EX-12.1 3 d591567dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Ratios of Earnings to Fixed Charges and

Combined Fixed Charges and Preferred Share Dividends

The following table sets forth our ratios of earnings to fixed charges and ratios of earnings to combined fixed charges and preferred share dividends for the periods indicated. As of June 30, 2013, we had 23,184 Series A Preferred Shares outstanding. The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. The ratio of earnings to combined fixed charges and preferred share dividends is computed by dividing earnings by the sum of fixed charges and preferred share dividends. For purposes of computing these ratios, earnings consist of income before income taxes plus interest expense, and fixed charges consist of interest expense and the interest portion of our rental expense. Preferred share dividend requirements represent the amount of pre-tax income required to pay dividends on preferred shares using our effective income tax rate.

 

     For the Six
Months Ended
June 30,
     For the Year Ended December 31,  
     2013      2012      2012      2011      2010      2009      2008  

Earnings before income taxes

   $ 4,461       $ 2,828       $ 7,304       $ 4,805       $ (3,099)       $ 1,418       $ (37,609)   

Fixed charges:

                    

Interest expense of deposits

     1,459         2,061         3,800         5,091         7,183         10,535         15,376   

Interest expense of FHLB advances

     690         787         1,530         1,606         2,394         2,848         3,131   

Interest expense of subordinated debentures

     383         427         833         770         817         1,295         1,748   

Interest expense of repurchase agreements

     11         10         21         33         70         132         548   

Interest expense of notes payable

     —           —           —           —           —           108         947   

Interest expense of other

     —           —           —           —           —           —           30   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed charges

     2,543         3,285         6,184         7,500         10,464         14,918         21,780   

Preferred dividends

     580         580         1,159         1,159         1,159         940         —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Earnings

   $ 7,584       $ 6,693       $ 14,647       $ 13,464       $ 8,524       $ 17,276       $ (15,829)   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of earnings to fixed charges

                    

Including Interest on Deposits

     2.75x         1.86x         2.18x         1.64x         0.70x         1.10x         (0.73)x   

Excluding Interest on Deposits

     5.12x         3.31x         4.06x         2.99x         0.06x         1.32x         (4.87)x   

Ratio of earnings to combined fixed charges and preferred share dividends

                    

Including Interest on Deposits

     2.43x         1.73x         1.99x         1.55x         0.73x         1.09x         (0.73)x   

Excluding Interest on Deposits

     3.68x         2.57x         3.06x         2.35x         0.30x         1.27x         (4.87)x   

Pro Forma Including Interest on Deposits (1)

     —x         —           —x         —           —           —           —     

Pro Forma Excluding Interest on Deposits (1)

     —x         —           —x         —           —           —           —     

 

(1) For the six months ended June 30, 2013 and the year ended December 31, 2012, our pro forma ratio of earnings to fixed charges and preferred share dividends reflect the pro forma effects on earnings and fix charges and preferred share dividends from this offering and the redemption of the Series A Preferred Shares as described herein under “Use of Proceeds.”