Enterprise Financial Services (EFSC) 10-K 2017 FY Annual report

EXHIBIT 12.1

Enterprise Financial Services Corp

Computation of Ratios of Earnings to Fixed Charges and Preferred Stock Dividend Requirement

(unaudited)

	Years ended December 31,
($ in thousands)	2017			2016			2015			2014			2013
Earnings (1):
Income (loss) before income taxes	$	86,517		$	74,839		$	58,401		$	41,044		$	50,080
Add: Fixed charges from below	25,235			13,729			12,369			14,386			18,137
Earnings including interest expense on deposits (a)	$	111,752		$	88,568		$	70,770		$	55,430		$	68,217
Less: interest expense on deposits	(17,200		)	(10,841		)	(10,412		)	(10,487		)	(11,142		)
Earnings excluding interest expense on deposits (b)	$	94,552		$	77,727		$	60,358		$	44,943		$	57,075
Fixed charges (1):
Interest on deposits	$	17,200		$	10,841		$	10,412		$	10,487		$	11,142
Interest on borrowings	8,035			2,888			1,957			3,899			6,995
TARP preferred stock dividends (pre-tax)	—			—			—			—			—
Fixed charges including interest on deposits (c)	$	25,235		$	13,729		$	12,369		$	14,386		$	18,137
Less: interest expense on deposits	(17,200		)	(10,841		)	(10,412		)	(10,487		)	(11,142		)
Fixed charges excluding interest expense on deposits (d)	$	8,035		$	2,888		$	1,957		$	3,899		$	6,995
Ratio of earnings to combined fixed charges
Excluding interest on deposits (b/d) (2)	11.77x			26.91x			30.85x			11.53x			8.16x
Including interest on deposits (a/c)	4.43x			6.45x			5.72x			3.85x			3.76x
Ratio of earnings to combined fixed charges and preferred dividends:
Excluding interest on deposits (b/d) (2)	11.77x			26.91x			30.85x			11.53x			8.16x
Including interest on deposits (a/c)	4.43x			6.45x			5.72x			3.85x			3.76x
(1) As defined in Item 503(d) of Regulation S-K.
(2) The ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits, is being provided as an additional measure to provide comparability to the ratios disclosed by all other issuers of debt securities.