EX-12 2 fmbi12312015ex12.htm EX-12 Exhibit


 
 
 
 
 
 
 
 
 
 
Exhibit 12
First Midwest Bancorp, Inc.
Ratio of Earnings to Fixed Charges (1)
(Dollar amounts in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
Ratio 1 - Including Interest on Deposits
 
 
 
 
 
 
 
 
 
 
 
Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
 
$
82,064

 
$
69,306

 
$
79,306

 
$
(21,054
)
 
$
36,563

 
Add:
 
 
 
 
 
 
 
 
 
 
 
Income tax expense (benefit)
 
37,747

 
31,170

 
48,715

 
(28,882
)
 
4,508

 
Fixed charges
 
26,275

 
24,405

 
28,134

 
36,011

 
40,936

 
Total earnings available for fixed charges
 
146,086

 
124,881

 
156,155

 
(13,925
)
 
82,007

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (2):
 
 
 
 
 
 
 
 
 
 
 
Interest on deposits
 
$
9,527

 
$
10,377

 
$
11,901

 
$
18,052

 
$
27,256

 
Interest on borrowed funds
 
2,314

 
573

 
1,607

 
2,009

 
2,743

 
Interest on senior and subordinated debt
 
12,545

 
12,062

 
13,607

 
14,840

 
9,892

 
Total interest expense
 
24,386

 
23,012

 
27,115

 
34,901

 
39,891

 
Portion of rental expense representative
  of interest factor
 
1,889

 
1,393

 
1,019

 
1,110

 
1,045

 
Total fixed charges
 
26,275

 
24,405

 
28,134

 
36,011

 
40,936

 
Preference security dividend (3)
 
—

 
—

 
—

 
—

 
12,105

 
Total fixed charges and preferred stock dividends
 
$
26,275

 
$
24,405

 
$
28,134

 
$
36,011

 
$
53,041

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
5.56

x
5.12

x
5.55

x
(0.39
)
x
2.00

x
Ratio of earnings to combined fixed charges and
  preferred stock dividends
 
5.56

x
5.12

x
5.55

x
(0.39
)
x
1.55

x
 
 
 
 
 
 
 
 
 
 
 
 
Ratio 2 - Excluding Interest on Deposits
 
 
 
 
 
 
 
 
 
 
 
Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
 
$
82,064

 
$
69,306

 
$
79,306

 
$
(21,054
)
 
$
36,563

 
Add:
 
 
 
 
 
 
 
 
 
 
 
Income tax expense (benefit)
 
37,747

 
31,170

 
48,715

 
(28,882
)
 
4,508

 
Fixed charges
 
16,748

 
14,028

 
16,233

 
17,959

 
13,680

 
Total earnings available for fixed charges
 
136,559

 
114,504

 
144,254

 
(31,977
)
 
54,751

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (2):
 
 
 
 
 
 
 
 
 
 
 
Interest on borrowed funds
 
$
2,314

 
573

 
1,607

 
2,009

 
2,743

 
Interest on senior and subordinated debt
 
12,545

 
12,062

 
13,607

 
14,840

 
9,892

 
Portion of rental expense representative
  of interest factor
 
1,889

 
1,393

 
1,019

 
1,110

 
1,045

 
Total fixed charges
 
16,748

 
14,028

 
16,233

 
17,959

 
13,680

 
Preference security dividend (3)
 
—

 
—

 
—

 
—

 
12,105

 
Total fixed charges and preferred stock dividends
 
$
16,748

 
$
14,028

 
$
16,233

 
$
17,959

 
$
25,785

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
8.15

x
8.16

x
8.89

x
(1.78
)
x
4.00

x
Ratio of earnings to combined fixed charges and
  preferred stock dividends
 
8.15

x
8.16

x
8.89

x
(1.78
)
x
2.12

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).