Exhibit 12.1
Calculation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
Three Months Ended March 31, 2017 | For the Year Ended December 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Including Interest on Deposits: | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Net income | $ | 2,632 | $ | 10,694 | $ | 10,974 | $ | 8,210 | $ | 7,012 | $ | 7,634 | ||||||||||||
Income tax expense | 1,626 | 6,483 | 6,519 | 4,684 | 4,140 | 4,601 | ||||||||||||||||||
Fixed charges—excluding preferred stock dividends | 2,944 | 10,038 | 7,547 | 7,565 | 8,541 | 9,686 | ||||||||||||||||||
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Total earnings before income taxes and fixed charges | $ | 7,202 | $ | 27,215 | $ | 25,040 | $ | 20,459 | $ | 19,693 | $ | 21,921 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense (including deposits) | $ | 2,938 | $ | 10,014 | $ | 7,520 | $ | 7,537 | $ | 8,513 | $ | 9,663 | ||||||||||||
Estimate of interest with in facilities rental(1) | 6 | 24 | 27 | 28 | 28 | 23 | ||||||||||||||||||
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Total fixed charges | 2,944 | 10,038 | 7,547 | 7,565 | 8,541 | 9,686 | ||||||||||||||||||
Preferred stock dividends(2) | 126 | 526 | 746 | 723 | 677 | 720 | ||||||||||||||||||
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Total fixed charges and preferred stock dividends | $ | 3,070 | $ | 10,564 | $ | 8,293 | $ | 8,288 | $ | 9,218 | $ | 10,406 | ||||||||||||
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Ratio of earnings to fixed charges | 2.45 | 2.71 | 3.32 | 2.70 | 2.31 | 2.26 | ||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock | 2.35 | 2.58 | 3.02 | 2.47 | 2.14 | 2.11 | ||||||||||||||||||
Excluding Interest on Deposits: | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Net income | $ | 2,632 | $ | 10,694 | $ | 10,974 | $ | 8,210 | $ | 7,012 | $ | 7,634 | ||||||||||||
Income tax expense | 1,626 | 6,483 | 6,519 | 4,684 | 4,140 | 4,601 | ||||||||||||||||||
Fixed charges—excluding preferred stock dividends | 507 | 1,843 | 1,309 | 1,411 | 1,858 | 1,796 | ||||||||||||||||||
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Total earnings before income taxes and fixed charges | $ | 4,765 | $ | 19,020 | $ | 18,802 | $ | 14,305 | $ | 13,010 | $ | 14,031 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense (excluding deposits) | $ | 501 | $ | 1,819 | $ | 1,282 | $ | 1,383 | $ | 1,830 | $ | 1,773 | ||||||||||||
Estimate of interest with in facilities rental(1) | 6 | 24 | 27 | 28 | 28 | 23 | ||||||||||||||||||
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Total fixed charges | 507 | 1,843 | 1,309 | 1,411 | 1,858 | 1,796 | ||||||||||||||||||
Preferred stock dividends(2) | 126 | 526 | 746 | 723 | 677 | 720 | ||||||||||||||||||
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Total fixed charges and preferred stock dividends | $ | 633 | $ | 2,369 | $ | 2,055 | $ | 2,134 | $ | 2,535 | $ | 2,516 | ||||||||||||
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Ratio of earnings to fixed charges | 9.40 | 10.32 | 14.36 | 10.14 | 7.00 | 7.81 | ||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock | 7.53 | 8.03 | 9.15 | 6.70 | 5.13 | 5.58 |
(1) | The portion of rents shown as representative of the interest factor isone-third of the total net operating lease expense |
(2) | The preferred stock dividend amounts have been grossed up to compute thepre-tax income equivalent assuming an estimated 35% tax rate |
Three Months Ended March 31, 2017 | For the Year Ended December 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Borrowings | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Sub debt | 120 | 374 | 400 | 480 | 528 | 528 | ||||||||||||||||||
Jr. sub debt | — | — | — | — | — | — | ||||||||||||||||||
Other borrowings | 381 | 1,445 | 882 | 903 | 1,302 | 1,245 | ||||||||||||||||||
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Total | $ | 501 | $ | 1,819 | $ | 1,282 | $ | 1,383 | $ | 1,830 | $ | 1,773 | ||||||||||||
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Interest expense on deposits | $ | 2,437 | $ | 8,195 | $ | 6,238 | $ | 6,154 | $ | 6,683 | $ | 7,890 | ||||||||||||
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Facilities Rental | $ | 18 | $ | 73 | $ | 82 | $ | 84 | $ | 84 | $ | 69 | ||||||||||||
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Earnings—Income before income taxes plus fixed charges
Fixed charges—interest on borrowings, interest on sub debt, junior sub debt, other borrowings, and 1/3 of rent expense, and interest on deposits (where indicated)