EX-12 5 dex12.htm STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement re: Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

First Midwest Bancorp, Inc.

Ratio of Earnings to Fixed Charges (1)

(Dollar Amounts in Thousands)

 

     Years ended December 31,
     2005    2004    2003    2002    2001

Ratio 1- Including Interest on Deposits

               

Earnings available for fixed charges:

               

Income from continuing operations

    $ 101,377    $ 99,136    $ 92,778    $ 90,150    $ 82,138

Add:

               

Income tax provision

      34,452      32,848      30,889      32,133      26,668

Fixed charges

      131,690      87,185      81,964      111,498      181,439
                                  

Total earnings available for fixed charges

    $ 267,519    $ 219,169    $ 205,631    $ 233,781    $ 290,245
                                  

Fixed charges (2)

               

Interest on deposits

    $ 86,675    $ 57,432    $ 56,272    $ 81,616    $ 134,497

Interest on borrowed funds

      35,834      20,980      23,962      29,294      46,341

Interest on subordinated debt - trust preferred securities

      8,341      8,066      1,079      —        —  

Portion of rental expense representative of interest factor

      840      707      651      588      601
                                  

Total fixed charges

    $ 131,690    $ 87,185    $ 81,964    $ 111,498    $ 181,439
                                  

Ratio of earnings to fixed charges

      2.03 x      2.51 x      2.51 x      2.10 x      1.60 x

Ratio 2 - Excluding Interest on Deposits

               

Earnings available for fixed charges:

               

Income from continuing operations

    $ 101,377    $ 99,136    $ 92,778    $ 90,150    $ 82,138

Add:

               

Income tax provision

      34,452      32,848      30,889      32,133      26,668

Fixed charges

      45,015      29,753      25,692      29,882      46,942
                                  

Total earnings available for fixed charges

    $ 180,844    $ 161,737    $ 149,359    $ 152,165    $ 155,748
                                  

Fixed charges (2):

               

Interest on borrowed funds

    $ 35,834    $ 20,980    $ 23,962    $ 29,294    $ 46,341

Interest on subordinated debt - trust preferred securities

      8,341      8,066      1,079      —        —  

Portion of rental expense representative of interest factor

      840      707      651      588      601
                                  

Total fixed charges

    $ 45,015    $ 29,753    $ 25,692    $ 29,882    $ 46,942
                                  

Ratio of earnings to fixed charges

      4.02 x      5.44 x      5.81 x      5.09 x      3.32 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.