EX-12 5 a15-20834_1ex12.htm COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

EXHIBIT 12

 

 

 

Six Months Ended

 

Years Ended December 31,

 

(Dollars in thousands)

 

June 30, 2015

 

2014

 

2013

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Including Interest on Deposits in Fixed Charges(1)

 

2.25

 

2.48

 

2.58

 

2.38

 

1.56

 

1.44

 

Excluding Interest on Deposits in Fixed Charges(2)

 

4.37

 

4.94

 

4.64

 

5.05

 

2.94

 

2.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Pre-tax income from continuing operations

 

$

20,244

 

$

45,507

 

$

58,247

 

$

47,048

 

$

18,318

 

$

16,035

 

(b) Interest expense on deposits*

 

10,241

 

19,185

 

20,859

 

22,482

 

23,372

 

26,316

 

(c) Interest expense on borrowings*

 

4,783

 

9,166

 

14,130

 

10,069

 

8,368

 

9,014

 

(d) Rent expense**

 

1,215

 

2,376

 

1,881

 

1,551

 

1,056

 

1,056

 

 

*                                                     Interest expense includes amortized premiums, discounts and capitalized expenses related to deposits and borrowings.

**                                              Consists of one-third of rent expense which approximates the interest rate component of rent expense.

(1)                                             ((a) + (b) + (c) + (d))/((b) + (c) +(d))

(2)                                             ((a) + (c) + (d))/((c) + (d))