EX-12.1 5 chemex121_052313.htm CHEMICAL FINANCIAL EXHIBIT 12.1 TO FORM S-3 Chemical Exhibit 12.1 to Form S-3 - 05/23/13

EXHIBIT 12.1


Chemical Financial Corporation
Computation of Ratio of Earnings to Fixed Charges

The following table shows the ratio of earnings to fixed charges for Chemical Financial Corporation, on a consolidated basis:

 

Three Months
Ended
March 31,

 



Years Ended December 31,

 

2013

 

2012

 

2011

 

2010

 

2009

 

2008

 

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (1):

 

 

 

 

 

 

 

 

 

 

 

   Excluding Interest on Deposits

86.67

 

43.02

 

26.80

 

9.59

 

3.00

 

4.30

   Including Interest on Deposits

4.96

 

4.06

 

2.90

 

1.79

 

1.26

 

1.44

(1)

For purposes of computing the ratios, earnings consist of income before income taxes and fixed charges. Fixed charges consist of interest on borrowings and long-term debt, including/excluding interest on deposits, and one-third of rental expense, which Chemical Financial Corporation considers representative of the interest factor.

Earnings:

$

18,934

 

$

71,808

 

$

60,250

 

$

31,190

 

$

11,953

 

$

28,142

   Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Interest on deposits

$

4,566

 

$

21,782

 

$

29,293

 

$

35,895

 

$

39,500

 

$

54,763

   Interest on borrowings and
     long-term debt

 


161

 

 


1,431

 

 


2,096

 

 


3,415

 

 


5,787

 

 


8,320

   Rent expense interest factor
     (1/3 of rent)

 


60

 

 


278

 

 


239

 

 


217

 

 


197

 

 


195

Total fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Including interest on deposits

$

4,787

 

$

23,491

 

$

31,628

 

$

39,527

 

$

45,484

 

$

63,278

   Excluding interest on deposits

$

221

 

$

1,709

 

$

2,335

 

$

3,632

 

$

5,984

 

$

8,515