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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| Years Ended December 31, |
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(dollars in thousands) |
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| 2017 |
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| 2016 |
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| 2015 |
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| 2014 |
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| 2013 |
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Including Interest on Deposits Earnings: |
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Net income before income tax |
| $ | 26,471 |
| $ | 50,431 |
| $ | 35,415 |
| $ | 15,467 |
| $ | 20,528 |
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Add - total fixed charges |
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| 24,427 |
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| 16,781 |
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| 13,696 |
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| 20,390 |
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| 16,539 |
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Less - preferred stock dividends(a) |
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| 83 |
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| - |
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| - |
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| 11,694 |
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| 7,258 |
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Total earnings |
| $ | 50,815 |
| $ | 67,212 |
| $ | 49,111 |
| $ | 24,163 |
| $ | 29,809 |
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Fixed Charges: |
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Total interest expense |
| $ | 23,451 |
| $ | 15,995 |
| $ | 12,889 |
| $ | 8,543 |
| $ | 9,069 |
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Interest included in operating lease rental expense(b) |
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| 893 |
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| 786 |
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| 807 |
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| 153 |
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| 212 |
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Preferred stock dividends(a) |
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| 83 |
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| - |
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| - |
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| 11,694 |
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| 7,258 |
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Total fixed charges |
| $ | 24,427 |
| $ | 16,781 |
| $ | 13,696 |
| $ | 20,390 |
| $ | 16,539 |
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Ratio of earnings to fixed charges and preferred stock dividends |
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| 2.08 | x |
| 4.01 | x |
| 3.59 | x |
| 1.19 | x |
| 1.80 | x |
Ratio of earnings to fixed charges |
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| 2.09 | x |
| 4.01 | x |
| 3.59 | x |
| 2.78 | x |
| 3.21 | x |
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Exclude Interest on Deposits Earnings: |
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Net income before taxes |
| $ | 26,471 |
| $ | 50,431 |
| $ | 35,415 |
| $ | 15,467 |
| $ | 20,528 |
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Add - total fixed charges excluding interest on deposits |
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| 12,295 |
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| 7,845 |
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| 6,185 |
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| 15,192 |
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| 10,826 |
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Less - preferred stock dividends(a) |
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| 83 |
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| - |
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| - |
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| 11,694 |
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| 7,258 |
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Total earnings |
| $ | 38,683 |
| $ | 58,276 |
| $ | 41,600 |
| $ | 18,965 |
| $ | 24,096 |
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Fixed Charges: |
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Total interest expense |
| $ | 23,451 |
| $ | 15,995 |
| $ | 12,889 |
| $ | 8,543 |
| $ | 9,069 |
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Less - interest expense on deposits |
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| 12,132 |
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| 8,936 |
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| 7,511 |
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| 5,198 |
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| 5,713 |
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Interest included in operating lease rental expense(b) |
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| 893 |
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| 786 |
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| 807 |
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| 153 |
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| 212 |
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Preferred stock dividends(a) |
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| 83 |
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| - |
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| - |
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| 11,694 |
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| 7,258 |
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Total fixed charges excluding interest on deposits |
| $ | 12,295 |
| $ | 7,845 |
| $ | 6,185 |
| $ | 15,192 |
| $ | 10,826 |
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Ratio of earnings to fixed charges and preferred stock dividends |
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| 3.15 | x |
| 7.43 | x |
| 6.73 | x |
| 1.25 | x |
| 2.23 | x |
Ratio of earnings to fixed charges |
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| 3.17 | x |
| 7.43 | x |
| 6.73 | x |
| 5.42 | x |
| 6.75 | x |