REPUBLIC BANCORP INC.
CALCULATIONS OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND
DIVIDENDS ON TRUST
PREFERRED SECURITIES AND PREFERRED STOCK OF SUBSIDIARY
THREE MONTHS ENDED
(in thousands) MARCH 31,
---------------------------------
2003 2002
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INCLUDING INTEREST ON DEPOSITS:
Fixed charges:
Total interest expense $ 30,150 $ 35,873
Interest portion of rent expense 196 184
Dividends on trust preferred securities and
preferred stock of subsidiary 1,075 1,756
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Fixed charges including interest on deposits $ 31,421 $ 37,813
============== ===============
Earnings:
Net income $ 15,153 $ 14,118
Income taxes 6,851 6,168
Fixed charges, as above 31,421 37,813
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Earnings for purposes of calculation $ 53,425 $ 58,099
============== ===============
Ratio of earnings to combined fixed charges and
dividends on trust preferred securities and preferred
stock of subsidiary including interest on deposits 1.70 x 1.54 x
EXCLUDING INTEREST ON DEPOSITS:
Fixed charges:
Total interest expense excluding interest on deposits $ 14,656 $ 15,233
Interest portion of rent expense 196 184
Dividends on trust preferred securities and preferred
stock of subsidiary 1,075 1,756
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Fixed charges excluding interest on deposits $ 15,927 $ 17,173
============== ===============
Earnings:
Net income $ 15,153 $ 14,118
Income taxes 6,851 6,168
Fixed charges, as above 15,927 17,173
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Earnings for purposes of calculation $ 37,931 $ 37,459
============== ===============
Ratio of earnings to combined fixed charges and dividends
on trust preferred securities and preferred stock of
stock of subsidiary excluding interest on deposits 2.38 x 2.18 x
EXHIBIT (12)
PAGE 2
REPUBLIC BANCORP INC.
Calculations of Ratios of Earnings to Combined Fixed Charges
THREE MONTHS ENDED
(in thousands) MARCH 31,
--------------------------------
2002 2001
-------------- --------------
INCLUDING INTEREST ON DEPOSITS:
Fixed charges:
Total interest expense $ 30,150 $ 35,873
Interest portion of rent expense 196 184
-------------- --------------
Fixed charges including interest on deposits $ 30,346 $ 36,057
============== ==============
Earnings:
Net income $ 15,153 $ 14,118
Income taxes 6,851 6,168
Fixed charges, as above 30,346 36,057
-------------- --------------
Earnings for purposes of calculation $ 52,350 $ 56,343
============== ==============
Ratio of earnings to combined fixed charges including
interest on deposits 1.73 x 1.56 x
EXCLUDING INTEREST ON DEPOSITS:
Fixed charges:
Total interest expense excluding interest on deposits $ 14,656 $ 15,233
Interest portion of rent expense 196 184
-------------- --------------
Fixed charges excluding interest on deposits $ 14,852 $ 15,417
============== ==============
Earnings:
Net income $ 15,153 $ 14,118
Income taxes 6,851 6,168
Fixed charges, as above 14,852 15,417
-------------- --------------
Earnings for purposes of calculation $ 36,856 $ 35,703
============== ==============
Ratio of earnings to combined fixed charges excluding
interest on deposits 2.48 x 2.32 x