EX-12.1 10 exhibit12-1.htm EXHIBIT 12.1 exhibit12-1.htm
Exhibit 12.1

Central Pacific Financial Corp. & Subsidiaries
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
 
 
For the Year Ended December 31,
 
2009
    
2008
    
2007
    
2006
    
2005
 
(Dollars in thousdands)
Ratio 1 - including deposit interest
                          
Earnings:
                          
   Pre-tax income (loss) from continuing operations
 $ (312,780 )   $ (187,727 )   $ 28,145     $ 120,492     $ 108,986
   Fixed charges
   67,788       102,234       138,420       109,935       66,839
         Total
 $ (244,992 )   $ (85,493 )   $ 166,565     $ 230,427     $ 175,825
                                     
Fixed charges:
                                    
   Interest on deposits
 $ 42,546     $ 62,305     $ 93,973     $ 71,669     $ 38,386
   Interest on other short-term borrowings
   548       6,563       1,616       2,197       1,858
   Interest on long-term debt
   24,621       33,129       42,390       35,666       26,333
   Interest on preferred stock dividends
   42       -       -       -       -
   Portion of rents representative of the interest
                                    
      factor of rental expense
   31       237       441       403       262
         Total fixed charges
 $ 67,788     $ 102,234     $ 138,420     $ 109,935     $ 66,839
                                     
         Preferred stock dividend requirements
   10,983       -       -       -       -
                                     
         Fixed charges and preferred stock dividends
 $ 78,771     $ 102,234     $ 138,420     $ 109,935     $ 66,839
                                     
Ratio of earnings to fixed charges
NM
    
NM
       1.20       2.10       2.63
Coverage deficiency
 $ (312,780 )   $ (187,727 )     -       -       -
                                     
Ratio of earnings to fixed charges and preferred
                                    
   stock dividends
NM
    
NM
       1.20       2.10       2.63
Coverage deficiency
 $ (323,763 )   $ (187,727 )     -       -       -
                                     
Ratio 2 - excluding deposit interest
                                    
Earnings:
                                    
   Pre-tax income (loss) from continuing operations
 $ (312,780 )   $ (187,727 )   $ 28,145     $ 120,492     $ 108,986
   Fixed charges
   25,242       39,929       44,447       38,266       28,453
         Total
 $ (287,538 )   $ (147,798 )   $ 72,592     $ 158,758     $ 137,439
                                     
Fixed charges:
                                    
   Interest on other short-term borrowings
 $ 548     $ 6,563     $ 1,616     $ 2,197     $ 1,858
   Interest on long-term debt
   24,621       33,129       42,390       35,666       26,333
   Interest on preferred stock dividends
   42       -       -       -       -
   Portion of rents representative of the interest
                                    
      factor of rental expense
   31       237       441       403       262
         Total fixed charges
 $ 25,242     $ 39,929     $ 44,447     $ 38,266     $ 28,453
                                     
         Preferred stock dividend requirements
   10,983       -       -       -       -
                                     
         Fixed charges and preferred stock dividends
 $ 36,225     $ 39,929     $ 44,447     $ 38,266     $ 28,453
                                     
Ratio of earnings to fixed charges
NM
    
NM
       1.6       4.1       4.8
Coverage deficiency
 $ (312,780 )   $ (187,727 )                      
                                     
Ratio of earnings to fixed charges and preferred
                                    
   stock dividends
NM
    
NM
       1.6       4.1       4.8
Coverage deficiency
 $ (323,763 )   $ (187,727 )