EX-12.1 2 v368956_ex12-1.htm EXHIBIT 12.1
Exhibit 12.1
 
Statement of Ratios of Earnings to Fixed Charges
 
 
 
Year ended December 31,
 
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
 
(Dollars in Thousands)
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1. Income before income taxes
 
$
27,409
 
$
25,184
 
$
21,337
 
$
7,226
 
$
4,717
 
2. Plus: interest expense
 
 
11,082
 
 
11,776
 
 
12,177
 
 
14,785
 
 
22,645
 
3. Earnings including interest on deposits
 
 
38,491
 
 
36,960
 
 
33,514
 
 
22,011
 
 
27,362
 
4. Less: interest on deposits
 
 
5,219
 
 
5,408
 
 
5,520
 
 
6,006
 
 
12,308
 
5. Earnings excluding interest on deposits
 
$
33,272
 
$
31,552
 
$
27,994
 
$
16,005
 
$
15,054
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6. Interest expense (Line 2)
 
$
11,082
 
$
11,776
 
$
12,177
 
$
14,785
 
$
22,645
 
7. Less: interest expense on deposits (Line 4)
 
 
5,219
 
 
5,408
 
 
5,520
 
 
6,006
 
 
12,308
 
8. Excluding interest on deposits
 
$
5,863
 
$
6,368
 
$
6,657
 
$
8,779
 
$
10,337
 
Ratio of Earnings to Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Including interest on deposits (line 3 divided by Line 6)
 
 
3.47
 
 
3.14
 
 
2.75
 
 
1.49
 
 
1.21
 
Excluding interest on deposits (line 5 divided by Line 8)
 
 
5.67
 
 
4.95
 
 
4.21
 
 
1.82
 
 
1.46