STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Nine Months Ended | | For the Fiscal Years Ended September 30, |
| | June 30, 2018 | | June 30, 2017 | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 |
| | (dollars in thousands) |
| EARNINGS | | | | | | | | | | | | | |
| Income before income taxes | $ | 175,357 |
| | $ | 159,832 |
| | $ | 214,227 |
| | $ | 180,116 |
| | $ | 161,552 |
| | $ | 159,299 |
| | $ | 150,141 |
|
| Fixed charges | 50,954 |
| | 32,121 |
| | 45,579 |
| | 33,771 |
| | 30,117 |
| | 32,303 |
| | 39,433 |
|
| Amortization of capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| | | | | | | | | | | | | | |
| Total earnings | 226,311 |
| | 191,953 |
| | 259,806 |
| | 213,887 |
| | 191,669 |
| | 191,602 |
| | 189,574 |
|
| Less: Interest on deposits | 40,116 |
| | 24,596 |
| | 35,035 |
| | 25,114 |
| | 23,362 |
| | 25,764 |
| | 33,117 |
|
| | | | | | | | | | | | | | |
| Total earnings excluding deposit interest | $ | 186,195 |
| | $ | 167,357 |
| | $ | 224,771 |
| | $ | 188,773 |
| | $ | 168,307 |
| | $ | 165,838 |
| | $ | 156,457 |
|
| | | | | | | | | | | | | | |
| FIXED CHARGES ¹ | | | | | | | | | | | | | |
| Interest expensed | $ | 50,756 |
| | $ | 31,928 |
| | $ | 45,320 |
| | $ | 33,524 |
| | $ | 29,884 |
| | $ | 32,052 |
| | $ | 39,161 |
|
| Interest capitalized | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Interest included in rental expense | 198 |
| | 193 |
| | 259 |
| | 247 |
| | 233 |
| | 251 |
| | 272 |
|
| | | | | | | | | | | | | | |
| Total fixed charges | 50,954 |
| | 32,121 |
| | 45,579 |
| | 33,771 |
| | 30,117 |
| | 32,303 |
| | 39,433 |
|
| Less: Interest on deposits | 40,116 |
| | 24,596 |
| | 35,035 |
| | 25,114 |
| | 23,362 |
| | 25,764 |
| | 33,117 |
|
| | | | | | | | | | | | | | |
| Total fixed charges excluding deposit interest | $ | 10,838 |
| | $ | 7,525 |
| | $ | 10,544 |
| | $ | 8,657 |
| | $ | 6,755 |
| | $ | 6,539 |
| | $ | 6,316 |
|
| | | | | | | | | | | | | | |
| COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS ² | | | | | | | | | | | | | |
| Interest expensed | $ | 50,756 |
| | $ | 31,928 |
| | $ | 45,320 |
| | $ | 33,524 |
| | $ | 29,884 |
| | $ | 32,052 |
| | $ | 39,161 |
|
| Interest capitalized | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Interest included in rental expense | 198 |
| | 193 |
| | 259 |
| | 247 |
| | 233 |
| | 251 |
| | 272 |
|
| Preferred stock dividends (pre-tax equivalent) | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| | | | | | | | | | | | | | |
| Total combined fixed charges and preferred stock dividends | 50,954 |
| | 32,121 |
| | 45,579 |
| | 33,771 |
| | 30,117 |
| | 32,303 |
| | 39,433 |
|
| Less: Interest on deposits | 40,116 |
| | 24,596 |
| | 35,035 |
| | 25,114 |
| | 23,362 |
| | 25,764 |
| | 33,117 |
|
| | | | | | | | | | | | | | |
| Total combined fixed charges and preferred dividends excluding deposit interest | $ | 10,838 |
| | $ | 7,525 |
| | $ | 10,544 |
| | $ | 8,657 |
| | $ | 6,755 |
| | $ | 6,539 |
| | $ | 6,316 |
|
| | | | | | | | | | | | | | |
| RATIO OF EARNINGS TO FIXED CHARGES | | | | | | | | | | | | | |
| Including interest on deposits | $ | 4.44 |
| | $ | 5.98 |
| | $ | 5.70 |
| | $ | 6.33 |
| | $ | 6.36 |
| | $ | 5.93 |
| | $ | 4.81 |
|
| | | | | | | | | | | | | | |
| Excluding interest on deposits | $ | 17.18 |
| | $ | 22.24 |
| | $ | 21.32 |
| | $ | 21.81 |
| | $ | 24.92 |
| | $ | 25.36 |
| | $ | 24.77 |
|
| | | | | | | | | | | | | | |
| RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | | | | | | | | | | | | | |
| Including interest on deposits | $ | 4.44 |
| | $ | 5.98 |
| | $ | 5.70 |
| | $ | 6.33 |
| | $ | 6.36 |
| | $ | 5.93 |
| | $ | 4.81 |
|
| | | | | | | | | | | | | | |
| Excluding interest on deposits | $ | 17.18 |
| | $ | 22.24 |
| | $ | 21.32 |
| | $ | 21.81 |
| | $ | 24.92 |
| | $ | 25.36 |
| | $ | 24.77 |
|
(1) Fixed charges are the sum of (a) interest expensed and capitalized, (b) amortized premiums, discounts and capitalized expenses related to indebtedness and (c) an estimate of the interest within rental expense.
(2) Combined fixed charges and preferred stock requirements are the sum of (a) fixed charges and (b) preference security dividend requirements of the company.
