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, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Including Interest on Deposits: | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before income taxes | 10,679 | 17,065 | 24,891 | 21,222 | 21,135 | 13,676 | ||||||||||||||||||
Add: Fixed charges (See below) | 11,522 | 15,392 | 14,413 | 11,992 | 12,092 | 17,279 | ||||||||||||||||||
Earnings before income taxes and fixed charges | 22,201 | 32,457 | 39,304 | 33,214 | 33,227 | 30,955 | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense (including deposits) | 11,056 | 14,789 | 13,831 | 11,571 | 11,705 | 16,885 | ||||||||||||||||||
Estimate of interest within rental expense (2) | 466 | 603 | 582 | 421 | 387 | 394 | ||||||||||||||||||
Total fixed charges | 11,522 | 15,392 | 14,413 | 11,992 | 12,092 | 17,279 | ||||||||||||||||||
Discount amortization (1) | — | — | — | — | — | — | ||||||||||||||||||
Preferred stock dividends (1) | — | — | — | — | — | — | ||||||||||||||||||
Total fixed charges and preferred stock dividends | 11,522 | 15,392 | 14,413 | 11,992 | 12,092 | 17,279 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges | 1.93 | x | 2.11 | x | 2.73 | x | 2.77 | x | 2.75 | x | 1.79 | x | ||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 1.93 | x | 2.11 | x | 2.73 | x | 2.77 | x | 2.75 | x | 1.79 | x | ||||||||||||
Excluding Interest on Deposits: | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before income taxes | 10,679 | 17,065 | 24,891 | 21,222 | 21,135 | 13,676 | ||||||||||||||||||
Add: Fixed charges (See below) | 3,483 | 3,676 | 3,536 | 2,522 | 2,353 | 4,253 | ||||||||||||||||||
Earnings before income taxes and fixed charges | 14,162 | 20,741 | 28,427 | 23,744 | 23,488 | 17,929 | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense (excluding deposits) | 3,017 | 3,073 | 2,954 | 2,101 | 1,966 | 3,859 | ||||||||||||||||||
Estimate of interest within rental expense (2) | 466 | 603 | 582 | 421 | 387 | 394 | ||||||||||||||||||
Total fixed charges | 3,483 | 3,676 | 3,536 | 2,522 | 2,353 | 4,253 | ||||||||||||||||||
Discount amortization (1) | — | — | — | — | — | — | ||||||||||||||||||
Preferred stock dividends (1) | — | — | — | — | — | — | ||||||||||||||||||
Total fixed charges and preferred stock dividends | 3,483 | 3,676 | 3,536 | 2,522 | 2,353 | 4,253 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges | 4.07 | x | 5.64 | x | 8.04 | x | 9.41 | x | 9.98 | x | 4.22 | x | ||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 4.07 | x | 5.64 | x | 8.04 | x | 9.41 | x | 9.98 | x | 4.22 | 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. |