Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
|
| Nine Months |
| Year Ended December 31, |
| ||||||||||||||
(dollars in thousands) |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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Earnings |
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|
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Income (loss) before income taxes |
| $ | 16,531 |
| $ | 24,361 |
| $ | 15,897 |
| $ | 11,843 |
| $ | (72 | ) | $ | (6,498 | ) |
Plus: |
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|
|
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Total fixed charges (see below) |
| 7,252 |
| 12,198 |
| 16,447 |
| 14,638 |
| 22,370 |
| 27,786 |
| ||||||
Less: |
|
|
|
|
|
|
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|
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Preferred stock dividends (1) |
| — |
| 3,122 |
| 5,463 |
| 852 |
| 6,635 |
| 6,313 |
| ||||||
Total earnings |
| $ | 23,783 |
| $ | 33,437 |
| $ | 26,881 |
| $ | 25,629 |
| $ | 15,663 |
| $ | 14,975 |
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Fixed Charges |
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Total interest expense (2) |
| $ | 7,252 |
| $ | 9,076 |
| $ | 10,984 |
| $ | 13,786 |
| $ | 15,735 |
| $ | 21,473 |
|
Interest included in operating lease rental expense |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Preferred stock dividends (1) |
| — |
| 3,122 |
| 5,463 |
| 852 |
| 6,635 |
| 6,313 |
| ||||||
Total fixed charges |
| $ | 7,252 |
| $ | 12,198 |
| $ | 16,447 |
| $ | 14,638 |
| $ | 22,370 |
| $ | 27,786 |
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Ratio of earnings to fixed charges and preferred stock dividends |
| 3.28x |
| 2.74x |
| 1.63x |
| 1.75x |
| 0.70x |
| 0.54x |
| ||||||
Ratio of earnings to fixed charges |
| 3.28x |
| 3.68x |
| 2.45x |
| 1.86x |
| 1.00x |
| 0.70x |
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Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income (loss) before income taxes |
| $ | 16,531 |
| $ | 24,361 |
| $ | 15,897 |
| $ | 11,843 |
| $ | (72 | ) | $ | (6,498 | ) |
Plus: |
|
|
|
|
|
|
|
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|
|
|
|
| ||||||
Total fixed charges excluding interest on deposits (see below) |
| 4,053 |
| 8,263 |
| 11,209 |
| 7,005 |
| 12,499 |
| 11,729 |
| ||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Preferred stock dividends (1) |
| — |
| 3,122 |
| 5,463 |
| 852 |
| 6,635 |
| 6,313 |
| ||||||
Total earnings (loss) |
| $ | 20,584 |
| $ | 29,502 |
| $ | 21,643 |
| $ | 17,996 |
| $ | 5,792 |
| $ | (1,082 | ) |
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Fixed Charges |
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| ||||||
Total interest expense (2) |
| $ | 7,252 |
| $ | 9,076 |
| $ | 10,984 |
| $ | 13,786 |
| $ | 15,735 |
| $ | 21,473 |
|
Interest included in operating lease rental expense |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Preferred stock dividends (1) |
| — |
| 3,122 |
| 5,463 |
| 852 |
| 6,635 |
| 6,313 |
| ||||||
Less: |
|
|
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| ||||||
Interest expense on deposits |
| 3,199 |
| 3,935 |
| 5,238 |
| 7,633 |
| 9,871 |
| 16,057 |
| ||||||
Total fixed charges excluding interest on deposits |
| $ | 4,053 |
| $ | 8,263 |
| $ | 11,209 |
| $ | 7,005 |
| $ | 12,499 |
| $ | 11,729 |
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Ratio of earnings (loss) to fixed charges and preferred stock dividends (excluding interest on deposits) |
| 5.08x |
| 3.57x |
| 1.93x |
| 2.57x |
| 0.46x |
| (0.09 | )x | ||||||
Ratio of earnings (loss) to fixed charges (excluding interest on deposits) |
| 5.08x |
| 5.74x |
| 3.77x |
| 2.92x |
| 0.99x |
| (0.20 | )x | ||||||
(1) The preferred stock dividends amount has been grossed up to compute the pre-tax income equivalent assuming an estimated 40% tax rate.
(2) Interest expense includes interest expense on deposits and other debt and amortization of debt issuance costs.
