| Six months | ||||||||||||||||||||||||
| ended | ||||||||||||||||||||||||
| June 30, | Years Ended December 31, | |||||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
EARNINGS: |
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Pre-tax income (loss) from continuing operations |
$ | 15,846 | $ | 20,581 | $ | (47,459 | ) | $ | 21,209 | $ | 23,607 | $ | 2,852 | |||||||||||
Fixed charges |
11,969 | 27,633 | 36,518 | 49,153 | 45,715 | 37,379 | ||||||||||||||||||
Earnings, including interest on deposits (a) |
$ | 27,815 | $ | 48,214 | $ | (10,941 | ) | $ | 70,362 | $ | 69,322 | $ | 40,231 | |||||||||||
LESS: Interest on deposits |
7,514 | 19,090 | 29,349 | 42,714 | 37,445 | 30,255 | ||||||||||||||||||
Earnings, excluding interest on deposits (b) |
$ | 20,301 | $ | 29,124 | $ | (40,290 | ) | $ | 27,648 | $ | 31,877 | $ | 9,976 | |||||||||||
FIXED CHARGES: |
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Interest on deposits |
$ | 7,514 | $ | 19,090 | $ | 29,349 | $ | 42,714 | $ | 37,445 | $ | 30,255 | ||||||||||||
Interest on borrowings |
1,584 | 3,127 | 4,268 | 4,425 | 6,159 | 6,140 | ||||||||||||||||||
Amortized premiums, discounts and capitalized
expenses related to indebtedness (1) |
— | — | — | — | — | — | ||||||||||||||||||
Estimated interest component of rent expense (2) |
71 | 147 | 111 | 97 | 90 | 65 | ||||||||||||||||||
Preferred security dividends (3) |
2,800 | 5,269 | 2,790 | 1,917 | 2,021 | 919 | ||||||||||||||||||
Fixed charges, including interest on deposits (c) |
$ | 11,969 | $ | 27,633 | $ | 36,518 | $ | 49,153 | $ | 45,715 | $ | 37,379 | ||||||||||||
LESS: Interest on deposits |
7,514 | 19,090 | 29,349 | 42,714 | 37,445 | 30,255 | ||||||||||||||||||
Fixed charges, excluding interest on deposits (d) |
$ | 4,455 | $ | 8,543 | $ | 7,169 | $ | 6,439 | $ | 8,270 | $ | 7,124 | ||||||||||||
Ratio of earnings to combined fixed charges
and preferred security dividends: |
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Including interest on deposits (a / c) |
2.32 | 1.74 | * | 1.43 | 1.52 | 1.08 | ||||||||||||||||||
Excluding interest on deposits (b / d) |
4.56 | 3.41 | * | 4.29 | 3.85 | 1.40 | ||||||||||||||||||
| (1) | Any discount, premium or capitalized expenses on debt are included in interest on
borrowings. |
|
| (2) | Estimated to be approximately 10% of rent expense. |
|
| (3) | Preferred security dividends are shown on a tax-equivalent basis, computed using the
effective income tax rate from continuing operations for each period shown. |
|
| * | Ratios for this period are less than 1.00. For the year ended December 31, 2008, earnings
were insufficient to cover fixed charges by $47.5 million. |