EX-12.1 3 dex121.htm STATEMENT OF RATIOS OF EARNINGS TO FIXED CHARGES Statement of Ratios of Earnings to Fixed Charges

Exhibit 12.1

STATEMENT OF RATIOS OF EARNINGS TO FIXED CHARGES

Exhibit 12.1 Ratio of Earnings to Fixed Charges

 

      Year ended December 31,
     2009     2008    2007    2006    2005
     (Dollars in thousands)

Ratio of earnings to fixed charges

              

Earnings:

              

Income (Loss) from continuing operations before taxes

    $ (13,173 )    $ 22,389    $ 26,189    $ 24,437    $ 29,805

Fixed charges excluding deposits and preferred stock dividends:

      14,312        16,583      12,824      11,957      9,195
                                   

Subtotal

      1,139        38,972      39,013      36,394      39,000

Interest on deposits

      26,793        39,303      52,274      41,546      24,832
                                   

Total

    $ 27,932      $ 78,275    $ 91,287    $ 77,940    $ 63,832
                                   

Fixed charges:

              

Interest excluding deposits

    $ 13,650      $ 16,055    $ 12,376    $ 11,558    $ 8,800

Interest component on rentals1

      662        528      448      399      395

Preferred stock dividends

      3,194        —           
                                   

Subtotal

      17,506        16,583      12,824      11,957      9,195

Interest on deposits

      26,793        39,303      52,274      41,546      24,832
                                   

Total

    $ 44,299      $ 55,886    $ 65,098    $ 53,503    $ 34,027
                                   

Ratio of earnings to fixed charges:

              

Excluding interest on deposits

      0.07 2      2.35      3.04      3.04      4.24

Including interest on deposits

      0.63        1.40      1.40      1.46      1.88

 

1

Interest component on rentals estimated to be one-third of rentals

2

The dollar amount for the deficiency for the year ended 12/31/09 is $16.4 million.