EX-12.1 3 ex12_1.htm EXHIBIT 12.1
EXHIBIT 12.1
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(in thousands, except ratio of earnings to fixed charges)
 
The following table sets forth our consolidated ratios of earnings to fixed charges and preferred stock dividends for the periods shown. For purposes of computing the ratios, earnings represent income before taxes, extraordinary items and the cumulative effect of accounting changes, plus fixed charges. Fixed charges represent total interest expense plus an estimate of the interest within rental expense, including and excluding interest on deposits. Currently, the Company has no shares of preferred stock outstanding and have not paid any dividends on preferred stock in the periods shown. Therefore, the ratio of earnings to combined fixed charges and preferred stock dividends is not different from the ratio of earnings to fixed charges.

   
Three Months Ended
    
Six Months Ended
  
   
June 30, 2017
    
June 30, 2016
    
June 30, 2017
    
June 30, 2016
  
Ratio of Earnings to Fixed Charges (Including Deposits)
                        
Earnings:
                        
Income before income taxes
  
$
19,284
    
$
19,381
    
$
37,330
    
$
105,905
  
Add:  Fixed charges, net
    
15,113
      
13,316
      
29,481
      
25,537
  
Income before income taxes and fixed charges, net
    
34,397
      
32,697
      
66,811
      
131,442
  
Fixed charges
                                
Interest expense
  
$
14,365
    
$
12,760
    
$
28,333
    
$
24,640
  
One-third of rental expense
    
748
      
556
      
1,148
      
897
  
Interest on unrecognized tax benefits
    
-
      
-
      
-
      
-
  
Total fixed charges
  
$
15,113
    
$
13,316
    
$
29,481
    
$
25,537
  
Ratio of Earnings to Fixed Charges
    
2.28
x
    
2.46
x
    
2.27
x
    
5.15
x
 
Ratio of Earnings to Fixed Charges (Excluding Deposits)
                        
Earnings:
                        
Income before income taxes
  
$
19,284
    
$
19,381
    
$
37,330
    
$
105,905
  
Add:  Fixed charges, net
    
5,604
      
5,719
      
10,465
      
11,146
  
Income before income taxes and fixed charges, net
    
24,888
      
25,100
      
47,795
      
117,051
  
Fixed charges
                                
Interest expense (excluding deposits)
    
4,856
      
5,163
      
9,317
      
10,249
  
One-third of rental expense
    
748
      
556
      
1,148
      
897
  
Interest on unrecognized tax benefits
    
-
      
-
      
-
      
-
  
Total fixed charges
  
$
5,604
    
$
5,719
    
$
10,465
    
$
11,146
  
Ratio of Earnings to Fixed Charges
    
4.44
x
    
4.39
x
    
4.57
x
    
10.50
x