Exhibit 12.1
Calculations of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(dollars in thousands)
For the nine months ended | ||||||||||||||||||||||||
September 30, | For the years ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Including Interest on Deposits: | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before income taxes | 16,025 | 21,135 | 13,676 | 11,874 | 3,290 | 1,758 | ||||||||||||||||||
Add: Fixed charges (See below) | 8,597 | 12,092 | 17,279 | 21,184 | 25,130 | 28,774 | ||||||||||||||||||
Earnings before income taxes and fixed charges | 24,622 | 33,227 | 30,955 | 33,058 | 28,420 | 30,532 | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense (including deposits) | 8,303 | 11,705 | 16,885 | 20,756 | 24,675 | 28,322 | ||||||||||||||||||
Estimate of interest within rental expense (2) | 294 | 387 | 394 | 428 | 455 | 452 | ||||||||||||||||||
Total fixed charges | 8,597 | 12,092 | 17,279 | 21,184 | 25,130 | 28,774 | ||||||||||||||||||
Discount amortization (1) | — | — | — | — | — | — | ||||||||||||||||||
Preferred stock dividends (1) | — | — | — | — | — | — | ||||||||||||||||||
Total fixed charges and preferred stock dividends | 8,597 | 12,092 | 17,279 | 21,184 | 25,130 | 28,774 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges | 2.86 | x | 2.75 | x | 1.79 | x | 1.56 | x | 1.13 | x | 1.06 | x | ||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 2.86 | x | 2.75 | x | 1.79 | x | 1.56 | x | 1.13 | x | 1.06 | x | ||||||||||||
Excluding Interest on Deposits: | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before income taxes | 16,025 | 21,135 | 13,676 | 11,874 | 3,290 | 1,758 | ||||||||||||||||||
Add: Fixed charges (See below) | 1,686 | 2,353 | 4,253 | 4,069 | 4,383 | 4,376 | ||||||||||||||||||
Earnings before income taxes and fixed charges | 17,711 | 23,488 | 17,929 | 15,943 | 7,673 | 6,134 | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense (excluding deposits) | 1,392 | 1,966 | 3,859 | 3,641 | 3,928 | 3,924 | ||||||||||||||||||
Estimate of interest within rental expense (2) | 294 | 387 | 394 | 428 | 455 | 452 | ||||||||||||||||||
Total fixed charges | 1,686 | 2,353 | 4,253 | 4,069 | 4,383 | 4,376 | ||||||||||||||||||
Discount amortization (1) | — | — | — | — | — | — | ||||||||||||||||||
Preferred stock dividends (1) | — | — | — | — | — | — | ||||||||||||||||||
Total fixed charges and preferred stock dividends | 1,686 | 2,353 | 4,253 | 4,069 | 4,383 | 4,376 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges | 10.51 | x | 9.98 | x | 4.22 | x | 3.92 | x | 1.75 | x | 1.40 | x | ||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 10.51 | x | 9.98 | x | 4.22 | x | 3.92 | x | 1.75 | x | 1.40 | x | ||||||||||||
(1) – No shares of preferred stock were outstanding during the periods reported, nor were any preferred stock dividends paid during these periods. | ||||||||||||||||||||||||
(2) – The portion of rental expense shown as representative of the interest factor is one-third of rental expense. |