EX-12.1 3 dex121.htm STATEMENT RE. THE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement re. the Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

The following table sets forth our ratio of earnings to combined fixed charges and preferred stock dividends for the periods indicated (in thousands).

 

     Nine months
ended
September 30,		     Year Ended December 31,
     2009     2008     2007    2006    2005    2004

EARNINGS

                

Pre-tax income from continuing operations

    (5,484 )    (5,969 )    22,453    33,257    20,877    19,722

Fixed charges

    34,518      56,939      71,109    54,199    26,980    19,423

Amortization of capitalized interest

    —        —        —      —      —      —  

Capitalized interest

    —        —        —      —      —      —  

Preferred TARP dividends (pre-tax equivalent)

    (1,918 )    (328 )    —      —      —      —  

Preferred TARP accretion (pre-tax equivalent)

    —        —        —      —      —      —  

Preferred dividends (pre-tax equivalent)

    —        —        —      —      —      —  
                               

Total earnings

    27,116      50,642      93,562    87,456    47,857    39,145

Interest on deposits

    30,869      51,942      62,380    45,599    19,029    11,306
                               

Total earnings exc. deposit int.

    (3,753 )    (1,300 )    31,182    41,857    28,828    27,839
                               

FIXED CHARGES

                

Interest expensed

    32,420      56,343      70,998    54,150    26,934    19,375

Interest capitalized

    —        —        —      —      —      —  

Interest included in rental expense

    180      268      111    49    46    48

Preferred TARP dividends (pre-tax equivalent)

    1,918      328      —      —      —      —  

Preferred TARP accretion (pre-tax equivalent)

    —        —        —      —      —      —  

Preferred dividends (pre-tax equivalent)

    —        —        —      —      —      —  
                               

Total fixed charges

    34,518      56,939      71,109    54,199    26,980    19,423

Interest on deposits

    30,869      51,942      62,380    45,599    19,029    11,306
                               

Total fixed charges exc. deposit int.

    3,649      4,997      8,729    8,600    7,951    8,117
                               

RATIO OF EARNINGS TO FIXED CHARGES

                

Including interest on deposits

    0.79      0.89      1.32    1.61    1.77    2.02
                               

Excluding interest on deposits (1)

    (1.03 )    (0.26 )    3.57    4.87    3.63    3.43
                               

 

(1) For the nine months ended September 30, 2009, earnings were insufficient to cover fixed charges excluding interest on deposits by $3,753,000. For the year ended December 31, 2008, earnings were insufficient to cover fixed charges excluding interest on deposits by $1,300,000.