EX-12.1 4 a2230411zex-12_1.htm EX-12.1

Exhibit 12.1

 

Computation of Ratio of Earnings to Fixed Charges and

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

 

 

 

Nine Months
Ended
September 30,

 

Year Ended December 31,

 

(dollars in thousands)

 

2016

 

2015

 

2014

 

2013

 

2012

 

2011

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$

16,531

 

$

24,361

 

$

15,897

 

$

11,843

 

$

(72

)

$

(6,498

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges (see below)

 

7,252

 

12,198

 

16,447

 

14,638

 

22,370

 

27,786

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends (1) 

 

—

 

3,122

 

5,463

 

852

 

6,635

 

6,313

 

Total earnings

 

$

23,783

 

$

33,437

 

$

26,881

 

$

25,629

 

$

15,663

 

$

14,975

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest expense (2) 

 

$

7,252

 

$

9,076

 

$

10,984

 

$

13,786

 

$

15,735

 

$

21,473

 

Interest included in operating lease rental expense

 

—

 

—

 

—

 

—

 

—

 

—

 

Preferred stock dividends (1) 

 

—

 

3,122

 

5,463

 

852

 

6,635

 

6,313

 

Total fixed charges

 

$

7,252

 

$

12,198

 

$

16,447

 

$

14,638

 

$

22,370

 

$

27,786

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends

 

3.28x

 

2.74x

 

1.63x

 

1.75x

 

0.70x

 

0.54x

 

Ratio of earnings to fixed charges

 

3.28x

 

3.68x

 

2.45x

 

1.86x

 

1.00x

 

0.70x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$

16,531

 

$

24,361

 

$

15,897

 

$

11,843

 

$

(72

)

$

(6,498

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges excluding interest on deposits (see below)

 

4,053

 

8,263

 

11,209

 

7,005

 

12,499

 

11,729

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends (1) 

 

—

 

3,122

 

5,463

 

852

 

6,635

 

6,313

 

Total earnings (loss)

 

$

20,584

 

$

29,502

 

$

21,643

 

$

17,996

 

$

5,792

 

$

(1,082

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest expense (2) 

 

$

7,252

 

$

9,076

 

$

10,984

 

$

13,786

 

$

15,735

 

$

21,473

 

Interest included in operating lease rental expense

 

—

 

—

 

—

 

—

 

—

 

—

 

Preferred stock dividends (1) 

 

—

 

3,122

 

5,463

 

852

 

6,635

 

6,313

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense on deposits

 

3,199

 

3,935

 

5,238

 

7,633

 

9,871

 

16,057

 

Total fixed charges excluding interest on deposits

 

$

4,053

 

$

8,263

 

$

11,209

 

$

7,005

 

$

12,499

 

$

11,729

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings (loss) to fixed charges and preferred stock dividends (excluding interest on deposits)

 

5.08x

 

3.57x

 

1.93x

 

2.57x

 

0.46x

 

(0.09

)x

Ratio of earnings (loss) to fixed charges (excluding interest on deposits)

 

5.08x

 

5.74x

 

3.77x

 

2.92x

 

0.99x

 

(0.20

)x

 

(1)         The preferred stock dividends amount has been grossed up to compute the pre-tax income equivalent assuming an estimated 40% tax rate.

(2)         Interest expense includes interest expense on deposits and other debt and amortization of debt issuance costs.