EX-12.1 6 d591877dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

 

Including interest on deposits

   For the three
months ended
March 31,
    Year Ended December 31,  
     2018     2017     2016     2015     2014     2013  

Income before taxes

   $ 11,241     $ 31,026     $ 13,869     $ 14,442     $ 13,190     $ 11,407  

Add: Fixed charges, including interest on deposits

     6,391       16,921       9,387       6,948       5,727       5,929  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings, including interest on deposits

   $ 17,632     $ 47,947     $ 23,256     $ 21,390     $ 18,917     $ 17,336  

Interest expense, including interest on deposits and amortized premiums and discounts related to indebtedness

   $ 6,336     $ 16,691     $ 9,202     $ 6,766     $ 5,433     $ 5,610  

Portion of rent representative of interest (1)

     55       230       185       182       294       319  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges, including interest on deposits

   $ 6,391     $ 16,921     $ 9,387     $ 6,948     $ 5,727     $ 5,929  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges, including interest on deposits

     2.76       2.83       2.48       3.08       3.30       2.92  

Excluding interest on deposits

   For the three
months ended
March 31,
    Year Ended December 31,  
     2018     2017     2016     2015     2014     2013  

Income before taxes

   $ 11,241     $ 31,026     $ 13,869     $ 14,442     $ 13,190     $ 11,407  

Add: Fixed charges, excluding interest on deposits

     1,673       4,199       2,345       2,022       1,643       1,547  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings, excluding interest on deposits

   $ 12,914     $ 35,225     $ 16,214     $ 16,464     $ 14,833     $ 12,954  

Interest expense, including interest on deposits and amortized premiums and discounts related to indebtedness

   $ 6,336     $ 16,691     $ 9,202     $ 6,766     $ 5,433     $ 5,610  

Interest expense on deposits

     (4,718     (12,722     (7,042     (4,926     (4,084     (4,382

Portion of rent representative of interest (1)

     55       230       185       182       294       319  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges, excluding interest on deposits

   $ 1,673     $ 4,199     $ 2,345     $ 2,022     $ 1,643     $ 1,547  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges, excluding interest on deposits

     7.72       8.39       6.91       8.14       9.03       8.37  

 

(1) The portion of rent representative of interest is calculated as one-third of total rent expense, which management believes is a reasonable estimate.