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
For the Year Ended December 31,
------------------------------------------------------------------
(in thousands) 2001 2000 1999 1998 1997
--------- --------- --------- --------- ---------
Including Interest on Deposits:
Fixed charges:
Total interest expense $ 189,767 $ 213,680 $ 171,396 $ 173,649 $ 148,666
Interest portion of rent expense 846 998 1,007 860 751
Dividends on trust preferred securities
and preferred stock of subsidiary 3,655 2,723 2,723 2,723 1,218
--------- --------- --------- --------- ---------
Fixed charges including
interest on deposits $ 194,268 $ 217,401 $ 175,126 $ 177,232 $ 150,635
========= ========= ========= ========= =========
Earnings:
Net income $ 47,910 $ 45,677 $ 14,911 $ 38,952 $ 33,114
Income taxes 22,515 22,945 10,745 20,627 17,636
Fixed charges, as above 194,268 217,401 175,126 177,232 150,635
--------- --------- --------- --------- ---------
Earnings for purposes
of calculation $ 264,693 $ 286,023 $ 200,782 $ 236,811 $ 201,385
========= ========= ========= ========= =========
Ratio of earnings to combined
fixed charges and dividends on trust
preferred securities and preferred
stock of subsidiary including interest
on deposits 1.36 x 1.32 x 1.15 x 1.34 x 1.34 x
Excluding Interest on Deposits:
Fixed charges:
Total interest expense excluding
interest on deposits $ 75,163 $ 90,518 $ 64,823 $ 63,349 $ 51,719
Interest portion of rent expense 846 998 1,007 860 751
Dividends on trust preferred securities
and preferred stock of subsidiary 3,655 2,723 2,723 2,723 1,218
--------- --------- --------- --------- ---------
Fixed charges excluding
interest on deposits $ 79,664 $ 94,239 $ 68,553 $ 66,932 $ 53,688
========= ========= ========= ========= =========
Earnings:
Net income $ 47,910 $ 45,677 $ 14,911 $ 38,952 $ 33,114
Income taxes 22,515 22,945 10,745 20,627 17,636
Fixed charges, as above 79,664 94,239 68,553 66,932 53,688
--------- --------- --------- --------- ---------
Earnings for purposes
of calculation $ 150,089 $ 162,861 $ 94,209 $ 126,511 $ 104,438
========= ========= ========= ========= =========
Ratio of earnings to combined
fixed charges and dividends on trust
preferred securities and preferred
stock of subsidiary excluding interest
on deposits 1.88 x 1.73 x 1.37 x 1.89 x 1.95
EXHIBIT (12)
Page 2
Republic Bancorp Inc.
Calculations of Ratios of Earnings to Combined Fixed Charges
For the Year Ended December 31,
------------------------------------------------------------------
(in thousands) 2001 2000 1999 1998 1997
--------- --------- --------- --------- ---------
Including Interest on Deposits:
Fixed charges:
Total interest expense $ 189,767 $ 213,680 $ 171,396 $ 173,649 $ 148,666
Interest portion of rent expense 846 998 1,007 860 751
--------- --------- --------- --------- ---------
Fixed charges including
interest on deposits $ 190,613 $ 214,678 $ 172,403 $ 174,509 $ 149,417
========= ========= ========= ========= =========
Earnings:
Net income $ 47,910 $ 45,677 $ 14,911 $ 38,952 $ 33,114
Income taxes 22,515 22,945 10,745 20,627 17,636
Fixed charges, as above 190,613 214,678 172,403 174,509 149,417
--------- --------- --------- --------- ---------
Earnings for purposes
of calculation $ 261,038 $ 283,300 $ 198,059 $ 234,088 $ 200,167
========= ========= ========= ========= =========
Ratio of earnings to combined
fixed charges including
interest on deposits 1.37 x 1.32 x 1.15 x 1.34 x 1.34 x
Excluding Interest on Deposits:
Fixed charges:
Total interest expense excluding
interest on deposits $ 75,163 $ 90,518 $ 64,823 $ 63,349 $ 51,719
Interest portion of rent expense 846 998 1,007 860 751
--------- --------- --------- --------- ---------
Fixed charges excluding
interest on deposits $ 76,009 $ 91,516 $ 65,830 $ 64,209 $ 52,470
========= ========= ========= ========= =========
Earnings:
Net income $ 47,910 $ 45,677 $ 14,911 $ 38,952 $ 33,114
Income taxes 22,515 22,945 10,745 20,627 17,636
Fixed charges, as above 76,009 91,516 65,830 64,209 52,470
--------- --------- --------- --------- ---------
Earnings for purposes
of calculation $ 146,434 $ 160,138 $ 91,486 $ 123,788 $ 103,220
========= ========= ========= ========= =========
Ratio of earnings to combined
fixed charges excluding
interest on deposits 1.93 x 1.75 x 1.39 x 1.93 x 1.97 x