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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.