EX-12.1 5 v180403_ex12-1.htm Unassociated Document
Exhibit 12.1
 


   
For the Years Ended December 31,
  
(Dollars in thousands)
  
2009
    
2008
    
2007
    
2006
    
2005
  
Earnings (1)
                              
   Income before tax expense
   $ (66,102 )   $ 271     $ 41,966     $ 40,425     $ 36,636  
   Fixed charges
     39,026       45,269       59,769       48,754       36,150  
   Other adjustments (2)
     -       -       (151 )     (25 )     -  
Total Earnings (a)
     (27,076 )     45,540       101,584       89,154       72,786  
                                         
Fixed Charges (1)
                                        
Deposit Interest
     27,796       29,792       38,757       33,868       24,030  
Interest on Borrowings
     10,886       15,138       20,519       14,513       11,850  
Interest portion of Rental Expense (3)
     344       338       342       348       270  
Other Adjustments (4)
     -       -       151       25       -  
Total Fixed Charges (b)
     39,026       45,268       59,769       48,754       36,150  
                                         
Preferred Dividends
     2,162       255       -       -       -  
                                         
Ratio of earnings to fixed charges (a/b)
     (0.69 )     1.01       1.70       1.83       2.01  
Ratio of earnings to fixed charges and preferred dividends
     (0.60 )     1.01       1.70       1.83       2.01  
                                         
                                         
Earnings, excluding interest on deposits:
                                        
   Total earnings
   $ (27,076 )   $ 45,540     $ 101,584     $ 89,154     $ 72,786  
   Less interest on deposits
     27,796       29,792       38,757       33,868       24,030  
Total earnings excluding interest on deposits (c)
     (54,872 )     15,748       62,827       55,286       48,756  
                                         
Fixed charges, excluding interest on deposits:
                                        
   Total Fixed Charges
     39,026       45,268       59,769       48,754       36,150  
   Less Interest on Deposits
     27,796       29,792       38,757       33,868       24,030  
Total Fixed Charges, excluding interest on deposits (d)
     11,230       15,476       21,012       14,886       12,120  
                                         
                                         
Ratio of earnings to fixed charges (c/d) (5)
     (4.89 )     1.02       2.99       3.71       4.02  
Ratio of earnings to fixed charges and preferred dividends
     (3.94 )     1.02       2.99       3.71       4.02  
 
 
(1)
As defined in Item 503(d) of Regulation S-K.
(2)
For purposes of the "earnings" computation, other adjustments include subtracting interest capitalized.
(3)
The appropriate portion of rental expense (one-third) deemed representative of the interest factor.
(4)
For purposes of the "fixed charges" computation, other adjustments include capitalized interest costs.
(5)
The ratio of earnings to fixed charges, excluding interest on deposits, is being provided as an additional measure to provide comparability to the ratios disclosed by all other issuers of debt securities.