Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
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| Three |
| Year Ended December 31, |
| ||||||||||||||
(dollars in thousands) |
| 31, 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||||
Including Interest on Deposits Earnings: |
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| ||||||
Net income before income taxes |
| $ | 11,473 |
| $ | 50,431 |
| $ | 35,415 |
| $ | 15,467 |
| $ | 20,528 |
| $ | 18,499 |
|
Add — total fixed charges |
| 4,569 |
| 16,781 |
| 13,696 |
| 20,390 |
| 16,539 |
| 19,548 |
| ||||||
Less — preferred stock dividends(a) |
| — |
| — |
| — |
| 11,694 |
| 7,258 |
| 8,017 |
| ||||||
Total earnings |
| $ | 16,042 |
| $ | 67,212 |
| $ | 49,111 |
| $ | 24,163 |
| $ | 29,809 |
| $ | 30,030 |
|
Fixed Charges: |
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|
|
| ||||||
Total interest expense |
| $ | 4,378 |
| $ | 15,995 |
| $ | 12,889 |
| $ | 8,543 |
| $ | 9,069 |
| $ | 11,271 |
|
Interest included in operating lease rental expense(b) |
| 191 |
| 786 |
| 807 |
| 153 |
| 212 |
| 260 |
| ||||||
Preferred stock dividends(a) |
| — |
| — |
| — |
| 11,694 |
| 7,258 |
| 8,017 |
| ||||||
Total fixed charges |
| $ | 4,569 |
| $ | 16,781 |
| $ | 13,696 |
| $ | 20,390 |
| $ | 16,539 |
| $ | 19,548 |
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Ratio of earnings to fixed charges and preferred stock dividends |
| 3.51 | x | 4.01 | x | 3.59 | x | 1.19 | x | 1.80 | x | 1.54 | x | ||||||
Ratio of earnings to fixed charges |
| 3.51 | x | 4.01 | x | 3.59 | x | 2.78 | x | 3.21 | x | 2.60 | x | ||||||
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Excluding Interest on Deposits Earnings: |
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| ||||||
Net income before taxes |
| $ | 11,473 |
| $ | 50,431 |
| $ | 35,415 |
| $ | 15,467 |
| $ | 20,528 |
| $ | 18,499 |
|
Add — total fixed charges excluding interest on deposits |
| 2,183 |
| 7,845 |
| 6,185 |
| 15,192 |
| 10,826 |
| 11,385 |
| ||||||
Less — preferred stock dividends(a) |
| — |
| — |
| — |
| 11,694 |
| 7,258 |
| 8,017 |
| ||||||
Total earnings |
| $ | 13,656 |
| $ | 58,276 |
| $ | 41,600 |
| $ | 18,965 |
| $ | 24,096 |
| $ | 21,867 |
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Fixed Charges: |
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Total interest expense |
| $ | 4,378 |
| $ | 15,995 |
| $ | 12,889 |
| $ | 8,543 |
| $ | 9,069 |
| $ | 11,271 |
|
Less — interest expense on deposits |
| 2,386 |
| 8,936 |
| 7,511 |
| 5,198 |
| 5,713 |
| 8,163 |
| ||||||
Interest included in operating lease rental expense(b) |
| 191 |
| 786 |
| 807 |
| 153 |
| 212 |
| 260 |
| ||||||
Preferred stock dividends(a) |
| — |
| — |
| — |
| 11,694 |
| 7,258 |
| 8,017 |
| ||||||
Total fixed charges excluding interest on deposits |
| $ | 2,183 |
| $ | 7,845 |
| $ | 6,185 |
| $ | 15,192 |
| $ | 10,826 |
| $ | 11,385 |
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Ratio of earnings to fixed charges and preferred stock dividends |
| 6.26 | x | 7.43 | x | 6.73 | x | 1.25 | x | 2.23 | x | 1.92 | x | ||||||
Ratio of earnings to fixed charges |
| 6.26 | x | 7.43 | x | 6.73 | x | 5.42 | x | 6.75 | x | 6.49 | x | ||||||
(a) The preferred stock dividend amounts have been grossed up to compute the pre-tax equivalent assuming a 35% tax rate.
(b) Interest included in operating lease rental expense is estimated as one-third of net rent expense under operating leases.
