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

Exhibit 12.1

 Ratio of Earnings to Fixed Charges Six Months EndedJune 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.