EX-12.1 2 exhibit121123117.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1
Central Pacific Financial Corp. & Subsidiaries
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

 
For the Year Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
 
(Dollars in thousands)
Ratio 1 - including deposit interest
 

 
 

 
 

 
 

 
 

Earnings:
 

 
 

 
 

 
 

 
 

Pre-tax income (loss) from continuing operations
$
75,056

 
$
72,220

 
$
72,956

 
$
60,842

 
$
59,828

Fixed charges
14,957

 
9,234

 
6,533

 
6,421

 
7,201

Total
$
90,013

 
$
81,454

 
$
79,489

 
$
67,263

 
$
67,029

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 

 
 

 
 

 
 

Interest on deposits
$
11,197

 
$
5,606

 
$
3,627

 
$
3,727

 
$
4,044

Interest on other short-term borrowings
183

 
578

 
254

 
92

 
6

Interest on long-term debt
3,479

 
3,005

 
2,626

 
2,572

 
3,119

Interest on preferred stock dividends
—

 
—

 
—

 
—

 
—

Portion of rents representative of the interest factor of rental expense
98

 
45

 
26

 
30

 
32

Total fixed charges
$
14,957

 
$
9,234

 
$
6,533

 
$
6,421

 
$
7,201

 
 
 
 
 
 
 
 
 
 
Preferred stock dividend requirements
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred stock dividends
$
14,957

 
$
9,234

 
$
6,533

 
$
6,421

 
$
7,201

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
6.0

 
8.8

 
12.2

 
10.5

 
9.3

Coverage deficiency
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends
6.0

 
8.8

 
12.2

 
10.5

 
9.3

Coverage deficiency
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
Ratio 2 - excluding deposit interest
 
 
 

 
 

 
 

 
 

Earnings:
 
 
 

 
 

 
 

 
 

Pre-tax income (loss) from continuing operations
$
75,056

 
$
72,220

 
$
72,956

 
$
60,842

 
$
59,828

Fixed charges
3,760

 
3,628

 
2,906

 
2,694

 
3,157

Total
$
78,816

 
$
75,848

 
$
75,862

 
$
63,536

 
$
62,985

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 

 
 

 
 

 
 

Interest on other short-term borrowings
$
183

 
$
578

 
$
254

 
$
92

 
$
6

Interest on long-term debt
3,479

 
3,005

 
2,626

 
2,572

 
3,119

Interest on preferred stock dividends
—

 
—

 
—

 
—

 
—

Portion of rents representative of the interest factor of rental expense
98

 
45

 
26

 
30

 
32

Total fixed charges
$
3,760

 
$
3,628

 
$
2,906

 
$
2,694

 
$
3,157

 
 
 
 
 
 
 
 
 
 
Preferred stock dividend requirements
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred stock dividends
$
3,760

 
$
3,628

 
$
2,906

 
$
2,694

 
$
3,157

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
21.0

 
20.9

 
26.1

 
23.6

 
20.0

Coverage deficiency
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends
21.0

 
20.9

 
26.1

 
23.6

 
20.0

Coverage deficiency
$
—

 
$
—

 
$
—

 
$
—

 
$
—