Exhibit 12.1 – Statement of Ratios of Earnings to Fixed Charges
Enterprise Financial Services Corp
Statement Regarding Computation of Ratios of Earnings to Fixed Charges (unaudited)
($ in thousands)
| Nine Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| September 30, | Years ended December 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
| Including Interest on Deposits: | ||||||||||||||||||||||||
| Earnings (1): | ||||||||||||||||||||||||
| Income before income tax expense | $ | 13,107 | $ | 26,594 | $ | 24,672 | $ | 17,720 | $ | 12,303 | $ | 10,950 | ||||||||||||
| Fixed charges | 39,294 | 61,466 | 43,141 | 23,541 | 12,169 | 10,544 | ||||||||||||||||||
| Other adjustments (2) | - | - | (875 | ) | (113 | ) | - | - | ||||||||||||||||
| Total earnings (a) | $ | 52,401 | $ | 88,060 | $ | 66,939 | $ | 41,149 | $ | 24,472 | $ | 21,494 | ||||||||||||
| Fixed charges (1): | ||||||||||||||||||||||||
| Interest on deposits | $ | 30,580 | $ | 52,864 | $ | 37,832 | $ | 20,475 | $ | 9,998 | $ | 8,201 | ||||||||||||
| Interest on borrowings | 8,713 | 8,601 | 5,309 | 3,067 | 2,170 | 2,343 | ||||||||||||||||||
| Total fixed charges (b) | $ | 39,294 | $ | 61,466 | $ | 43,141 | $ | 23,541 | $ | 12,169 | $ | 10,544 | ||||||||||||
| Ratio of earnings to fixed charges (a/b) | 1.33x | 1.43x | 1.55x | 1.75x | 2.01x | 2.04x | ||||||||||||||||||
| Excluding Interest on Deposits: | ||||||||||||||||||||||||
| Earnings, excluding interest on deposits: | ||||||||||||||||||||||||
| Total earnings | $ | 52,401 | $ | 88,060 | $ | 66,939 | $ | 41,149 | $ | 24,472 | $ | 21,494 | ||||||||||||
| Less interest on deposits | (30,580 | ) | (52,864 | ) | (37,832 | ) | (20,475 | ) | (9,998 | ) | (8,201 | ) | ||||||||||||
| Total earnings excluding interest on deposits (c) | $ | 21,821 | $ | 35,195 | $ | 29,107 | $ | 20,674 | $ | 14,474 | $ | 13,293 | ||||||||||||
| Fixed charges, excluding interest on deposits: | ||||||||||||||||||||||||
| Total fixed charges | $ | 39,294 | $ | 61,466 | $ | 43,141 | $ | 23,541 | $ | 12,169 | $ | 10,544 | ||||||||||||
| Less interest on deposits | (30,580 | ) | (52,864 | ) | (37,832 | ) | (20,475 | ) | (9,998 | ) | (8,201 | ) | ||||||||||||
| Total fixed charges, excluding interest on deposits (d) | $ | 8,713 | $ | 8,601 | $ | 5,309 | $ | 3,067 | $ | 2,170 | $ | 2,343 | ||||||||||||
| Ratio of earnings to fixed charges, excluding interest on deposits (c/d) (3) | 2.50x | 4.09x | 5.48x | 6.74x | 6.67x | 5.67x | ||||||||||||||||||
| (1) | As defined in Item 503(d) of Regulation S-K. | |
| (2) | For purposes of the "earnings" computation, other adjustments include subtracting minority interest in pre-tax income of subsidiaries that have not incurred fixed charges. | |
| (3) | The ratio of earnings to fixed charges, 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. | |
