EX-12.2 4 vly-12312017ex122.htm EXHIBIT 12.2 Exhibit


 
 
 
 
 
 
 
 
EXHIBIT 12.2
 
Computation of Ratios of Earnings to Fixed Charges Including Preferred Stock
 
 
 
 
Years ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
Excluding interest on deposits
 
3.66

 
3.67

 
2.14

 
2.21

 
2.41

Including interest on deposits
 
2.31

 
2.41

 
1.74

 
1.87

 
2.02

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,
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
(in thousands)
Income before income taxes
 
252,738

 
$
233,380

 
$
126,895

 
$
147,234

 
$
178,940

 
 
 
 
 
 
 
 
 
 
 
Interest on deposits
 
$
97,845

 
$
77,562

 
$
60,256

 
$
47,553

 
$
47,791

Borrowings and long-term debt
 
76,261

 
71,212

 
96,498

 
114,293

 
120,586

Preferred dividend
 
9,449

 
7,188

 
3,813

 
—

 
—

1/3 of net rental expense
 
9,238

 
9,052

 
10,582

 
7,082

 
6,631

 Total fixed charges, including interest on deposits
 
$
192,793

 
$
165,014

 
$
171,149

 
$
168,928

 
$
175,008

 Total fixed charges, excluding interest on deposits
 
$
94,948

 
$
87,452

 
$
110,893

 
$
121,375

 
$
127,217