EX-12.1 3 v304291_ex12x1.htm EXHIBIT 12.1

Exhibit 12.1

Statement of Ratios of Earnings to Fixed Charges

         
  Year ended December 31,
     2011   2010   2009   2008   2007
     (Dollars in Thousands)

  

Earnings:

                                             

1.

Income before income taxes

   $ 21,337     $ 7,226     $ 4,717     $ 7,409     $ 923  

2.

Plus: interest expense

     12,177       14,785       22,645       24,095       30,630  

3.

Earnings including interest on deposits

     33,514       22,011       27,362       31,504       31,553  

4.

Less: interest on deposits

     5,520       6,006       12,308       13,287       20,835  

5.

Earnings excluding interest on deposits

   $ 27,994     $ 16,005     $ 15,054     $ 18,217     $ 10,718  

  

Fixed Charges:

                                             

6.

Interest expense (Line 2)

   $ 12,177     $ 14,785     $ 22,645     $ 24,095     $ 30,630  

7.

Less: interest expense on deposits (Line 4)

     5,520       6,006       12,308       13,287       20,835  

8.

Excluding interest on deposits

   $ 6,657     $ 8,779     $ 10,337     $ 10,808     $ 9,795  

  

Ratio of Earnings to Fixed Charges:

                                             

  

Including interest on deposits
 (line 3 divided by Line 6)

     2.75       1.49       1.21       1.31       1.03  

  

Excluding interest on deposits
 (line 5 divided by Line 8)

     4.21       1.82       1.46       1.69       1.09