EX-12.1 4 0004.txt STATEMENTS RE: COMPUTATION OF RATIOS 1 Exhibit 12.1 RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS ENDED MARCH 31, YEAR ENDED DECEMBER 31, ---------- --------------------------------------------------------------- 2000 1999 1998 1997 1996 1995 ---------- --------- -------- -------- --------- ---------- Earnings 1. Income before income taxes $ 1,221 $ 4,604 $ 4,202 $ 3,431 $ 2,540 $ 1,620 2. Plus interest expense 3,455 11,204 9,205 7,258 5,796 4,895 ------- --------- -------- --------- --------- ---------- 3. Earnings including interest on deposits 4,676 15,808 13,407 10,689 8,336 6,515 4. Less interest on deposits 2,951 9,832 8,232 6,634 5,191 4,175 ------- --------- -------- --------- --------- ---------- 5. Earnings excluding interest on deposits $ 1,725 $ 5,976 $ 5,175 $ 4,055 $ 3,145 $ 2,340 ======= ========= ======== ========= ========= ========== Fixed Charges: 6. Including interest on deposits excluding capitalized interest $ 3,455 $ 11,204 $ 9,205 $ 7,258 $ 5,796 $ 4,895 7. Less interest on deposits (Line 4) 2,951 9,832 8,232 6,634 5,191 4,175 ------- --------- -------- --------- --------- ---------- 8. Excluding interest on deposits $ 504 $ 1,372 973 624 605 720 ======= ========= ======== ========= ========= ========== Ratio of Earnings to Fixed Charges: Including interest on deposits (Line 3 divided by Line 6) 1.35 1.41 1.46 1.47 1.44 1.33 ======= ========= ======== ========= ========= ========== Excluding interest on deposits (Line 5 divided by Line 8) 3.42 4.36 5.32 6.50 5.20 3.25 ======= ========= ======== ========= ========= ==========
PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS ENDED YEAR ENDED MARCH 31, 2000 DECEMBER 31, 1999 ---------------- ------------------- (Dollars in thousands) Earnings 1. Income before income taxes $ 1,221 $ 4,604 2. Plus interest expense 3,455 11,204 ---------- ------------ 3. Earnings including interest on deposits 4,676 15,808 4. Plus interest expense on the junior subordinated debentures 249 1,000 5. Less Historical Interest Expense on $7.3 million in debt 141 335 ---------- ------------ 6. Earnings after debt issuance and retirement 4,784 16,473 7. Less interest on deposits 2,951 9,832 ---------- ------------ 8. Earnings excluding interest on deposits 1,833 $ 6,641 ========== ============ Fixed Charges: 9. Including interest on deposits excluding capitalized interest $ 3,455 $ 11,204 10. Plus interest expense on the junior subordinated debentures 249 1,000 11. Less Historical Interest Expense on $7.3 million of debt (Line 5) 141 335 ---------- ------------ 12. Fixed Charges after debt issuance and retirement 3,563 11,869 13. Less interest on deposits 2,951 9,832 ---------- ------------ 14. Excluding interest on deposits $ 612 $ 2,037 ========== ============ Pro Forma Ratio of Earnings to Fixed Charges: Including interest on deposits (Line 6 divided by Line 12) 1.34 1.39 ========== ============ Excluding interest on deposits (Line 8 divided by Line 14) 3.00 3.26 ========== ============