EX-12 5 dex12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 GBC BANCORP COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands) For the Years Ended December 31, ------------------------------------------------------------ 2001 2000 1999 1998 1997 ------------------------------------------------------------ Income before income taxes & cumulative effect of a change in accounting principle $ 42,190 $ 62,136 $ 48,320 $ 44,906 $40,739 Add: Interest on deposits 57,592 68,863 50,377 53,279 46,848 Interest on borrowings 8,829 5,685 5,775 3,608 2,482 Portion of rents applicable to interest* - - - - - Amortization of debt expense, discount and premium 131 131 131 131 93 -------- -------- -------- -------- ------- Earnings as adjusted (1) $108,742 $136,815 $104,603 $101,924 $90,162 ======== ======== ======== ======== ======= Less: Interest on deposits $ 57,592 $ 68,863 $ 50,377 $ 53,279 $46,848 -------- -------- -------- -------- ------- Adjusted earnings excluding interest on deposits (2) $ 51,150 $ 67,952 $ 54,226 $ 48,645 $43,314 ======== ======== ======== ======== ======= Fixed charges Interest on deposits $ 57,592 $ 68,863 $ 50,377 $ 53,279 $46,848 Interest on borrowings 8,829 5,685 5,775 3,608 2,482 Rents: Total rents net of sublease rental 2,625 2,416 2,409 2,287 2,170 Portion of rents applicable to interest * - - - - - Amortization of debt expense, discount and premium 131 131 131 131 93 Capitalized interest - - - - - -------- -------- -------- -------- ------- Total Fixed Charges (9) $ 69,177 $ 77,095 $ 58,692 $ 59,305 $51,593 ======== ======== ======== ======== ======= Fixed charges excluding interest on deposits (10) $ 11,585 $ 8,232 $ 8,315 $ 6,026 $ 4,745 -------- -------- -------- -------- ------- Ratio of earnings to fixed charges (1)/(9) 1.57x 1.77x 1.78x 1.72x 1.75x -------- -------- -------- -------- ------- Ratio of earnings to fixed charges excluding interest on deposits (2)/(10) 4.42x 8.25x 6.52x 8.07x 9.13x -------- -------- -------- -------- ------- Amount of coverage surplus (deficiency) $ 39,565 $ 59,720 $ 45,911 $ 42,619 $38,569 ======== ======== ======== ======== =======
* Portion of rents applicable to interest is deemed immaterial