EX-12.1 2 ex12-1.htm EXHIBIT 12.1 ex12-1.htm
Exhibit 12.1
 
Ratio of Earnings to Fixed Charges
 
 


 
   
2009
    
2008
    
2007
    
2006
    
2005
  
Pre tax income
     6,350       (63,272 )     23,678       20,831       11,628  
Total fixed charges
     16,921       41,324       54,158       36,985       15,280  
                                         
Interest expense
     16,280       40,843       53,868       36,695       14,975  
Interest on other liabilities
     -       -       -       -       -  
Amortization of subordinated debt origination expense
     -       -       -       -       9  
Estimated interest portion of rent expense (2)
     641       481       290       290       296  
      16,921       41,324       54,158       36,985       15,280  
                                         
Preferred stock dividends on a tax equivalent basis
     3,426       373       68       75       942  
      20,347       41,697       54,226       37,060       16,222  
                                         
      23,271       (21,948 )     77,836       57,816       26,908  
      20,347       41,697       54,226       37,060       16,222  
                                         
Earnings to combined fixed charges and preferred
                                        
  stock dividend requirements including interest on
                                        
  deposits
     1.14       -  (1)     1.44       1.56       1.66  
                                         
Ratio of earnings to fixed charges
     1.38       -  (1)     1.44       1.56       1.76  
                                         
(1) The coverage deficiency was $63.3 million dollars for the year ended December 31, 2008.
          
(2) Estimated to be 33% of rent expense paid.