EX-12 3 dex12.htm STATEMENTS: COMPUTATIONS OF RATIOS Statements: Computations of Ratios

EXHIBIT 12

STATEMENTS: COMPUTATION OF RATIOS

The following is a computation of Non-GAAP financial ratios:

 

     Years Ended December 31,  

(dollars in thousands)

    2008     2007     2006     2005     2004  

Net Interest Income

    $ 137,644     $ 123,519     $ 91,522     $ 84,798     $ 74,628  

Effect of Tax Benefit on Interest Income

      4,902       4,746       3,544       3,283       2,861  
                                        

Net Interest Income (TE) (1)

      142,546       128,265       95,066       88,081       77,489  
                                        

Noninterest Income

      91,932       76,594       23,450       26,141       23,217  

Effect of Tax Benefit on Noninterest Income

      1,599       1,901       1,123       1,066       897  
                                        

Noninterest Income (TE) (1)

      93,530       78,494       24,573       27,207       24,114  
                                        

Total Revenues (TE) (1)

    $ 236,076     $ 206,759     $ 119,639     $ 115,288     $ 101,603  
                                        

Total Noninterest Expense

    $ 161,226     $ 140,118     $ 72,545     $ 63,708     $ 54,291  

Less Intangible Amortization Expense

      (2,408 )     (2,198 )     (1,118 )     (1,207 )     (885 )
                                        

Tangible Operating Expense (2)

    $ 158,818     $ 137,920     $ 71,427     $ 62,501     $ 53,406  
                                        

Net income

    $ 39,912     $ 41,310     $ 35,695     $ 22,000     $ 27,339  

Effect of Intangible Amortization, net of tax

      1,566       1,429       727       784       575  
                                        

Cash earnings

    $ 41,478     $ 42,739     $ 36,422     $ 22,785     $ 27,914  
                                        

Net Income per Common Share- Diluted

    $ 3.04     $ 3.27     $ 3.57     $ 2.24     $ 3.01  

Diluted Shares

      13,027       12,642       9,993       9,813       9,093  

Effect of Intangible Amortizaton per diluted share, net of tax

    $ 0.12     $ 0.11     $ 0.07     $ 0.08     $ 0.06  
                                        

Cash Earnings per Share- Diluted

    $ 3.16     $ 3.38     $ 3.64     $ 2.32     $ 3.07  
                                        

Return on Average Common Equity

      7.59 %     8.87 %     12.86 %     8.41 %     12.98 %

Effect of Intangibles (2)

      8.10       9.99       7.66       5.55       6.54  
                                        

Return on Average Tangible Common Equity (2)

      15.69 %     18.86 %     20.52 %     13.96 %     19.52 %
                                        

Efficiency Ratio

      70.2 %     70.0 %     63.1 %     57.4 %     55.5 %

Effect of Tax Benefit Related to Tax Exempt Income

      (1.9 )     (1.1 )     (2.5 )     (2.2 )     (2.1 )
                                        

Efficiency Ratio (TE) (1)

      68.3 %     68.9 %     60.6 %     55.2 %     53.4 %

Effect of Amortization of Intangibles

      (1.0 )     (2.2 )     (0.9 )     (1.0 )     (0.8 )
                                        

Tangible Efficiency Ratio (TE) (1) (2)

     67.3 %     66.7 %     59.7 %     54.2 %     52.6 %
                                        

 

(1)

Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%.

 

(2)

Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.

 

STATEMENTS: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Years Ended December 31,

(dollars in thousands)

    2008    2007    2006    2005    2004
              

Net income

    $ 39,912    $ 41,310    $ 35,695    $ 22,000    $ 27,339

Income tax expense

      15,870      17,160      14,535      8,162      12,174
                                  

Income before income tax expense

    $ 55,782    $ 58,470    $ 50,230    $ 30,162    $ 39,513

Fixed charges

               

Interest on short-term and other borrowings

    $ 29,807    $ 34,430    $ 15,655    $ 13,852    $ 10,144
                                  

Fixed charges excluding interest on deposits

      29,807      34,430      15,655      13,852      10,144

Interest on deposits

      96,376      104,297      58,116      36,598      23,837
                                  

Fixed charges including interest on deposits

    $ 126,183    $ 138,727    $ 73,770    $ 50,450    $ 33,982

Preferred stock dividends

      348      —        —        —        —  
                                  

Fixed charges including preferred stock dividends

    $ 126,531    $ 138,727    $ 73,770    $ 50,450    $ 33,982
                                  

Earnings for ratio computations (1)

               

Excluding interest on deposits

    $ 85,589    $ 92,900    $ 65,885    $ 44,014    $ 49,657

Including interest on deposits

    $ 181,965    $ 197,197    $ 124,000    $ 80,612    $ 73,495

Ratio of earnings to fixed charges (2)

               

Excluding interest on deposits

      2.87      2.70      4.21      3.18      4.90

Including interest on deposits

      1.44      1.42      1.68      1.60      2.16

Ratio of earnings to fixed charges and preferred dividends (2)

               

Excluding interest on deposits

      2.84      2.70      4.21      3.18      4.90

Including interest on deposits

      1.44      1.42      1.68      1.60      2.16

 

(1)

Earnings are the sum of income before income tax expenses and fixed charges.

(2)

For purposes of calculating the ratio of earnings to fixed charges, fixed charges are the sum of interest and debt expenses, excluding interest on deposits, and, for the second alternative, fixed charges are the sum of interest and debt expenses including interest on deposits.