EX-12.1 4 vly-12312014ex121.htm EXHIBIT 12.1 VLY - 12.31.2014 EX12.1


 
 
 
EXHIBIT 12.1
 
Computation of Ratios of Earnings to Fixed Charges
 
 
 
Years ended December 31,
 
2014
2013
2012
2011
2010
Excluding interest on deposits
2.21

2.41

2.60

2.42

2.27

Including interest on deposits
1.87

2.02

2.11

1.95

1.84

Note: The ratio of earnings to fixed charges is calculated by adding income before income taxes plus fixed charges and dividing that sum by fixed charges.
 
Years ended December 31,
 
2014
2013
2012
2011
2010
 
(in thousands)
Income before income taxes
$
147,234

$
178,940

$
210,375

$
195,217

$
184,935

 
 
 
 
 
 
Interest on deposits
$
47,553

$
47,791

$
57,556

$
68,167

$
74,924

Borrowings and long-term debt
114,293

120,586

123,756

130,846

139,136

1/3 of net rental expense
7,082

6,631

7,949

7,061

7,046

 Total fixed charges, including interest on deposits
$
168,928

$
175,008

$
189,261

$
206,074

$
221,106

 Total fixed charges, excluding interest on deposits
$
121,375

$
127,217

$
131,705

$
137,907

$
146,182