Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - FINANCIAL INSTITUTIONS INC | c13753e10vk.htm |
| EX-21 - EXHIBIT 21 - FINANCIAL INSTITUTIONS INC | c13753exv21.htm |
| EX-23 - EXHIBIT 23 - FINANCIAL INSTITUTIONS INC | c13753exv23.htm |
| EX-32 - EXHIBIT 32 - FINANCIAL INSTITUTIONS INC | c13753exv32.htm |
| EX-99.1 - EXHIBIT 99.1 - FINANCIAL INSTITUTIONS INC | c13753exv99w1.htm |
| EX-31.2 - EXHIBIT 31.2 - FINANCIAL INSTITUTIONS INC | c13753exv31w2.htm |
| EX-31.1 - EXHIBIT 31.1 - FINANCIAL INSTITUTIONS INC | c13753exv31w1.htm |
| EX-99.2 - EXHIBIT 99.2 - FINANCIAL INSTITUTIONS INC | c13753exv99w2.htm |
EXHIBIT 12
FINANCIAL INSTITUTIONS, INC.
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(Dollars in thousands)
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(Dollars in thousands)
| Years Ended December 31, | ||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
EARNINGS: |
||||||||||||||||||||
Pre-tax income (loss) from continuing operations |
$ | 30,639 | $ | 20,581 | $ | (47,459 | ) | $ | 21,209 | $ | 23,607 | |||||||||
Fixed charges |
23,224 | 27,633 | 36,518 | 49,153 | 45,715 | |||||||||||||||
Earnings, including interest on deposits (a) |
$ | 53,863 | $ | 48,214 | $ | (10,941 | ) | $ | 70,362 | $ | 69,322 | |||||||||
LESS: Interest on deposits |
14,853 | 19,090 | 29,349 | 42,714 | 37,445 | |||||||||||||||
Earnings, excluding interest on deposits (b) |
$ | 39,010 | $ | 29,124 | $ | (40,290 | ) | $ | 27,648 | $ | 31,877 | |||||||||
FIXED CHARGES: |
||||||||||||||||||||
Interest on deposits |
$ | 14,853 | $ | 19,090 | $ | 29,349 | $ | 42,714 | $ | 37,445 | ||||||||||
Interest on borrowings |
2,867 | 3,127 | 4,268 | 4,425 | 6,159 | |||||||||||||||
Amortized premiums, discounts and capitalized
expenses related to indebtedness (1) |
— | — | — | — | — | |||||||||||||||
Estimated interest component of rent expense (2) |
142 | 147 | 111 | 97 | 90 | |||||||||||||||
Preferred security dividends (3) |
5,362 | 5,269 | 2,790 | 1,917 | 2,021 | |||||||||||||||
Fixed charges, including interest on deposits (c) |
$ | 23,224 | $ | 27,633 | $ | 36,518 | $ | 49,153 | $ | 45,715 | ||||||||||
LESS: Interest on deposits |
14,853 | 19,090 | 29,349 | 42,714 | 37,445 | |||||||||||||||
Fixed charges, excluding interest on deposits (d) |
$ | 8,371 | $ | 8,543 | $ | 7,169 | $ | 6,439 | $ | 8,270 | ||||||||||
Ratio of earnings to combined fixed charges
and preferred security dividends: |
||||||||||||||||||||
Including interest on deposits (a / c) |
2.32 | 1.74 | * | 1.43 | 1.52 | |||||||||||||||
Excluding interest on deposits (b / d) |
4.66 | 3.41 | * | 4.29 | 3.85 | |||||||||||||||
| (1) | Any discount, premium or capitalized expenses on debt are included in
interest on borrowings. |
|
| (2) | Estimated to be approximately 10% of rent expense. |
|
| (3) | Preferred security dividends are shown on a tax-equivalent basis, computed
using the effective income tax rate from continuing operations for each period shown. |
|
| * | Ratios for this period are less than 1.00. For the year ended December 31, 2008, earnings
were insufficient to cover fixed charges by $47.5 million. |