EX-12.1 3 g17327exv12w1.htm EX-12.1 EX-12.1
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges (Unaudited)
                                                         
    Nine Months Ended        
    September 30,     Years Ended December 31,  
Dollars in Thousands   2008     2007     2007     2006     2005     2004     2003  
Income (Loss) Before Income Taxes (Benefits)
   $ (38,605 )    $ 11,147     $ 14,163     $ 36,813     $ 32,413     $ 22,999     $ 21,427  
 
                                                        
Plus: Interest on Deposits
     33,579       39,845       53,880       41,070       21,320       12,156       13,187  
Plus: Interest on Federal Funds Purchased
     114       1,789       2,164       744       111       145       146  
Plus: Interest on Repurchase Agreements
     1,168       3,590       4,492       4,371       2,098       644       377  
Plus: Interest on FHLB Advances
     1,836        889       1,475       1,180       1,648       1,333       2,727  
Plus: Interest on SunTrust Line of Credit
     —       —       —       47       170       —       —  
Plus: Interest on SunTrust Term Loan
     —        398       397       690       —       —       —  
Plus: Interest on Subordinated Debt Supporting Trust Preferred Stock Issuances
     1,943       2,313       3,229       2,685       868       —       —  
Plus: Dividends on Preferred Stock
     —       —       —       —       —       —       —  
Plus: Interest Within Rental Expense*
     —       —       —       —       —       —       —  
 
                                          
Combined Fixed Charges and Preference Dividends (Including Interest on Deposits)
     38,640       48,824       65,637       50,787       26,215       14,278       16,437  
 
                                          
 
                                                        
Adjusted Earnings
   $ 35     $ 59,971     $ 79,800     $ 87,600     $ 58,628     $ 37,277     $ 37,864  
 
                                          
 
                                                        
Ratio of Earnings to Combined Fixed Charges and Preference Dividends (Including Interest on Deposits)
     0.00       1.23       1.22       1.72       2.24       2.61       2.30  
 
                                          
 
                                                        
Ratio of Earnings to Combined Fixed Charges and Preference Dividends (Excluding Interest on Deposits from Combined Fixed Charges and Preference Dividends and Adjusted Earnings)
     **       2.24       2.20       4.79       7.62       11.84       7.59  
 
                                          
 
*   All of Seacoast Banking Corporation of Florida’s leases are operating; none are capitalized.
**   Earnings for the nine-month period ended September 30, 2008 were inadequate to cover fixed charges and preferred stock dividends by $33,544, excluding interest on deposits, and $38,605, including interest on deposits.