Attached files
| file | filename |
|---|---|
| S-1 - FORM S-1 - FIRST NATIONAL CORP /VA/ | d388224ds1.htm |
| EX-5.1 - EXHIBIT 5.1 - FIRST NATIONAL CORP /VA/ | d388224dex51.htm |
| EX-23.1 - EXHIBIT 23.1 - FIRST NATIONAL CORP /VA/ | d388224dex231.htm |
Exhibit 12.1
Computation of Ratio of Earnings (Losses) to Fixed Charges
| Three months ended March 31, 2012 |
Three months ended March 31, 2011 |
Twelve months ended December 31, | ||||||||||||||||||||||||||
| (In thousands of dollars) |
2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||
| Earnings (losses) |
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| Pre-tax income (loss)—continuing operations |
$ | 690 | $ | 1,450 | $ | (7,126 | ) | $ | (5,809 | ) | $ | 2,904 | $ | 6,063 | $ | 8,488 | ||||||||||||
| Fixed charges (from below) |
1,415 | 1,790 | 6,602 | 7,966 | 10,009 | 12,869 | 17,428 | |||||||||||||||||||||
| Amortization of capitalized interest |
1 | 1 | 4 | 4 | 4 | 3 | 2 | |||||||||||||||||||||
| Interest capitalized |
— | — | — | — | — | (73 | ) | (25 | ) | |||||||||||||||||||
| Preferred dividends (divided by 1—effective tax rate) |
(286 | ) | (286 | ) | (1,148 | ) | (1,148 | ) | (921 | ) | — | — | ||||||||||||||||
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| Total earnings (losses) |
$ | 1,820 | $ | 2,955 | $ | (1,669 | ) | $ | 1,012 | $ | 11,995 | $ | 18,862 | $ | 25,892 | |||||||||||||
| Interest on deposits |
(986 | ) | (1,303 | ) | (4,843 | ) | (5,903 | ) | (7,753 | ) | (10,299 | ) | (14,049 | ) | ||||||||||||||
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| Total earnings (losses) excluding interest on deposits |
$ | 834 | $ | 1,652 | $ | (6,512 | ) | $ | (4,891 | ) | $ | 4,242 | $ | 8,563 | $ | 11,843 | ||||||||||||
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| Fixed Charges |
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| Interest expensed and capitalized |
$ | 1,128 | $ | 1,503 | $ | 5,450 | $ | 6,814 | $ | 9,084 | $ | 12,866 | $ | 17,426 | ||||||||||||||
| Amortized capitalized expenses |
1 | 1 | 4 | 4 | 4 | 3 | 2 | |||||||||||||||||||||
| Preferred dividends (divided by 1—effective tax rate) |
286 | 286 | 1,148 | 1,148 | 921 | — | — | |||||||||||||||||||||
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| Total fixed charges |
$ | 1,415 | $ | 1,790 | $ | 6,602 | $ | 7,966 | $ | 10,009 | $ | 12,869 | $ | 17,428 | ||||||||||||||
| Interest on deposits |
(986 | ) | (1,303 | ) | (4,843 | ) | (5,903 | ) | (7,753 | ) | (10,299 | ) | (14,049 | ) | ||||||||||||||
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| Total fixed charges excluding interest on deposits |
$ | 429 | $ | 487 | $ | 1,759 | $ | 2,063 | $ | 2,256 | $ | 2,570 | $ | 3,379 | ||||||||||||||
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| Ratio of Earnings (Losses) to Fixed Charges and Preferred Dividends: |
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| Including interest on deposits |
1.29 | 1.65 | -0.25 | 0.13 | 1.20 | 1.47 | 1.49 | |||||||||||||||||||||
| Excluding interest on deposits |
1.94 | 3.39 | -3.70 | -2.37 | 1.88 | 3.33 | 3.51 | |||||||||||||||||||||