<PAGE>

                                                                    EXHIBIT (12)
                                                                          Page 1

                              Republic Bancorp Inc.
  Calculations of Ratios of Earnings to Combined Fixed Charges and Dividends on
          Trust Preferred Securities and Preferred Stock of Subsidiary

<TABLE>
<CAPTION>
                                                                      Three Months Ended                 Six Months Ended
(in thousands)                                                             June 30,                          June 30,
                                                               --------------------------------    -----------------------------
                                                                    2002             2001               2002            2001
                                                               --------------    --------------    -------------   -------------
<S>                                                            <C>               <C>               <C>             <C>
Including Interest on Deposits:


 Fixed charges:
       Total interest expense                                  $       33,815    $       51,318    $      69,688   $     105,830
       Interest portion of rent expense                                   184               239              368             491
       Dividends on trust preferred securities and
          preferred stock of subsidiary                                 1,755               680            3,511           1,361
                                                               --------------    --------------    -------------   -------------
           Fixed charges including interest on deposits        $       35,754    $       52,237    $      73,567   $     107,682
                                                               ==============    ==============    =============   =============

 Earnings:
       Net income                                              $       14,534    $       21,318    $      28,652   $      22,117
       Income taxes                                                     6,487            10,954           12,655          11,343
       Fixed charges, as above                                         35,754            52,237           73,567         107,682
                                                               --------------    --------------    -------------   -------------
           Earnings for purposes of calculation                $       56,775    $       84,509    $     114,874   $     141,142
                                                               ==============    ==============    =============   =============

 Ratio of earnings to combined fixed charges and
       dividends on trust preferred securities and preferred
       stock of subsidiary including interest on deposits                1.59 x            1.62 x           1.56 x          1.31 x


 Excluding Interest on Deposits:

 Fixed charges:
       Total interest expense excluding interest on deposits   $       14,751    $       20,522    $      29,984   $      42,020
       Interest portion of rent expense                                   184               239              368             491
       Dividends on trust preferred securities and preferred
         stock of subsidiary                                            1,755               680            3,511           1,361
                                                               --------------    --------------    -------------   -------------
           Fixed charges excluding interest on deposits        $       16,690    $       21,441    $      33,863   $      43,872
                                                               ==============    ==============    =============   =============

 Earnings:
       Net income                                              $       14,534    $       21,318    $      28,652   $      22,117
       Income taxes                                                     6,487            10,954           12,655          11,343
       Fixed charges, as above                                         16,690            21,441           33,863          43,872
                                                               --------------    --------------    -------------   -------------
           Earnings for purposes of calculation                $       37,711    $       53,713    $      75,170   $      77,332
                                                               ==============    ==============    =============   =============

 Ratio of earnings to combined fixed charges and dividends
       on trust preferred securities and preferred stock of
       stock of subsidiary excluding interest on deposits                2.26 x            2.51 x           2.22 x          1.76 x
</TABLE>


<PAGE>

                                                                    EXHIBIT (12)
                                                                          Page 2

                              Republic Bancorp Inc.
          Calculations of Ratios of Earnings to Combined Fixed Charges


<TABLE>
<CAPTION>
                                                                    Three Months Ended                  Six Months Ended
(in thousands)                                                           June 30,                           June 30,
                                                                ---------------------------       ---------------------------
                                                                    2002           2001               2002           2001
                                                                ------------   ------------       ------------   ------------
<S>                                                                <C>             <C>               <C>            <C>
 Including Interest on Deposits:

 Fixed charges:
       Total interest expense                                      $ 33,815        $ 51,318         $  69,688       $ 105,830
       Interest portion of rent expense                                 184             239               368             491
                                                                -----------    ------------       -----------    ------------
           Fixed charges including interest on deposits            $ 33,999        $ 51,557         $  70,056       $ 106,321
                                                                ===========    ============       ===========    ============

 Earnings:
       Net income                                                  $ 14,534        $ 21,318         $  28,652       $  22,117
       Income taxes                                                   6,487          10,954            12,655          11,343
       Fixed charges, as above                                       33,999          51,557            70,056         106,321
                                                                -----------    ------------       -----------    ------------
           Earnings for purposes of calculation                    $ 55,020        $ 83,829         $ 111,363       $ 139,781
                                                                ===========    ============       ===========    ============

 Ratio of earnings to combined fixed charges including
       interest on deposits                                            1.62 x          1.63 x            1.59 x          1.31 x



 Excluding Interest on Deposits:

 Fixed charges:

       Total interest expense excluding interest on deposits       $ 14,751        $ 20,522         $  29,984       $  42,020
       Interest portion of rent expense                                 184             239               368             491
                                                                -----------    ------------       -----------    ------------
           Fixed charges excluding interest on deposits            $ 14,935        $ 20,761         $  30,352       $  42,511
                                                                ===========    ============       ===========    ============

 Earnings:
       Net income                                                  $ 14,534        $ 21,318         $  28,652       $  22,117
       Income taxes                                                   6,487          10,954            12,655          11,343
       Fixed charges, as above                                       14,935          20,761            30,352          42,511
                                                                -----------    ------------       -----------    ------------
           Earnings for purposes of calculation                    $ 35,956        $ 53,033         $  71,659       $  75,971
                                                                ===========    ============       ===========    ============

 Ratio of earnings to combined fixed charges excluding
       interest on deposits                                            2.41 x          2.55 x            2.36 x          1.79 x
</TABLE>