Exhibit 12.1
Calculations of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||
March 31, | For years ended December 31, | ||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Including Deposits): | |||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Income (loss) before income taxes | $ | 2,917 | $ | 14,819 | $ | 8,620 | $ | 2,082 | $ | 2,974 | $ | (4,344 | ) | ||||||||||
Add: Fixed charges | 1,330 | 5,938 | 7,041 | 7,552 | 10,336 | 14,424 | |||||||||||||||||
Income before income taxes and fixed charges and preferred stock dividends | 4,247 | 20,757 | 15,661 | 9,634 | 13,310 | 9,462 | |||||||||||||||||
Fixed charges | |||||||||||||||||||||||
Interest expense | 1,330 | 5,938 | 6,348 | 6,206 | 8,299 | 12,387 | |||||||||||||||||
Estimate of interest within rental expense | — | — | — | — | — | — | |||||||||||||||||
Discount amortization | — | — | 201 | 220 | 220 | 220 | |||||||||||||||||
Preferred stock dividends* | — | — | 492 | 1,126 | 1,817 | 1,817 | |||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 1,330 | $ | 5,938 | $ | 7,041 | $ | 7,552 | $ | 10,336 | $ | 14,424 | |||||||||||
Ratio of Earnings to Fixed Charges | 3.19 | 3.50 | 2.32 | 1.32 | 1.35 | 0.66 | |||||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 3.19 | 3.50 | 2.22 | 1.28 | 1.29 | 0.70 | |||||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Excluding Deposits): | |||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Income (loss) before income taxes | $ | 2,917 | $ | 14,819 | $ | 8,620 | $ | 2,082 | $ | 2,974 | $ | (4,344 | ) | ||||||||||
Add: Fixed charges | 390 | 2,015 | 2,602 | 2,616 | 2,442 | 2,572 | |||||||||||||||||
Income before income taxes and fixed charges and preferred stock dividends | 3,307 | 16,834 | 11,222 | 4,698 | 5,416 | (1,772 | ) | ||||||||||||||||
Fixed charges | |||||||||||||||||||||||
Interest expense (excluding deposits) | 390 | 2,015 | 1,909 | 1,270 | 405 | 535 | |||||||||||||||||
Estimate of interest within rental expense | — | — | — | — | — | — | |||||||||||||||||
Discount amortization | — | — | 201 | 220 | 220 | 220 | |||||||||||||||||
Preferred stock dividends* | — | — | 492 | 1,126 | 1,817 | 1,817 | |||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 390 | $ | 2,015 | $ | 2,602 | $ | 2,616 | $ | 2,442 | $ | 2,572 | |||||||||||
Ratio of Earnings to Fixed Charges | 8.48 | 8.35 | 5.09 | 2.40 | 5.76 | (4.75 | ) | ||||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 8.48 | 8.35 | 4.31 | 1.80 | 2.22 | (0.69 | ) | ||||||||||||||||
* The preferred stock dividend amounts have been grossed up to compute the pre-tax income equivalent assuming a 34% tax rate. |