EX-12.1 5 exhibit121.htm EXHIBIT 12.1 Exhibit

EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six
 
 
 
 
 
 
 
 
 
 
 
 
Months
 
 
 
 
 
 
 
 
 
 
 
 
Ended
 
 
 
 
Years Ended December 31,
 
 
 
June 30,
(dollars in thousands)
 
2014
 
2013
 
2012
 
2011
 
2010
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
 

$19,110

 

$14,176

 

$9,642

 

$4,473

 

$5,780

 

$6,590

Income tax expense
 
7,358

 
6,151

 
3,779

 
564

 
968

 
2,789

Earnings before income tax expense
 

$26,468

 

$20,327

 

$13,421

 

$5,037

 

$6,748

 

$9,379

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest on short-term and other borrowings
 

$2,292

 

$2,578

 

$1,740

 

$1,778

 

$1,927

 

$973

Fixed charges excluding interest on deposits
 
2,292

 
2,578

 
1,740

 
1,778

 
1,927

 
973

Interest on deposits
 
3,515

 
3,961

 
4,100

 
4,024

 
5,468

 
1,868

Fixed charges including interest on deposits
 
5,807

 
6,539

 
5,840

 
5,802

 
7,395

 
2,841

Preferred stock dividends
 
698

 
1,332

 
1,547

 
1,802

 
1,198

 
345

Fixed charges including preferred stock dividends
 

$6,505

 

$7,871

 

$7,387

 

$7,604

 

$8,593

 

$3,186

 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings for ratio computations
 
 
 
 
 
 
 
 
 
 
 
 
     Excluding interest on deposits (1)
 

$28,760

 

$22,905

 

$15,161

 

$6,815

 

$8,675

 

$10,352

     Including interest on deposits (2)
 

$32,275

 

$26,866

 

$19,261

 

$10,839

 

$14,143

 

$12,220

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
     Excluding interest on deposits (3)
 
12.55

 
8.88

 
8.71

 
3.83

 
4.50

 
10.64

     Including interest on deposits (4)
 
5.56

 
4.11

 
3.30

 
1.87

 
1.91

 
4.30

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred dividends
 
 
 
 
 
 
 
 
 
 
 
     Excluding interest on deposits (3)
 
9.62

 
5.86

 
4.61

 
1.90

 
2.78

 
7.85

     Including interest on deposits (4)
 
4.96

 
3.41

 
2.61

 
1.43

 
1.65

 
3.84



 
 
 
 
 
 
 
 
 
 
 
 
 
(1) For purposes of calculating the ratios, earnings are the sum of earnings before income tax expense and fixed charges excluding interest on deposits.
(2) For the purposes of calculating the ratios, earnings are the sum of earnings before income tax expense and fixed charges including interest on deposits.
(3) For purposes of calculating the ratio of earnings to fixed charges, fixed charges are equal to fixed charges excluding interest on deposits.
 
 
(4) For purposes of calculating the ratio of earnings to fixed charges, fixed charges are equal to fixed charges including interest on deposits.