EX-12.1 4 a09-18145_1ex12d1.htm EX-12.1

EXHIBIT 12.1

 

Calculation of Consolidated Ratio of Earnings to Fixed Charges

 

 

 

Three Months Ended March 31,

 

Year Ended December 31,

 

(Dollars in thousands)

 

2009

 

2008

 

2008

 

2007

 

2006

 

2005

 

2004

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

 

$

(9,007

)

$

2,388

 

$

375

 

$

22,233

 

$

26,507

 

$

21,726

 

$

11,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

$

4,030

 

$

5,717

 

$

20,035

 

$

24,211

 

$

19,588

 

$

12,849

 

$

6,798

 

Interest on notes payable to subsidiary Grantor trusts, repurchase agreements, and other borrowings

 

851

 

1,074

 

4,409

 

2,801

 

2,937

 

3,058

 

2,850

 

Rent expense interest factor (1)

 

194

 

216

 

905

 

881

 

792

 

801

 

853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Including interest on deposits

 

$

5,075

 

$

7,007

 

$

25,349

 

$

27,893

 

$

23,317

 

$

16,708

 

$

10,501

 

Excluding interest on deposits

 

$

1,045

 

$

1,290

 

$

5,314

 

$

3,682

 

$

3,729

 

$

3,859

 

$

3,703

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excluding interest on deposits

 

(7.62

)

2.85

 

1.07

 

7.04

 

8.11

 

6.63

 

4.15

 

Including interest on deposits

 

(0.77

)

1.34

 

1.01

 

1.80

 

2.14

 

2.30

 

2.11

 

 

Calculation of Consolidated Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

 

 

 

Three Months Ended March 31,

 

Year Ended December 31,

 

(Dollars in thousands)

 

2009

 

2008

 

2008

 

2007

 

2006

 

2005

 

2004

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

 

$

(9,007

)

$

2,388

 

$

375

 

$

22,233

 

$

26,507

 

$

21,726

 

$

11,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

$

4,030

 

$

5,717

 

$

20,035

 

$

24,211

 

$

19,588

 

$

12,849

 

$

6,798

 

Interest on notes payable to subsidiary grantor trusts, repurchase agreements, and other borrowings

 

851

 

1,074

 

4,409

 

2,801

 

2,937

 

3,058

 

2,850

 

Preferred stock dividends

 

500

 

—

 

222

 

—

 

—

 

—

 

—

 

Rent expense interest factor (1)

 

194

 

216

 

905

 

881

 

792

 

801

 

853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Including interest on deposits

 

$

5,575

 

$

7,007

 

$

25,571

 

$

27,893

 

$

23,317

 

$

16,708

 

$

10,501

 

Excluding interest on deposits

 

$

1,545

 

$

1,290

 

$

5,536

 

$

3,682

 

$

3,729

 

$

3,859

 

$

3,703

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excluding interest on deposits

 

(4.83

)

2.85

 

1.07

 

7.04

 

8.11

 

6.63

 

4.15

 

Including interest on deposits

 

(0.62

)

1.34

 

1.01

 

1.80

 

2.14

 

2.30

 

2.11

 

 

(1)  This amount is the portion of rent expense (generally one-third) deemed representative of the interest factor.