EX-12 3 fmbi12312014ex12.htm EX-12 FMBI 12.31.2014 EX 12


 
 
 
 
 
 
 
 
 
 
Exhibit 12
First Midwest Bancorp, Inc.
Ratio of Earnings to Fixed Charges (1)
(Dollar amounts in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
Ratio 1 - Including Interest on Deposits
 
 
 
 
 
 
 
 
 
 
 
Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
 
$
69,306

 
$
79,306

 
$
(21,054
)
 
$
36,563

 
$
(9,684
)
 
Add:
 
 
 
 
 
 
 
 
 
 
 
Income tax expense (benefit)
 
31,170

 
48,715

 
(28,882
)
 
4,508

 
(28,544
)
 
Fixed charges
 
24,405

 
28,134

 
36,011

 
40,936

 
50,589

 
 
 
 
 
 
 
 
 
 
 
 
 
Total earnings available for fixed charges
 
124,881

 
156,155

 
(13,925
)
 
82,007

 
12,361

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (2):
 
 
 
 
 
 
 
 
 
 
 
Interest on deposits
 
$
10,377

 
$
11,901

 
$
18,052

 
$
27,256

 
$
37,127

 
Interest on borrowed funds
 
573

 
1,607

 
2,009

 
2,743

 
3,267

 
Interest on senior and subordinated debt
 
12,062

 
13,607

 
14,840

 
9,892

 
9,124

 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
 
23,012

 
27,115

 
34,901

 
39,891

 
49,518

 
 
 
 
 
 
 
 
 
 
 
 
 
Portion of rental expense representative
  of interest factor
 
1,393

 
1,019

 
1,110

 
1,045

 
1,071

 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
24,405

 
28,134

 
36,011

 
40,936

 
50,589

 
 
 
 
 
 
 
 
 
 
 
 
 
Preference security dividend (3)
 
—

 
—

 
—

 
12,105

 
40,656

 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges and preferred stock dividends
 
$
24,405

 
$
28,134

 
$
36,011

 
$
53,041

 
$
91,245

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
5.12

x
5.55

x
(0.39
)
x
2.00

x
0.24

x
Ratio of earnings to combined fixed charges and
  preferred stock dividends
 
5.12

x
5.55

x
(0.39
)
x
1.55

x
0.14

x
 
 
 
 
 
 
 
 
 
 
 
 
Ratio 2 - Excluding Interest on Deposits
 
 
 
 
 
 
 
 
 
 
 
Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
 
$
69,306

 
$
79,306

 
$
(21,054
)
 
$
36,563

 
$
(9,684
)
 
Add:
 
 
 
 
 
 
 
 
 
 
 
Income tax expense (benefit)
 
31,170

 
48,715

 
(28,882
)
 
4,508

 
(28,544
)
 
Fixed charges
 
14,028

 
16,233

 
17,959

 
13,680

 
13,462

 
 
 
 
 
 
 
 
 
 
 
 
 
Total earnings available for fixed charges
 
114,504

 
144,254

 
(31,977
)
 
54,751

 
(24,766
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (2):
 
 
 
 
 
 
 
 
 
 
 
Interest on borrowed funds
 
$
573

 
1,607

 
2,009

 
2,743

 
3,267

 
Interest on senior and subordinated debt
 
12,062

 
13,607

 
14,840

 
9,892

 
9,124

 
Portion of rental expense representative
  of interest factor
 
1,393

 
1,019

 
1,110

 
1,045

 
1,071

 
 
 
 
 
 
 
 
 
 
 
 
 




Total fixed charges
 
14,028

 
16,233

 
17,959

 
13,680

 
13,462

 
 
 
 
 
 
 
 
 
 
 
 
 
Preference security dividend (3)
 
—

 
—

 
—

 
12,105

 
40,656

 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges and preferred stock dividends
 
$
14,028

 
$
16,233

 
$
17,959

 
$
25,785

 
$
54,118

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
8.16

x
8.89

x
(1.78
)
x
4.00

x
(1.84
)
x
Ratio of earnings to combined fixed charges and
  preferred stock dividends
 
8.16

x
8.89

x
(1.78
)
x
2.12

x
(0.46
)
x

(1)  
The ratio of earnings to fixed charges represents the number of times "fixed charges" are covered by "earnings."
(2)  
"Fixed charges" consist of interest on outstanding debt plus one-third (the proportion deemed representative of the interest factor) of operating lease expense.
(3)  
This is computed as the amount of the preferred dividend divided by (1 minus the effective income tax rate applicable to continuing operations).