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EXHIBIT 12
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES.
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES FOR CITIZENS BANKING CORPORATION
Pro-Forma Supplemental(2)
Six-months ----------------------------
Ended Year Ended December 31, Six-months Year Ended
------------- -------------------------------------------- Ended December 31,
June 30, 2006 2005 2004 2003 2002 2001 June 30, 2006 2005
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Income from continuing operations,
before income tax 57,004 112,106 81,269 82,884 23,149 146,803 110,993 207,017
Fixed charges:
Interest on short-term borrowings 9,131 25,929 9,574 4,933 3,922 27,070 34,700 57,844
Interest on long-term debt 19,914 36,417 33,618 31,310 29,720 33,192 61,705 118,677
Estimated interest component of
net rental expense 556 1,196 1,040 753 779 695 1,364 2,861
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Fixed charges, excluding interest
on deposits 29,601 63,542 44,232 36,996 34,421 60,957 97,769 179,382
Interest on deposits 66,297 85,154 63,389 80,768 123,601 198,220 111,217 165,449
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Fixed charges, including interest on
deposits 95,898 148,696 107,621 117,764 158,022 259,177 208,986 344,831
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Ratio of earnings to fixed charges:
Excluding interest on deposits 2.93 2.76 2.84 3.24 1.67 3.41
Including interest on deposits 1.59 1.75 1.76 1.70 1.15 1.57
Pro forma adjustment(1):
Estimated interest on new enhanced
trust preferred securities 6,188 12,375
Pro forma fixed charges, excluding
interest on deposits 35,789 75,917
Pro forma fixed charges, including
interest on deposits 102,086 161,071
Pro forma ratio of earnings to
fixed charges(1):
Excluding interest on deposits 2.59 2.48
Including interest on deposits 1.56 1.70
Pro forma supplemental ratio of
earnings to fixed charges(2):
Excluding interest on deposits 2.14 2.15
Including interest on deposits 1.53 1.60
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(1) Displays the effect of the new enhanced trust preferred securities, all
other components remaining equal.
(2) Displays the pro forma effect of the merger with Republic Bancorp, Inc.,
assuming only purchase accounting and merger-related adjustments. See
Unaudited Pro Forma Condensed Combined Financial Information and the
accompanying Notes.