EX-12 3 exhibit12.htm STATEMENTS REGARDING COMPUTATION OF CONSOLIDATED RATIOS OF EARNINGS exhibit12.htm
EXHIBIT 12

STATEMENTS REGARDING COMPUTATION OF CONSOLIDATED RATIOS OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
APPEARING IN QUARTERLY REPORT ON FORM 10-Q



 
For the Three Months Ended
 
For the Six Months Ended
 
September 30,
 
September 30,
(Dollars in thousands)
2009
 
2008
 
2009
 
2008
Excluding Interest on Deposits:
             
               
Earnings:
             
Income before income taxes
 $           (6,693)
 
 $        3,444
 
 $             2,452
 
 $      13,722
Fixed charges (excluding preferred stock dividends)
3,590
 
4,062
 
11,294
 
12,625
  Total earnings
              (3,103)
 
           7,506
 
              13,746
 
         26,347
Fixed charges:
             
  Interest expense (excluding deposit interest)
3,512
 
4,003
 
11,073
 
12,444
  Rent expense interest factor (1)
78
 
59
 
221
 
181
  Preferred stock dividends (2)
                   512
 
                –
 
                1,364
 
                –
    Total fixed charges (excluding deposit interest)
4,102
 
4,062
 
12,658
 
12,625
               
   Ratio of Earnings to Fixed Charges,
             
      Excluding Interest on Deposits
               (0.76)
 
            1.85
 
                 1.09
 
            2.09
               
Including Interest on Deposits:
             
Earnings:
             
Income before income taxes
 $           (6,693)
 
 $        3,444
 
 $             2,452
 
 $      13,722
Fixed charges (excluding preferred stock dividends)
10,080
 
11,520
 
31,346
 
36,329
  Total earnings
3,387
 
14,964
 
33,798
 
50,051
               
Fixed charges:
             
  Interest expense (including deposit interest)
10,002
 
11,461
 
31,125
 
36,148
  Rent expense interest factor (1)
78
 
59
 
221
 
181
  Preferred stock dividends (2)
                   512
 
                –
 
1,364
 
                –
    Total fixed charges (including deposit interest)
10,592
 
11,520
 
32,710
 
36,329
               
   Ratio of Earnings to Fixed Charges,
             
     Including Interest on Deposits
                 0.32
 
            1.30
 
                 1.03
 
            1.38

(1)
Represents one-third of gross rental expense, which management believes is representative of the interest factor.
 
(2)
Represents the dividends accrued on the Series A Preferred Shares during the period.