EX-12.1 3 a15-4832_1ex12d1.htm EX-12.1

Exhibit 12.1

 

Central Pacific Financial Corp. & Subsidiaries

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

 

 

 

For the Year Ended December 31,

 

 

 

2014

 

2013

 

2012

 

2011

 

2010

 

 

 

(Dollars in thousands)

 

Ratio 1 - including deposit interest

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations

 

$

60,842

 

$

59,828

 

$

47,421

 

$

36,571

 

$

(250,953

)

Fixed charges

 

6,421

 

7,201

 

8,802

 

18,757

 

42,503

 

Total

 

$

67,263

 

$

67,029

 

$

56,223

 

$

55,328

 

$

(208,450

)

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

$

3,727

 

$

4,044

 

$

5,033

 

$

9,610

 

$

20,789

 

Interest on other short-term borrowings

 

92

 

6

 

—

 

204

 

1,177

 

Interest on long-term debt

 

2,572

 

3,119

 

3,701

 

8,815

 

20,135

 

Interest on preferred stock dividends

 

—

 

—

 

—

 

69

 

346

 

Portion of rents representative of the interest factor of rental expense

 

30

 

32

 

68

 

59

 

56

 

Total fixed charges

 

$

6,421

 

$

7,201

 

$

8,802

 

$

18,757

 

$

42,503

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividend requirements

 

—

 

—

 

—

 

1,502

 

11,265

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges and preferred stock dividends

 

$

6,421

 

$

7,201

 

$

8,802

 

$

20,259

 

$

53,768

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

10.5

 

9.3

 

6.4

 

2.9

 

NM

 

Coverage deficiency

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(250,953

)

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends

 

10.5

 

9.3

 

6.4

 

2.7

 

NM

 

Coverage deficiency

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(262,218

)

 

 

 

 

 

 

 

 

 

 

 

 

Ratio 2 - excluding deposit interest

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations

 

$

60,842

 

$

59,828

 

$

47,421

 

$

36,571

 

$

(250,953

)

Fixed charges

 

2,694

 

3,157

 

3,769

 

9,147

 

21,714

 

Total

 

$

63,536

 

$

62,985

 

$

51,190

 

$

45,718

 

$

(229,239

)

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest on other short-term borrowings

 

$

92

 

$

6

 

$

—

 

$

204

 

$

1,177

 

Interest on long-term debt

 

2,572

 

3,119

 

3,701

 

8,815

 

20,135

 

Interest on preferred stock dividends

 

—

 

—

 

—

 

69

 

346

 

Portion of rents representative of the interest factor of rental expense

 

30

 

32

 

68

 

59

 

56

 

Total fixed charges

 

$

2,694

 

$

3,157

 

$

3,769

 

$

9,147

 

$

21,714

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividend requirements

 

—

 

—

 

—

 

1,502

 

11,265

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges and preferred stock dividends

 

$

2,694

 

$

3,157

 

$

3,769

 

$

10,649

 

$

32,979

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

23.6

 

20.0

 

13.6

 

5.0

 

NM

 

Coverage deficiency

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(250,953

)

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends

 

23.6

 

20.0

 

13.6

 

4.3

 

NM

 

Coverage deficiency

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(262,218

)