EX-12 5 a2218602zex-12.htm EX-12

Exhibit 12

 

First Midwest Bancorp, Inc.

Ratio of Earnings to Fixed Charges (1)

(Dollar amounts in thousands)

 

 

 

Years ended December 31,

 

 

 

2013

 

2012

 

2011

 

2010

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio 1 - Including Interest on Deposits

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

79,306

 

$

(21,054

)

$

36,563

 

$

(9,684

)

$

(25,750

)

Add:

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

48,715

 

(28,882

)

4,508

 

(28,544

)

(50,176

)

Fixed charges

 

28,134

 

36,011

 

40,936

 

50,589

 

91,308

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings available for fixed charges

 

$

156,155

 

$

(13,925

)

$

82,007

 

$

12,361

 

$

15,382

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (2):

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

$

11,901

 

$

18,052

 

$

27,256

 

$

37,127

 

$

64,177

 

Interest on borrowed funds

 

1,607

 

2,009

 

2,743

 

3,267

 

12,569

 

Interest on senior and subordinated debt

 

13,607

 

14,840

 

9,892

 

9,124

 

13,473

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest expense

 

27,115

 

34,901

 

39,891

 

49,518

 

90,219

 

 

 

 

 

 

 

 

 

 

 

 

 

Portion of rental expense representative of interest factor

 

1,019

 

1,110

 

1,045

 

1,071

 

1,089

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

28,134

 

36,011

 

40,936

 

50,589

 

91,308

 

 

 

 

 

 

 

 

 

 

 

 

 

Preference security dividend (3)

 

—

 

—

 

12,105

 

40,656

 

30,267

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges and preferred stock dividends

 

$

28,134

 

$

36,011

 

$

53,041

 

$

91,245

 

$

121,575

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

5.55

x

(0.39

)x

2.00

x

0.24

x

0.17

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

5.55

x

(0.39

)x

1.55

x

0.14

x

0.13

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio 2 - Excluding Interest on Deposits

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

79,306

 

$

(21,054

)

$

36,563

 

$

(9,684

)

$

(25,750

)

Add:

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

48,715

 

(28,882

)

4,508

 

(28,544

)

(50,176

)

Fixed charges

 

16,233

 

17,959

 

13,680

 

13,462

 

27,131

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings available for fixed charges

 

$

144,254

 

$

(31,977

)

$

54,751

 

$

(24,766

)

$

(48,795

)

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (2):

 

 

 

 

 

 

 

 

 

 

 

Interest on borrowed funds

 

$

1,607

 

$

2,009

 

$

2,743

 

$

3,267

 

$

12,569

 

Interest on senior and subordinated debt

 

13,607

 

14,840

 

9,892

 

9,124

 

13,473

 

Portion of rental expense representative of interest factor

 

1,019

 

1,110

 

1,045

 

1,071

 

1,089

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

16,233

 

17,959

 

13,680

 

13,462

 

27,131

 

 

 

 

 

 

 

 

 

 

 

 

 

Preference security dividend (3)

 

—

 

—

 

12,105

 

40,656

 

30,267

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges and preferred stock dividends

 

$

16,233

 

$

17,959

 

$

25,785

 

$

54,118

 

$

57,398

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

8.89

x

(1.78

)x

4.00

x

(1.84

)x

(1.80

)

Ratio of earnings to combined fixed charges and preferred stock dividends

 

8.89

x

(1.78

)x

2.12

x

(0.46

)x

(0.85

)

 

(1)        The ratio of earnings to fixed charges represents the number of times “fixed charges” are covered by “earnings.”

(2)        “Fixed charges” consist of interest on outstanding debt plus one-third (the proportion deemed representative of the interest factor) of operating lease expense.

(3)        This is computed as the amount of the preferred dividend divided by (1 minus the effective income tax rate applicable to continung operations).