<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>
                                                                                     For the Three Months Ended
(in thousands)                                                                                March 31,
                                                                                    -----------------------------
                                                                                        2002              2001
                                                                                    -----------       -----------
 <S>                                                                                <C>               <C>
 Including Interest on Deposits:

 Fixed charges:
       Total interest expense                                                         $ 35,873          $ 54,512
       Interest portion of rent expense                                                    184               252
       Dividends on trust preferred securities and
          preferred stock of subsidiary                                                  1,756               681
                                                                                    -----------       -----------
           Fixed charges including interest on deposits                               $ 37,813          $ 55,445
                                                                                    ===========       ===========

 Earnings:
       Net income                                                                     $ 14,118          $    799
       Income taxes                                                                      6,168               389
       Fixed charges, as above                                                          37,813            55,445
                                                                                    -----------       -----------
           Earnings for purposes of calculation                                       $ 58,099          $ 56,633
                                                                                    ===========       ===========

 Ratio of earnings to combined fixed charges and
       dividends on trust preferred securities and preferred
       stock of subsidiary including interest on deposits                                 1.54  x           1.02  x


 Excluding Interest on Deposits:

 Fixed charges:
       Total interest expense excluding interest on deposits                          $ 15,233          $ 21,498
       Interest portion of rent expense                                                    184               252
       Dividends on trust preferred securities and preferred
          stock of subsidiary                                                            1,756               681
                                                                                    -----------       -----------
           Fixed charges excluding interest on deposits                               $ 17,173          $ 22,431
                                                                                    ===========       ===========

 Earnings:
       Net income                                                                     $ 14,118          $    799
       Income taxes                                                                      6,168               389
       Fixed charges, as above                                                          17,173            22,431
                                                                                    -----------       -----------
           Earnings for purposes of calculation                                       $ 37,459          $ 23,619
                                                                                    ===========       ===========

 Ratio of earnings to combined fixed charges and dividends
       on trust preferred securities and preferred stock of
       stock of subsidiary excluding interest on deposits                                 2.18  x           1.05  x
</TABLE>

<PAGE>

                                                                    EXHIBIT (12)
                                                                          Page 2

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

<TABLE>
<CAPTION>
                                                                               For the Three Months Ended
                                                                               --------------------------
(in thousands)                                                                          March 31,
                                                                               -----------     ----------
                                                                                   2002            2001
                                                                               -----------     ----------
<S>                                                                            <C>             <C>
 Including Interest on Deposits:

 Fixed charges:
       Total interest expense                                                  $   35,873      $   54,512
       Interest portion of rent expense                                               184             252
                                                                               ----------      ----------
           Fixed charges including interest on deposits                        $   36,057      $   54,764
                                                                               ==========      ==========

 Earnings:
       Net income                                                              $   14,118      $      799
       Income taxes                                                                 6,168             389
       Fixed charges, as above                                                     36,057          54,764
                                                                               ----------      ----------
           Earnings for purposes of calculation                                $   56,343      $   55,952
                                                                               ==========      ==========

 Ratio of earnings to combined fixed charges including
       interest on deposits                                                          1.56  x         1.02  x


 Excluding Interest on Deposits:

 Fixed charges:

       Total interest expense excluding interest on deposits                   $   15,233      $   21,498
       Interest portion of rent expense                                               184             252
                                                                               ----------      ----------
           Fixed charges excluding interest on deposits                        $   15,417      $   21,750
                                                                               ==========      ==========

 Earnings:
       Net income                                                              $   14,118      $      799
       Income taxes                                                                 6,168             389
       Fixed charges, as above                                                     15,417          21,750
                                                                               ----------      ----------
           Earnings for purposes of calculation                                $   35,703      $   22,938
                                                                               ==========      ==========

 Ratio of earnings to combined fixed charges excluding
       interest on deposits                                                          2.32  x         1.05  x
</TABLE>