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Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Years ended December 31
2002 2001 2000
------- ------- -------
(dollars in thousands)
Inclusive of interest on deposits:
Pre-tax income from operations $11,298 $ 9,626 $ 9,488
------- ------- -------
Add: Interest on deposits 17,335 24,455 23,582
Interest on short-term 4,853 7,598 8,517
borrowings, notes payable and ------- ------- -------
long-term debt
Total fixed charges 22,188 32,053 32,099
------- ------- -------
Pre-tax earnings before fixed $33,486 $41,679 $41,587
charges ------- ------- -------
Ratio of earnings to fixed 1.51x 1.30x 1.30x
charges, inclusive of interest on ------- ------- -------
deposits
Exclusive of interest on
deposits:
Pre-tax income from operations $11,298 $ 9,626 $ 9,488
Add: Total fixed charges - 4,853 7,598 8,517
interest on short-term ------- ------- -------
borrowings, notes payable, and
long-term debt
Pre-tax earnings before fixed $16,151 $17,224 $18,005
charges ------- ------- -------
Ratio of earnings to fixed 3.33x 2.27x 2.11x
charges, exclusive of interest on ------- ------- -------
deposits
Years ended December 31
1999 1998
------- -------
(dollars in thousands)
Inclusive of interest on deposits:
Pre-tax income from operations $ 9,523 8,264
------- -------
Add: Interest on deposits 19,541 15,755
Interest on short-term borrowings, 3,739 3,393
notes payable and long-term debt ------- -------
Total fixed charges 23,280 19,148
------- -------
Pre-tax earnings before fixed $32,803 $27,412
charges ------- -------
Ratio of earnings to fixed 1.41x 1.43x
charges, inclusive of interest on ------- -------
deposits
Exclusive of interest on deposits:
91
Pre-tax income from operations $ 9,523 $ 8,264
Add: Total fixed charges - 3,739 3,393
interest on short-term borrowings, notes payable, ------- -------
and long-term debt
Pre-tax earnings before fixed $13,262 $11,657
charges ------- -------
Ratio of earnings to fixed 3.55x 3.44x
charges, exclusive of interest on ------- -------
deposits
92