EX-12.1 2 c62044ex12-1.txt STATEMENT RE: COMPUTATION OF RATIO EARNINGS 1 EXHIBIT 12.1 Computation of Ratio of Earnings to Fixed Charges(1) (Dollars in thousands) --------------------------------------------------------------------------------
Year ended December 31, 1997(2) 1996 1995 1994 1993 ---------------------------------------------------------------------------------------------------------------------- Earnings: Net income from operations before tax $ 24,889 21,243 17,337 15,734 15,448 Applicable income taxes 15,103 13,351 10,844 9,861 9,321 ---------------------------------------------------------------------------------------------------------------------- Income before taxes 39,992 34,594 28,181 25,595 24,769 Fixed charges: Interest expense excluding interest on deposits 8,060 3,389 2,488 1,391 835 Portion of rents representative of interest 472 492 829 866 - Preferred stock dividends including pre-tax effect 2,004 589 - - - Amortization of trust preferred securities issuance costs 14 - - - - ---------------------------------------------------------------------------------------------------------------------- Fixed charges excluding interest on deposits 10,550 4,470 3,317 2,257 835 Interest on deposits 64,603 46,630 39,458 27,060 26,243 ---------------------------------------------------------------------------------------------------------------------- Fixed charges including interest on deposits $ 75,153 51,100 42,775 29,317 27,078 ====================================================================================================================== Earnings excluding interest on deposits $ 50,542 39,064 31,498 27,852 25,604 Earnings including interest on deposits 115,145 85,694 70,956 54,912 51,847 Fixed charges excluding interest on deposits 10,550 4,470 3,317 2,257 835 Fixed charges including interest on deposits 75,153 51,100 42,775 29,317 27,078 Ratio of Earnings to Fixed Charges: Excluding interest on deposits 4.79x 8.74x 9.50x 12.34x 30.66x Including interest on deposits 1.53x 1.68x 1.66x 1.87x 1.91x ======================================================================================================================
(1) For purposes of computing the ratio of earnings to fixed charges, earnings represents income before income taxes and fixed charges. Fixed charges represent interest expense and preferred stock dividends, which dividends commenced in October 1996 and concluded in October 1997. Deposits include interest-bearing deposits and repurchase agreements. Without including preferred stock dividends in fixed charges and excluding interest on deposits, the ratio of earnings to fixed charges for the years ended December 31, 1997 and 1996 were 5.68x and 9.91x, respectively. Without including preferred stock dividends in fixed charges and including interest on deposits, the ratio of earnings to fixed charges for the years ended December 31, 1997 and 1996 were 1.55x and 1.68x, respectively (2) Selected financial data for 1997 have been restated. See "Notes to Consolidated Financial Statements - Restatement" included in Part IV, Item 14 for information regarding the restatement.