1ST Constitution Bancorp (FCCY) 10-K 2017 FY Annual report

Exhibit 12.1

Statement of Ratios of Earnings to Fixed Charges

	Year ended December 31,
(Dollars in thousands)	2017		2016		2015		2014		2013
Earnings:
1. Income after income taxes	$	6,928	$	9,285	$	8,664	$	4,356	$	5,780
2. Plus: interest expense (1)	5,976		5,638		5,104		5,112		4,627
3. Earnings including interest on deposits	12,904		14,923		13,768		9,468		10,407
4. Less: interest on deposits	4,550		4,044		3,704		3,798		3,488
5. Earnings excluding interest on deposits	$	8,354	$	10,879	$	10,064	$	5,670	$	6,919
Fixed Charges:
6. Interest expense (Line 2)	$	5,976	$	5,638	$	5,104	$	5,112	$	4,627
7. Less: interest expense on deposits (Line 4)	4,550		4,044		3,704		3,798		3,488
8. Excluding interest on deposits	$	1,426	$	1,594	$	1,400	$	1,314	$	1,139
Ratio of Earnings to Fixed Charges:
Including interest on deposits (Line 3/Line 6)	2.16		2.65		2.70		1.85		2.25
Excluding interest on deposits (Line 5/Line 8)	5.86		6.82		7.19		4.32		6.07

(1) For purposes of this analysis, management estimated that interest implicit in the lease payments for operating leases was 30% of rental expense.