Attached files

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10-K - FORM 10-K - STERLING FINANCIAL CORP /WA/d10k.htm
EX-3.9 - ARTICLES OF AMENDMENT TO STERLING'S RESTATED ARTICLES OF INCORPORATION - STERLING FINANCIAL CORP /WA/dex39.htm
EX-31.1 - SECTION 302 CERTIFICATION - STERLING FINANCIAL CORP /WA/dex311.htm
EX-32.2 - SECTION 906 CERTIFICATION - STERLING FINANCIAL CORP /WA/dex322.htm
EX-99.1 - SECTION 111 CERTIFICATION - STERLING FINANCIAL CORP /WA/dex991.htm
EX-31.2 - SECTION 302 CERTIFICATION - STERLING FINANCIAL CORP /WA/dex312.htm
EX-23.1 - CONSENT OF BDO USA,LLP, FORMERLY KNOWN AS BDO SEIDMAN, LLP - STERLING FINANCIAL CORP /WA/dex231.htm
EX-99.2 - SECTION 111 CERTIFICATION - STERLING FINANCIAL CORP /WA/dex992.htm
EX-21.1 - LIST OF SUBSIDIARIES OF STERLING - STERLING FINANCIAL CORP /WA/dex211.htm
EX-10.16 - EMPLOYMENT AGREEMENT BY AND BETWEEN STERLING AND EZRA A. ECKHARDT - STERLING FINANCIAL CORP /WA/dex1016.htm
EX-10.11 - EMPLOYMENT AGREEMENT BY AND BETWEEN STERLING AND DANIEL G. BYRNE - STERLING FINANCIAL CORP /WA/dex1011.htm
EX-32.1 - SECTION 906 CERTIFICATION - STERLING FINANCIAL CORP /WA/dex321.htm
EX-32.1 - SECTION 906 CERTIFICATION - STERLING FINANCIAL CORP /WA/dex3211.htm

EXHIBIT 12.1

Earning to Fixed Charges and Preferred Dividends

 

     Years Ended December 31,  
     2010     2009     2008     2007      2006  
     (Dollars in thousands)  

EXCLUDING INTEREST ON DEPOSITS:

           

Pre-tax income

   $ (224,282   $ (811,112   $ (411,432   $ 138,213       $ 108,176   

Preferred stock dividend

     (11,598     (17,369     (1,208     0         0   

Other shareholder allocations

     (520,263     0        0        0         0   
                                         

Pre-tax income available to common shareholders

     (756,143     (828,481     (412,640     138,213         108,176   

Fixed charges

     81,180        109,128        129,282        140,816         105,838   
                                         

Earnings

   $ (674,963   $ (719,353   $ (283,358   $ 279,029       $ 214,014   
                                         

Interest expense-short term borrowings

   $ 6,517      $ 16,476      $ 20,820      $ 29,956       $ 35,979   

Interest expense-long term borrowings

     59,882        69,633        100,353        104,048         65,691   

Preferred stock dividend

     11,598        17,369        1,208        0         0   

Portion of long-term leases representative of the interest factor **

     3,183        5,650        6,901        6,812         4,168   
                                         

Fixed charges

   $ 81,180      $ 109,128      $ 129,282      $ 140,816       $ 105,838   
                                         

Earnings to fixed charges, excluding interest on deposits

     *        *        *        1.98         2.02   
                                         

INCLUDING INTEREST ON DEPOSITS:

           

Pre-tax income

   $ (224,282   $ (811,112   $ (411,432   $ 138,213       $ 108,176   

Preferred stock dividend

     (11,598     (17,369     (1,208     0         0   

Benefit to common shareholders

     (520,263     0        0        0         0   
                                         

Pre-tax income available to common shareholders

     (756,143     (828,481     (412,640     138,213         108,176   

Fixed charges

     175,887        278,389        363,619        418,430         291,111   
                                         

Earnings

   $ (580,256   $ (550,092   $ (49,021   $ 556,643       $ 399,287   
                                         

Interest expense-short term borrowings

   $ 101,224      $ 185,737      $ 255,157      $ 307,570       $ 221,252   

Interest expense-long term borrowings

     59,882        69,633        100,353        104,048         65,691   

Preferred stock dividend

     11,598        17,369        1,208        0         0   

Portion of long-term leases representative of the interest factor **

     3,183        5,650        6,901        6,812         4,168   
                                         

Fixed charges

   $ 175,887      $ 278,389      $ 363,619      $ 418,430       $ 291,111   
                                         

Earnings to fixed charges, including interest on deposits

     *        *        *        1.33         1.37   
                                         

 

* Earnings to fixed charges and preferred dividends were a deficiency of $756.1 million, $828.5 million and $412.6 million for the years ended December 31, 2010, 2009 and 2008, respectively.
** The interest factor on long-term operating leases represented a reasonable approximation of the appropriate portion of operating lease expense considered to be representative of interest.