EX-12 6 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

Exhibit 12

 

First Midwest Bancorp, Inc.

Ratio of Earnings to Fixed Charges(1)

 

     Years ended December 31,
  
     2004
     2003
     2002
     2001
     2000
  
     (Dollar Amounts in Thousands)  

Ratio 1 - Including Interest on Deposits

                                         

Earnings available for fixed charges:

                                         

Income from continuing operations

    $ 99,136     $ 92,778     $ 90,150     $ 82,138     $ 75,540  

Add:

                                         

Income tax provision

      32,848       30,889       32,133       26,668       23,759  

Fixed charges

      87,185       81,964       111,498       181,439       232,597  

Total earnings available for fixed charges

    $ 219,169     $ 205,631     $ 233,781     $ 290,245     $ 331,896  

Fixed charges(2)

                                         

Interest on deposits

    $ 57,432     $ 56,272     $ 81,616     $ 134,497     $ 155,887  

Interest on borrowed funds

      20,980       23,962       29,294       46,341       76,019  

Interest on subordinated debt - trust preferred securities

      8,066       1,079       —         —         —    

Portion of rental expense representative of interest factor

      707       651       588       601       691  

Total fixed charges

    $ 87,185     $ 81,964     $ 111,498     $ 181,439     $ 232,597  

Ratio of earnings to fixed charges

      2.51 x     2.51 x     2.10 x     1.60 x     1.43 x

Ratio 2 - Excluding Interest on Deposits

                                         

Earnings available for fixed charges:

                                         

Income from continuing operations

    $ 99,136     $ 92,778     $ 90,150     $ 82,138     $ 75,540  

Add:

                                         

Income tax provision

      32,848       30,889       32,133       26,668       23,759  

Fixed charges

      29,753       25,692       29,882       46,942       76,710  

Total earnings available for fixed charges

    $ 161,737     $ 149,359     $ 152,165     $ 155,748     $ 176,009  

Fixed charges(2):

                                         

Interest on borrowed funds

    $ 20,980     $ 23,962     $ 29,294     $ 46,341     $ 76,019  

Interest on subordinated debt - trust preferred securities

      8,066       1,079       —         —         —    

Portion of rental expense representative of interest factor

      707       651       588       601       691  

Total fixed charges

    $ 29,753     $ 25,692     $ 29,882     $ 46,942     $ 76,710  

Ratio of earnings to fixed charges

      5.44 x     5.81 x     5.09 x     3.32 x     2.29 x

 

(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.