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Exhibit 12
FINANCIAL CORP.
Computation of Earnings to Fixed Charges
MARCH 31,
2000 1999 1998 1997 1996 1995
COMPUTATION OF EARNINGS ---------- ---------- ---------- ---------- ---------- ----------
Net income................................... 606,881 4,510,756 7,039,495 5,802,887 1,538,903 3,542,419
Income taxes 292,000 2,020,000 4,049,000 3,492,000 1,095,000 2,154,700
---------- ---------- ---------- ---------- ---------- ----------
Income before taxes.......................... 898,881 6,530,756 11,088,495 9,294,887 2,633,903 5,697,119
Fixed charges less interest.................. 6,857,848 18,911,508 11,577 7,890,654 5,275,600 3,574,470
---------- ---------- ---------- ---------- ---------- ----------
Earnings excluding deposit interest.......... 7,756,729 25,442,264 22,665,884 17,185,541 7,909,503 9,271,599
Interest on Deposits......................... 13,519,252 55,208,975 42,436,460 34,120,452 28,131,837 23,521,751
---------- ---------- ---------- ---------- ---------- ----------
Earnings including Deposit Interest.......... 21,275,981 80,731,239 65,102,344 51,305,993 36,041,340 32,793,340
========== ========== ========== ========== ========== ==========
Interest expense............................. 6,747,362 18,494,117 11,247,517 7,502,855 4,984,212 3,292.520
Gross rental expense......................... 331,459 1,252,174 989,617 923,396 874,164 839,849
Less noninterest............................. (220,973) (834,763) 659,745 615,591 582,776 659,899
---------- ---------- ---------- ---------- ---------- ----------
110,486 417,391 329,872 307,798 291,388 279,950
---------- ---------- ---------- ---------- ---------- ----------
Fixed charges excluding deposit interest..... 6,857,848 18,911,508 11,577,389 7,890,653 5,275,600 3,574,470
Interest on deposits......................... 13,519,252 55,258,975 42,436,460 34,120,452 28,131,837 23,521,751
---------- ---------- ---------- ---------- ---------- ----------
Fixed charges including interest............. 20,377,100 74,200,483 54,013,849 42,011,105 33,407,437 27,096,221
========== ========== ========== ========== ========== ==========
Earnings to Fixed Charges excluding Deposit
Interestt.................................. 1.13 1.35 1.96 2.18 1.50 2.59
Earnings to Fixed Charges excluding Deposit
Interest................................... 1.04 1.09 1.21 1.22 1.08 1.21
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