Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Three Months Ended | ||||||||||||||||||||||||||||
March 31, | Year ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||
Computation of Earnings | ||||||||||||||||||||||||||||
Net income | $ | 15,104 | $ | 13,824 | $ | 48,349 | $ | 67,303 | $ | 66,739 | $ | 59,251 | $ | 221,337 | ||||||||||||||
Add: Income tax expense | 7,081 | 6,351 | 19,234 | 36,442 | 38,300 | 32,702 | 132,639 | |||||||||||||||||||||
Income from continuing operations before income taxes | 22,185 | 20,175 | 67,583 | 103,745 | 105,039 | 91,953 | 353,976 | |||||||||||||||||||||
Fixed charges, excluding interest on deposits | 853 | 983 | 3,641 | 2,964 | 4,140 | 9,656 | 9,665 | |||||||||||||||||||||
Total earnings for computation, excluding interest on deposits | 23,038 | 21,158 | 71,224 | 106,709 | 109,179 | 101,609 | 363,641 | |||||||||||||||||||||
Interest on deposits | 3,316 | 3,860 | 13,247 | 24,625 | 40,781 | 58,336 | 47,580 | |||||||||||||||||||||
Total earnings for computation, including interest on deposits | $ | 26,354 | $ | 25,018 | $ | 84,471 | $ | 131,334 | $ | 149,960 | $ | 159,945 | $ | 411,221 | ||||||||||||||
Computation of Fixed Charges | ||||||||||||||||||||||||||||
Portion of rental expense deemed representative of interest * | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Interest on short-term borrowed funds | 329 | 329 | 1,177 | 262 | 163 | 94 | 1,318 | |||||||||||||||||||||
Interest on long-term borrowed funds | 524 | 654 | 2,464 | 2,702 | 3,977 | 9,562 | 8,347 | |||||||||||||||||||||
Total fixed charges, excluding interest on deposits | 853 | 983 | 3,641 | 2,964 | 4,140 | 9,656 | 9,665 | |||||||||||||||||||||
Interest on deposits | 3,316 | 3,860 | 13,247 | 24,625 | 40,781 | 58,336 | 47,580 | |||||||||||||||||||||
Total fixed charges, including interest on deposits | $ | 4,169 | $ | 4,843 | $ | 16,888 | $ | 27,589 | $ | 44,921 | $ | 67,992 | $ | 57,245 | ||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
Excluding deposit interest | 27.01 | 21.52 | 19.56 | 36.00 | 26.37 | 10.52 | 37.62 | |||||||||||||||||||||
Including deposit interest | 6.32 | 5.17 | 5.00 | 4.76 | 3.34 | 2.35 | 7.18 |
* All of First Financial Bancorp's leases are operating; none are capitalized.