Attached files
| file | filename |
|---|---|
| S-1 - FORM S-1 - FIRSTBANK CORP | firstbank_s1-041712.htm |
| EX-4.1 - EXHIBIT 4.1 - FIRSTBANK CORP | ex4-1.htm |
| EX-5.1 - EXHIBIT 5.1 - FIRSTBANK CORP | ex5-1.htm |
| EX-23.1 - EXHIBIT 23.1 - FIRSTBANK CORP | ex23-1.htm |
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
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(In thousands of dollars)
|
2011
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2010
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2009
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2008
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2007
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Fixed charges
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||||||||||||||||||||
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Interest expensed and capitalized
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$ | 12,972 | $ | 20,890 | $ | 25,939 | $ | 35,353 | $ | 38,217 | ||||||||||
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Preference dividends
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||||||||||||||||||||
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Preferred dividend
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1,650 | 1,650 | 1,513 | 0 | 0 | |||||||||||||||
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Divided by 1 – tax rate
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0.66 | 0.66 | 0.66 | 0.66 | 0.66 | |||||||||||||||
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Preference dividend cost
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2,500 | 2,500 | 2,292 | 0 | ||||||||||||||||
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Total fixed charges and preferred dividends
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15,472 | 23,390 | 28,231 | 35,353 | 38,217 | |||||||||||||||
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Less: Interest on deposits
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(10,891 | ) | (15,733 | ) | (18,841 | ) | (25,468 | ) | (28,649 | ) | ||||||||||
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Total fixed charges and preferred dividends excluding interest on deposits
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$ | 4,581 | $ | 7,657 | $ | 9,390 | $ | 9,885 | $ | 9,568 | ||||||||||
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Earnings
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Pre-tax income
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$ | 7,457 | $ | 5,275 | $ | 3,735 | $ | (343 | ) | $ | 11,277 | |||||||||
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Add: Fixed charges and preferred dividends
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15,472 | 23,390 | 28,231 | 35,353 | 38,217 | |||||||||||||||
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Total earnings
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22,929 | 28,665 | 31,966 | 35,010 | 49,494 | |||||||||||||||
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Less: Interest on deposits
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(10,891 | ) | (15,733 | ) | (18,841 | ) | (24,468 | ) | (28,649 | ) | ||||||||||
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Total earnings less interest on deposits
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$ | 12,038 | $ | 12,932 | $ | 13,125 | $ | 9,542 | $ | 20,845 | ||||||||||
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Ratio of earnings to fixed charges
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||||||||||||||||||||
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Including interest on deposits
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1.48 | x | 1.23 | x | 1.13 | x | 0.99 | x | 1.30 | x | ||||||||||
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Excluding interest on deposits
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2.63 | x | 1.69 | x | 1.40 | x | 0.97 | x | 2.18 | x | ||||||||||