Attached files
| file | filename |
|---|---|
| S-1 - FORM S-1 - VANTAGESOUTH BANCSHARES, INC. | d572682ds1.htm |
| EX-23.2 - EX-23.2 - VANTAGESOUTH BANCSHARES, INC. | d572682dex232.htm |
| EX-23.1 - EX-23.1 - VANTAGESOUTH BANCSHARES, INC. | d572682dex231.htm |
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements
(in thousands, except ratios)
| Successor Company | Predecessor Company | |||||||||||||||||||||||||||||||
| For the six months ended June 30, |
For the period from February 1 to June 30, |
For the period from February 1 to December 31, |
For the period from January 1 to January 31, |
For the year ended December 31, | ||||||||||||||||||||||||||||
| 2013 | 2012 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||
| Excluding interest on deposits |
||||||||||||||||||||||||||||||||
| Income before income taxes |
$ | (309 | ) | $ | 140 | $ | 307 | $ | 799 | $ | 1,156 | $ | (4,811 | ) | $ | (1,542 | ) | $ | (1,380 | ) | ||||||||||||
| Fixed charges: |
||||||||||||||||||||||||||||||||
| Interest expense, excluding interest on deposits |
637 | 518 | 1,084 | 103 | 743 | 204 | 267 | 255 | ||||||||||||||||||||||||
| Interest within rent expense |
469 | 331 | 728 | 62 | 87 | 6 | 26 | 26 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total fixed charges |
1,106 | 849 | 1,812 | 165 | 830 | 210 | 293 | 281 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total earnings and fixed charges |
$ | 797 | $ | 989 | $ | 2,119 | $ | 964 | $ | 1,986 | $ | (4,601 | ) | $ | (1,249 | ) | $ | (1,099 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total fixed charges, as above |
$ | 1,106 | $ | 849 | $ | 1,812 | $ | 165 | $ | 830 | $ | 210 | $ | 293 | $ | 281 | ||||||||||||||||
| Preferred stock dividends |
1,748 | 994 | 2,191 | 199 | 296 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total fixed charges and preferred stock dividends |
$ | 2,854 | $ | 1,844 | $ | 4,003 | $ | 364 | $ | 1,126 | $ | 210 | $ | 293 | $ | 281 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Ratio of earnings to fixed charges |
(a | ) | (a | ) | (a | ) | 2.65 | 1.76 | (a | ) | (a | ) | (a | ) | ||||||||||||||||||
| Including interest on deposits |
||||||||||||||||||||||||||||||||
| Total earnings and fixed charges, as above |
$ | 797 | $ | 989 | $ | 2,119 | $ | 964 | $ | 1,986 | $ | (4,601 | ) | $ | (1,249 | ) | $ | (1,099 | ) | |||||||||||||
| Add: Interest on deposits |
2,921 | 2,457 | 5,086 | 530 | 2,035 | 977 | 1,642 | 2,529 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total earnings and fixed charges |
$ | 3,718 | $ | 3,446 | $ | 7,205 | $ | 1,494 | $ | 4,021 | $ | (3,624 | ) | $ | 393 | $ | 1,430 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Fixed charges, as above |
$ | 1,106 | $ | 849 | $ | 1,812 | $ | 165 | $ | 830 | $ | 210 | $ | 293 | $ | 281 | ||||||||||||||||
| Add: Interest on deposits |
2,921 | 2,457 | 5,086 | 530 | 2,035 | 977 | 1,642 | 2,529 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total fixed charges, including interest on deposits |
4,027 | 3,306 | 6,898 | 695 | 2,865 | 1,187 | 1,935 | 2,810 | ||||||||||||||||||||||||
| Preferred stock dividends |
1,748 | 994 | 2,191 | 199 | 296 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total fixed charges and preferred stock dividends |
$ | 5,775 | $ | 4,301 | $ | 9,089 | $ | 894 | $ | 3,161 | $ | 1,187 | $ | 1,935 | $ | 2,810 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Ratio of earnings to fixed charges |
(a | ) | (a | ) | (a | ) | 1.67 | 1.27 | (a | ) | (a | ) | (a | ) | ||||||||||||||||||
| (a) | Ratio is less than one, therefore, earnings are inadequate to cover fixed charges. The dollar amount of the deficiency for the affected periods is presented below. The amount is the same whether including or excluding interest on deposits. |
| Successor Company | Predecessor Company | |||||||||||||||||||||||||||||||
| For the six months ended June 30, |
For the period from February 1 to June 30, |
For the period from February 1 to December 31, |
For the period from January 1 to January 31, |
For the year ended December 31, | ||||||||||||||||||||||||||||
| 2013 | 2012 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||
| Coverage deficiency |
$ | (2,057 | ) | $ | (854 | ) | $ | (1,884 | ) | $ | — | $ | — | $ | (4,811 | ) | $ | (1,542 | ) | $ | (1,380 | ) | ||||||||||