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Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Years ended December 31
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2003 2002 2001
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(dollars in thousands)
Inclusive of interest on deposits:
Pre-tax income from operations $ 10,017 $ 11,298 $ 9,626
-------- -------- --------
Add: Interest on deposits 14,585 17,335 24,455
Interest on short-term borrowings, notes payable
and long-term debt 3,881 4,853 7,598
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Total fixed charges 18,466 22,188 32,053
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Pre-tax earnings before fixed charges $ 28,483 $ 33,486 $ 41,679
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Ratio of earnings to fixed charges, inclusive of
interest on deposits 1.83x 1.51x 1.30x
-------- -------- --------
Exclusive of interest on deposits:
Pre-tax income from operations $ 10,017 $ 11,298 $ 9,626
Add: Total fixed charges - interest on short-term
borrowings, notes payable, and long-term debt 3,881 4,853 7,598
-------- -------- --------
Pre-tax earnings before fixed charges $ 13,898 $ 16,151 $ 17,224
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Ratio of earnings to fixed charges, exclusive of
interest on deposits 3.58x 3.33x 2.27x
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Years ended December 31
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2000 1999
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(dollars in thousands)
Inclusive of interest on deposits:
Pre-tax income from operations $ 9,488 $ 9,523
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Add: Interest on deposits 23,582 19,541
Interest on short-term borrowings, notes payable and
long-term debt 8,517 3,739
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Total fixed charges 32,099 23,280
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Pre-tax earnings before fixed charges $ 41,587 $ 32,803
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Ratio of earnings to fixed charges, inclusive of
interest on deposits 1.30x 1.41x
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Exclusive of interest on deposits:
Pre-tax income from operations $ 9,488 $ 9,523
Add: Total fixed charges - interest on short-term
borrowings, notes payable, and long-term debt 8,517 3,739
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Pre-tax earnings before fixed charges $ 18,005 $ 13,262
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Ratio of earnings to fixed charges, exclusive of
interest on deposits 2.11x 3.55x
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