EXHIBIT 12.1
STATEMENT OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
The following table sets forth our consolidated ratios of earnings to combined and preferred stock dividends for the periods shown (dollars in thousands).
For the six months ended June 30, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||
INCLUDING INTEREST ON DEPOSITS | |||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Net income before income taxes | $ | 24,395 | $ | 41,726 | $ | 33,780 | $ | 25,730 | $ | 24,715 | $ | 23,568 | |||||||||||
Plus: Total fixed charges | 4,640 | 6,482 | 4,292 | 3,499 | 3,252 | 3,535 | |||||||||||||||||
Less: Preferred stock dividends | — | — | 1,269 | 3,385 | 6,388 | 6,795 | |||||||||||||||||
Total earnings | $ | 29,035 | $ | 48,208 | $ | 36,803 | $ | 25,844 | $ | 21,579 | $ | 20,308 | |||||||||||
Fixed charges: | |||||||||||||||||||||||
Total interest expense | $ | 4,640 | $ | 6,482 | $ | 4,292 | $ | 3,499 | $ | 3,252 | $ | 3,535 | |||||||||||
Interest included in operating lease rental expense | — | — | — | — | — | — | |||||||||||||||||
Total fixed charges | 4,640 | 6,482 | 4,292 | 3,499 | 3,252 | 3,535 | |||||||||||||||||
Preferred stock dividends | — | — | 1,269 | 3,385 | 6,388 | 6,795 | |||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 4,640 | $ | 6,482 | $ | 5,561 | $ | 6,884 | $ | 9,640 | $ | 10,330 | |||||||||||
Ratio of earnings to fixed charges | 6.26 | 7.44 | 8.57 | 7.39 | 6.64 | 5.74 | |||||||||||||||||
Ratio of Earnings to fixed charges and preferred stock dividends | 6.26 | 7.44 | 6.62 | 3.75 | 2.24 | 1.97 | |||||||||||||||||
EXCLUDING INTEREST ON DEPOSITS | |||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Net income before income taxes | $ | 24,395 | $ | 41,726 | $ | 33,780 | $ | 25,730 | $ | 24,715 | $ | 23,568 | |||||||||||
Plus: Total fixed charges excluding interest on deposits | 1,708 | 2,487 | 1,579 | 1,217 | 901 | 832 | |||||||||||||||||
Less: Preferred stock dividends | — | — | 1,269 | 3,385 | 6,388 | 6,795 | |||||||||||||||||
Total earnings | $ | 26,103 | $ | 44,213 | $ | 34,090 | $ | 23,562 | $ | 19,228 | $ | 17,605 | |||||||||||
Fixed charges: | |||||||||||||||||||||||
Total interest expense | $ | 4,640 | $ | 6,482 | $ | 4,292 | $ | 3,499 | $ | 3,252 | $ | 3,535 | |||||||||||
Interest included in operating lease rental expense | — | — | — | — | — | — | |||||||||||||||||
Less: interest expense on deposits | 2,932 | 3,995 | 2,713 | 2,282 | 2,351 | 2,703 | |||||||||||||||||
Total fixed charges | 1,708 | 2,487 | 1,579 | 1,217 | 901 | 832 | |||||||||||||||||
Preferred stock dividends | — | — | 1,269 | 3,385 | 6,388 | 6,795 | |||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 1,708 | $ | 2,487 | $ | 2,848 | $ | 4,602 | $ | 7,289 | $ | 7,627 | |||||||||||
Ratio of earnings to fixed charges | 15.28 | 17.78 | 21.59 | 19.36 | 21.34 | 21.16 | |||||||||||||||||
Ratio of Earnings to fixed charges and preferred stock dividends | 15.28 | 17.78 | 11.97 | 5.12 | 2.64 | 2.31 |
For purposes of computing the consolidated ratio of earnings to fixed charges, "earnings" consist of income before income taxes plus fixed charges. "Fixed charges" consist of interest on borrowings, interest within rent expense, and preferred dividends (where applicable). In addition, where indicated, fixed charges includes interest on deposits.
Preferred stock dividend amounts have been grossed up to compute the pre-tax income equivalent assuming an estimated 35% tax rate.