WASHINGTON BANKING CO - FORM 10-K - EX-12.1 - March 12, 2010

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10-K - FORM 10-K - WASHINGTON BANKING COv55197e10vk.htm
EX-24 - EX-24 - WASHINGTON BANKING COv55197exv24.htm
EX-21 - EX-21 - WASHINGTON BANKING COv55197exv21.htm
EX-3.1 - EX-3.1 - WASHINGTON BANKING COv55197exv3w1.htm
EX-99.2 - EX-99.2 - WASHINGTON BANKING COv55197exv99w2.htm
EX-99.1 - EX-99.1 - WASHINGTON BANKING COv55197exv99w1.htm
EX-31.2 - EX-31.2 - WASHINGTON BANKING COv55197exv31w2.htm
EX-32.2 - EX-32.2 - WASHINGTON BANKING COv55197exv32w2.htm
EX-23.1 - EX-23.1 - WASHINGTON BANKING COv55197exv23w1.htm
EX-31.1 - EX-31.1 - WASHINGTON BANKING COv55197exv31w1.htm
EX-32.1 - EX-32.1 - WASHINGTON BANKING COv55197exv32w1.htm
Exhibit 12.1
                                                         
    Tweleve months ended December 31,
    2009   2008   2007   2006   2005   2004   2003
 
Excluding interest on deposits
                                                        
 
                                                        
Income before income taxes
     9,100       12,261       13,577       13,789       14,048       9,531       8,821  
 
Fixed charges
                                                        
Interest on short-term borrowings & Long-term debt
     1,099       2,392       2,141       1,884       1,609       1,213       1,354  
one-third of net rental expense
     208       144       141       138       123       111       118  
 
Total fixed charges
     1,307       2,536       2,282       2,022       1,732       1,324       1,472  
 
Income from operations before income taxes and fixed charges
     10,407       14,797       15,859       15,811       15,780       10,855       10,293  
 
Fixed charges, as above
     1,307       2,536       2,282       2,022       1,732       1,324       1,472  
Preferred stock dividends (pretax) (1)
     1,600       —       —       —       —       —       —  
 
Fixed charges including preferred stock dividends
     2,907       2,536       2,282       2,022       1,732       1,324       1,472  
 
Ratio of earnings to fixed charges and preferred stock dividend requirements
     3.58       5.84       6.95       7.82       9.11       8.20       6.99  
 
 
                                                        
Including interest on deposits
                                                        
 
                                                        
Fixed charges including preferred stock dividends, as above
     2,907       2,536       2,282       2,022       1,732       1,324       1,472  
Add: Interest on deposits
     12,920       18,442       22,669       16,557       9,957       7,624       7,383  
 
Total fixed charges including preferred stock dividends and interest on deposits
     15,827       20,978       24,951       18,579       11,689       8,948       8,855  
 
Income from operations before income taxes and fixed charges, as above
     10,407       14,797       15,859       15,811       15,780       10,855       10,293  
 
Add: Interest on deposits
     12,920       18,442       22,669       16,557       9,957       7,624       7,383  
 
Total income from operations before income taxes, fixed charges and interest on deposits
     23,327       33,239       38,528       32,368       25,737       18,479       17,676  
 
Ration of earnings to fixed charges and preferred stock dividend requirements
     1.47       1.58       1.54       1.74       2.20       2.07       2.00  
 
 
(1)   The preferred dividends, including accretion, were increased to amounts representing the pretax earnings that would be required to cover such dividend and accretion requirements

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