Ameriserv Financial Inc/PA, et al. – ‘S-3/A’ on 4/24/98 – EX-12.1

As of:  Friday, 4/24/98   ·   Accession #:  893220-98-789   ·   File #s:  333-50225, -01

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Pre-Effective Amendment to Registration Statement for Securities Offered Pursuant to a Transaction   —   Form S-3
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: S-3/A       Amend. No. 1 to Form S-3 Usbancorp, Inc.              59    336K 
 2: EX-1        Underwriting Agreement                                26    105K 
 3: EX-4.1      Indenture of Usbancorp, Inc.                          92    334K 
 4: EX-4.2      Certificate of Junior Subordinated Debentures         12     32K 
 5: EX-4.3      Certificate of Trust of Usbancorp Capital Trust I      2      9K 
 6: EX-4.4      Declaration of Trust of Usbancorp Capital Trust I      3     17K 
 7: EX-4.5      Amended and Restated Trust Agreement                  73    247K 
 8: EX-4.6      Form of Capital Security Certificate                   4     14K 
 9: EX-4.7      Form of Guarantee Agreement                           20     75K 
10: EX-5.1      Opinion and Consent Stevens & Lee, P.C. \ Legality     6     19K 
11: EX-5.2      Opinion of Richards, Layton & Finger / Legality        3     17K 
12: EX-8        Opinion of Stevens & Lee, P.C., / Income Tax          14     38K 
13: EX-12.1     Computation of Earnings / Excluding Interest           1      8K 
14: EX-23.1     Consent of Arthur Andersen LLP                         1      9K 
15: EX-25.1     Form T-1 / Amended - Restated Declaration of Trust     5     23K 
16: EX-25.2     Form T-1 / Indenture                                   5     23K 
17: EX-25.3     Form T-1 / Exchange Guarantee                          5     23K 

EX-12.1   —   Computation of Earnings / Excluding Interest

EX-12.1
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                                                                    Exhibit 12.1

COMPUTATION OF RATIO OF FIXED CHARGES 

EXCLUDING INTEREST ON DEPOSITS

                                                                [Download Table]

                                                               1997  
                                                                     
NET INCOME                                                     23,497
EXTRAORDINARY ITEM                                                   
 FASB 109 BENEFIT                                                   0
PROVISION FOR INCOME TAXES                                      9,303
                                                               ------
    PRE TAX INCOME                                             32,800

FIXED CHARGES:                                                       
    INTEREST EXPENSE ON:                                             
       PREFERRED STOCK DIVIDEND FACTOR*                             0
       FED FUNDS PURCH AND SEC                                       
        SOLD UNDER AGREE TO REPURCH                             5,060
       SHORT TERM BORROWINGS                                    3,123
       ADVANCES FROM FHLB                                      36,648
       CMO                                                        415
       INT EXP ON L/T DEBT AND CAP LEASES                         111
       APPROPRIATE PORTION                                           
        OF RENTAL EXP (25%)                                       195
                                                               ------
       TOTAL FIXED CHARGES                                     45,552

EARNINGS BEFORE INCOME TAXES AND FIXED CHAR                    78,352

    RATIO OF EARNINGS TO FIXED CHARGES                           1.72