EX-12.0 2 dex120.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Computation of ratios of earnings to fixed charges

Exhibit 12

Intervest Bancshares Corporation and Subsidiaries

Computation of Ratios of Earnings to Fixed Charges

 

         

For the Year Ended December 31, 2010

  
     Intervest Bancshares          Intervest Bancshares    
          Corporation           Corporation    
  ($ in thousands)          Consolidated            (stand alone)    

  (Loss) earnings before income taxes (1)

         $  (93,656)            $(2,761)     

  Fixed charges, excluding interest on deposits (2)

         5,372              3,815     

  (Loss) earnings before income taxes and fixed charges, excluding interest on deposits

         (88,284)            1,054     

  Interest on deposits

         58,987              -     

  (Loss) earnings before income taxes and fixed charges, including interest on deposits

           $(29,297)              $1,054     

  Earnings to fixed charges ratios:

            

Excluding interest on deposits

         -16.43 x            0.28 x   

Including interest on deposits

           -0.46 x              0.28 x   

 

         

For the Year Ended December 31, 2009

  
     Intervest Bancshares      Intervest Bancshares    
          Corporation           Corporation    
  ($ in thousands)          Consolidated            (stand alone)    

  Earnings before income taxes (1)

         $  4,946            $1,170     

  Fixed charges, excluding interest on deposits (2)

         7,104              4,345     

  Earnings before income taxes and fixed charges, excluding interest on deposits

         12,050            5,515     

  Interest on deposits

         75,528              -     

  Earnings before income taxes and fixed charges, including interest on deposits

           $87,578              $5,515     

  Earnings to fixed charges ratios:

            

Excluding interest on deposits

         1.70 x            1.27x       

Including interest on deposits

           1.06 x              1.27 x     

 

         

For the Year Ended December 31, 2008

  
     Intervest Bancshares          Intervest Bancshares    
          Corporation           Corporation    
  ($ in thousands)          Consolidated            (stand alone)    

  Earnings before income taxes (1)

         $  13,157            $   138     

  Fixed charges, excluding interest on deposits (2)

         9,740              3,537     

  Earnings before income taxes and fixed charges, excluding interest on deposits

         22,897            3,675     

  Interest on deposits

         80,636              -     

  Earnings before income taxes and fixed charges, including interest on deposits

           $103,533              $3,675     

  Earnings to fixed charges ratios:

            

Excluding interest on deposits

         2.35 x            1.04 x     

Including interest on deposits

           1.15 x              1.04 x     

 

(1)

IBC’s stand alone earnings before income taxes includes dividends received from Intervest National Bank, its wholly-owned subsidiary, for purposes of this calculation as follows: none in 2010, $3,933,000 in 2009 and $3,507,000. In 2010, INB was required by its primary regulator to suspend its dividend payments to IBC. See the section “Supervision and Regulation” in Item 1 “Business” of IBC’s annual report on Form 10-K for the year ended December 31, 2010 for further discussion of this restriction imposed on INB.

 

(2)

Fixed charges for purposes of this calculation represent the aggregate of interest expense on debentures and other short-term borrowings, amortization of debenture offering costs and preferred stock dividend requirements, which are comprised of preferred stock dividends and related preferred stock discount amortization.