EX-12.1 3 exhibit121.htm EXHIBIT 12.1 Exhibit



Exhibit 12.1

Statement of Ratios of Earnings to Fixed Charges
 
 
Year ended December 31,
(Dollars in thousands)
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
1. Income after income taxes
 
$
6,928

 
$
9,285

 
$
8,664

 
$
4,356

 
$
5,780

2. Plus: interest expense (1)
 
5,976

 
5,638

 
5,104

 
5,112

 
4,627

3. Earnings including interest on deposits
 
12,904

 
14,923

 
13,768

 
9,468

 
10,407

4. Less: interest on deposits
 
4,550

 
4,044

 
3,704

 
3,798

 
3,488

5. Earnings excluding interest on deposits
 
$
8,354

 
$
10,879

 
$
10,064

 
$
5,670

 
$
6,919

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
6. Interest expense (Line 2)
 
$
5,976

 
$
5,638

 
$
5,104

 
$
5,112

 
$
4,627

7. Less: interest expense on deposits (Line 4)
 
4,550

 
4,044

 
3,704

 
3,798

 
3,488

8. Excluding interest on deposits
 
$
1,426

 
$
1,594

 
$
1,400

 
$
1,314

 
$
1,139

Ratio of Earnings to Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Including interest on deposits (Line 3/Line 6)
 
2.16

 
2.65

 
2.70

 
1.85

 
2.25

Excluding interest on deposits (Line 5/Line 8)
 
5.86

 
6.82

 
7.19

 
4.32

 
6.07

 
 
 
 
 
 
 
 
 
 
 
(1) For purposes of this analysis, management estimated that interest implicit in the lease payments for operating leases was 30% of rental expense.