EX-12.0 7 a12312015-ex120.htm EXHIBIT 12.0 Exhibit


Exhibit 12.0
BANC OF CALIFORNIA, INC.
FIXED CHARGE CALCULATION
(Dollars in thousands)
 
 Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Ratio of earnings to fixed charges: (1)
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
5.43x
 
2.73x
 
1.55x
 
2.54x
 
-1.33x
Including interest on deposits
3.05x
 
1.60x
 
1.21x
 
1.57x
 
0.53x
Ratio of earnings to combined fixed charges and preferred stock dividends: (2)
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
3.09x
 
1.83x
 
1.12x
 
1.53x
 
-0.77x
Including interest on deposits
2.26x
 
1.36x
 
1.05x
 
1.26x
 
0.46x
(1)
The ratios of earnings to fixed charges for both excluding and including interest on deposits were less than one-to-one for the year ended December 31, 2011. Earnings were insufficient to cover fixed charges by $2.9 million for the period.
(2)
The ratios of earnings to fixed charges and preferred stock dividends both excluding and including interest on deposits were less than one-to-one for the year ended December 31, 2011. Earnings were insufficient to cover fixed charges by $3.8 million for the period.

Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirement
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
1. Income (loss) before income tax
$
104,266

 
$
26,466

 
$
7,908

 
$
6,475

 
$
(2,711
)
2. Add: Interest expense
42,621

 
32,862

 
23,282

 
8,479

 
6,037

3. Earnings including interest on deposits
146,887

 
59,328

 
31,190

 
14,954

 
3,326

4. Less: Interest expense on deposits
25,783

 
24,411

 
16,051

 
5,960

 
4,989

5. Earnings excluding interest on deposits
$
121,104

 
$
34,917

 
$
15,139

 
$
8,994

 
$
(1,663
)
Fixed charges:
 
 
 
 
 
 
 
 
 
6. Interest expense (Line 2)
$
42,621

 
$
32,862

 
$
23,282

 
$
8,479

 
$
6,037

7. Interest portion on rental expense
5,460

 
4,331

 
2,532

 
1,025

 
202

8. Including interest on deposits and capitalized interest
48,081

 
37,193

 
25,814

 
9,504

 
6,239

9. Less interest expense on deposits (Line 4)
25,783

 
24,411

 
16,051

 
5,960

 
4,989

10. Total fixed charges, excluding interest on deposits
$
22,298

 
$
12,782

 
$
9,763

 
$
3,544

 
$
1,250

Fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
11. Interest expense (Line 2)
$
42,621

 
$
32,862

 
$
23,282

 
$
8,479

 
$
6,037

12. Interest portion on rental expense
5,460

 
4,331

 
2,532

 
1,025

 
202

13. Preferred stock dividends (1)
16,936

 
6,276

 
3,767

 
2,343

 
921

14. Including interest on deposits, capitalized interest and preferred stock dividends
65,017

 
43,469

 
29,581

 
11,847

 
7,160

15. Less interest expense on deposits (Line 4)
25,783

 
24,411

 
16,051

 
5,960

 
4,989

16. Total fixed charges and preferred stock dividends, excluding interest on deposits
$
39,234

 
$
19,058

 
$
13,530

 
$
5,887

 
$
2,171

Ratio of earnings to fixed charges:
 
 
 
 
 
 
 
 
 
Excluding interest on deposits (Line 5 divided by Line 10)
5.43
 
2.73
 
1.55
 
2.54
 
(1.33)
Including interest on deposits (Line 3 divided by Line 8)
3.05
 
1.60
 
1.21
 
1.57
 
0.53
Deficiency
$
—

 
$
—

 
$
—

 
$
—

 
$
2,913

Ratio of earnings to fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
Excluding interest on deposits (Line 5 divided by Line 16)
3.09
 
1.83
 
1.12
 
1.53
 
(0.77)
Including interest on deposits (Line 3 divided by Line 14)
2.26
 
1.36
 
1.05
 
1.26
 
0.46
Deficiency
$
—

 
$
—

 
$
—

 
$
—

 
$
3,834

(1) Utilized a 42 percent effective tax rate