Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Our historical ratios of earnings to fixed charges requirement for the periods indicated are set forth in the table below. The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. For purposes of computing this ratio, earnings consist of income before income taxes plus fixed charges. Fixed charges consist of interest expense on deposits and borrowings. We paid no preferred stock dividends during any period presented, and accordingly, the ratio of earnings to fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2018 | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Income before Provision for Income Taxes | $ | 8,603 | $ | 3,129 | $ | 13,421 | $ | 12,604 | $ | 14,047 | $ | 16,543 | $ | 10,922 | ||||||||||||||
Add: Fixed Charges | 3,129 | 2,136 | 10,022 | 7,507 | 6,751 | 6,241 | 7,526 | |||||||||||||||||||||
Total Earnings | $ | 11,732 | $ | 5,265 | $ | 23,443 | $ | 20,111 | $ | 20,798 | $ | 22,784 | $ | 18,448 | ||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||
Interest Expense on Deposits | $ | 2,276 | $ | 1,691 | $ | 7,517 | $ | 6,101 | $ | 5,478 | $ | 5,063 | $ | 6,794 | ||||||||||||||
Interest Expense on Borrowings | 853 | 445 | 2,505 | 1,406 | 1,273 | 1,178 | 732 | |||||||||||||||||||||
Total Fixed Charges | $ | 3,129 | $ | 2,136 | $ | 10,022 | $ | 7,507 | $ | 6,751 | $ | 6,241 | $ | 7,526 | ||||||||||||||
Ratio of Earnings to Fixed Charges (Including Deposit Interest) | 3.75 | x | 2.46 | x | 2.34 | x | 2.68 | x | 3.08 | x | 3.65 | x | 2.45 | x | ||||||||||||||
Ratio of Earnings to Fixed Charges (Excluding Deposit Interest) | 13.75 | x | 11.83 | x | 9.36 | x | 14.30 | x | 16.34 | x | 19.34 | x | 25.20 | x | ||||||||||||||