EX-12.1 3 d604136dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

 

Ratio of Earnings to Fixed Charges

               
     Six Months Ended
June 30,		     Years Ended December 31,  
     2018     2017     2017     2016     2015     2014     2013  

Fixed Charges:

               

Interest Expense

    $ 3,604     $ 2,754     $ 5,707     $ 5,164     $ 3,863     $ 3,452     $ 3,799  

Capitalized Interest

      —         —         —         —         —         —         —    

Less: Deposit Interest

      (2,999 )      (2,101 )      (4,363 )      (3,829 )      (3,141 )      (2,094 )      (3,276 ) 

Preferred Dividends and Accretion

      —         —         —         —         57       117       261  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

      605       653       1,344       1,335       779       665       784  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings:

               

Income before Income Taxes

      7,173       5,803       12,520       12,959       9,932       9,578       8,132  

Fixed Charges (above)

      605       653       1,344       1,335       779       665       784  

Less: Capitalized Interest

      —         —         —         —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

    $ 7,778     $ 6,456     $ 13,864     $ 14,294     $ 10,711     $ 10,243     $ 8,916  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges (1)

               

Including interest on deposits

      2.99x       3.11x       3.19x       3.51x       3.57x       3.77x       3.34x  

Excluding interest on deposits

      12.86x       9.89x       10.32x       10.71x       14.76x       18.48x       16.55x  

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (2)

               

Including interest on deposits

      2.99x       3.11x       3.19x       3.51x       3.53x       3.68x       3.00x  

Excluding interest on deposits

      12.86x       9.89x       10.32x       10.71x       13.75x       15.40x       11.37x  

 

(1)

For purposes of computing the ratio, earnings consists of income from continuing operations before income taxes and fixed charges. Fixed charges consist of interest expense on all borrowings, including/excluding interest on deposits.

(3)

The calculation is the same as the ratio of earnings to fixed charges except that fixed charges also includes pre-tax earnings required to cover preferred stock dividends.

For purposes of computing the ratio of earnings to fixed charges and of earnings to fixed charges and preferred stock dividends, “earnings” consist primarily of income from continuing operations before income taxes and fixed charges, “fixed charges” include interest, expensed or capitalized, on borrowings and subordinated debt (including or excluding deposits, as applicable), and the interest component of rental expense, and “preferred stock dividends” include pre-tax earnings required to pay the dividends on outstanding preferred stock.