Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
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| Six months ended |
| For the Year Ended December 31, |
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| 6/30/2018 |
| 6/30/2017 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
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Including Interest on Deposits: |
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Earnings: |
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Net income |
| $ | 5,355 |
| $ | 5,948 |
| $ | 10,379 |
| $ | 5,931 |
| $ | 5,768 |
| $ | 2,570 |
| $ | 7,144 |
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Income tax expense |
| 1,759 |
| 3,434 |
| 6,673 |
| 3,297 |
| 2,559 |
| 1,350 |
| (2,909 | ) | |||||||
Fixed charges |
| 9,917 |
| 7,414 |
| 15,936 |
| 13,761 |
| 14,575 |
| 15,878 |
| 16,381 |
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Total earnings before income taxes and fixed charges |
| $ | 17,031 |
| $ | 16,796 |
| $ | 32,988 |
| $ | 22,989 |
| $ | 22,902 |
| $ | 19,798 |
| $ | 20,616 |
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Fixed charges: |
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Deposit interest expense |
| $ | 7,973 |
| $ | 4,999 |
| $ | 10,962 |
| $ | 8,710 |
| $ | 8,700 |
| $ | 9,033 |
| $ | 8,434 |
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Borrowed funds interest expense |
| 1,944 |
| 2,415 |
| 4,974 |
| 5,051 |
| 5,875 |
| 6,845 |
| 7,947 |
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Total fixed charges |
| $ | 9,917 |
| $ | 7,414 |
| $ | 15,936 |
| $ | 13,761 |
| $ | 14,575 |
| $ | 15,878 |
| $ | 16,381 |
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Ratio of earnings to fixed charges |
| 1.72 |
| 2.27 |
| 2.07 |
| 1.67 |
| 1.57 |
| 1.25 |
| 1.26 |
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Excluding Interest on Deposits: |
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Earnings: |
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Net income |
| $ | 5,355.0 |
| $ | 5,948.0 |
| $ | 10,379 |
| $ | 5,931 |
| $ | 5,768 |
| $ | 2,570 |
| $ | 7,144 |
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Income tax expense |
| 1,759 |
| 3,434 |
| 6,673 |
| 3,297 |
| 2,559 |
| 1,350 |
| (2,909 | ) | |||||||
Fixed charges |
| 1,944 |
| 2,415 |
| 4,974 |
| 5,051 |
| 5,875 |
| 6,845 |
| 7,947 |
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Total earnings before income taxes and fixed charges |
| $ | 17,031 |
| $ | 16,796 |
| $ | 32,988 |
| $ | 22,989 |
| $ | 22,902 |
| $ | 19,798 |
| $ | 20,616 |
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Fixed charges: |
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Interest expense (excluding depostis) |
| $ | 1,944 |
| $ | 2,415 |
| $ | 4,974 |
| $ | 5,051 |
| $ | 5,875 |
| $ | 6,845 |
| $ | 7,947 |
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Total fixed charges |
| $ | 1,944 |
| $ | 2,415 |
| $ | 4,974 |
| $ | 5,051 |
| $ | 5,875 |
| $ | 6,845 |
| $ | 7,947 |
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Ratio of earnings to fixed charges |
| 8.76 |
| 6.95 |
| 6.63 |
| 4.55 |
| 3.90 |
| 2.89 |
| 2.59 |
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