Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
March 31, | Year ended December 31, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||
Computation of Earnings | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 2,414 | $ | 19,814 | $ | 88,526 | $ | 75,063 | $ | 65,000 | $ | 48,349 | $ | 67,303 | $ | 66,739 | $ | 59,251 | $ | 221,337 | ||||||||||||||||||||
Add: Income tax expense | 10,470 | 9,878 | 42,205 | 35,870 | 30,028 | 19,234 | 36,442 | 38,300 | 32,702 | 132,639 | ||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | 12,884 | 29,692 | 130,731 | 110,933 | 95,028 | 67,583 | 103,745 | 105,039 | 91,953 | 353,976 | ||||||||||||||||||||||||||||||
Fixed charges, excluding interest on deposits | 2,971 | 2,710 | 10,666 | 3,783 | 3,081 | 3,641 | 2,964 | 4,140 | 9,656 | 9,665 | ||||||||||||||||||||||||||||||
Total earnings for computation, excluding interest on deposits | 15,855 | 32,402 | 141,397 | 114,716 | 98,109 | 71,224 | 106,709 | 109,179 | 101,609 | 363,641 | ||||||||||||||||||||||||||||||
Interest on deposits | 6,925 | 5,530 | 22,613 | 19,474 | 16,153 | 13,247 | 24,625 | 40,781 | 58,336 | 47,580 | ||||||||||||||||||||||||||||||
Total earnings for computation, including interest on deposits | $ | 22,780 | $ | 37,932 | $ | 164,010 | $ | 134,190 | $ | 114,262 | $ | 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 | 1,432 | 1,170 | 4,506 | 1,364 | 1,268 | 1,177 | 262 | 163 | 94 | 1,318 | ||||||||||||||||||||||||||||||
Interest on long-term borrowed funds | 1,539 | 1,540 | 6,160 | 2,419 | 1,813 | 2,464 | 2,702 | 3,977 | 9,562 | 8,347 | ||||||||||||||||||||||||||||||
Total fixed charges, excluding interest on deposits | 2,971 | 2,710 | 10,666 | 3,783 | 3,081 | 3,641 | 2,964 | 4,140 | 9,656 | 9,665 | ||||||||||||||||||||||||||||||
Interest on deposits | 6,925 | 5,530 | 22,613 | 19,474 | 16,153 | 13,247 | 24,625 | 40,781 | 58,336 | 47,580 | ||||||||||||||||||||||||||||||
Total fixed charges, including interest on deposits | $ | 9,896 | $ | 8,240 | $ | 33,279 | $ | 23,257 | $ | 19,234 | $ | 16,888 | $ | 27,589 | $ | 44,921 | $ | 67,992 | $ | 57,245 | ||||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||||||||||||||
Excluding deposit interest | 5.34 | 11.96 | 13.26 | 30.32 | 31.84 | 19.56 | 36.00 | 26.37 | 10.52 | 37.62 | ||||||||||||||||||||||||||||||
Including deposit interest | 2.30 | 4.60 | 4.93 | 5.77 | 5.94 | 5.00 | 4.76 | 3.34 | 2.35 | 7.18 |
* All of First Financial Bancorp's leases are operating; none are capitalized.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Six Months Ended | ||||||||||||
June 30, | Year ended December 31, | |||||||||||
2015 | 2014 | 2014 | ||||||||||
Computation of Earnings | ||||||||||||
Net income | $ | 36,570 | $ | 31,057 | $ | 65,000 | ||||||
Add: Income tax expense | 17,734 | 15,042 | 30,028 | |||||||||
Income from continuing operations before income taxes | 54,304 | 46,099 | 95,028 | |||||||||
Fixed charges, excluding interest on deposits | 1,151 | 1,670 | 3,081 | |||||||||
Total earnings for computation, excluding interest on deposits | 55,455 | 47,769 | 98,109 | |||||||||
Interest on deposits | 9,441 | 6,922 | 16,153 | |||||||||
Total earnings for computation, including interest on deposits | $ | 64,896 | $ | 54,691 | $ | 114,262 | ||||||
Computation of Fixed Charges | ||||||||||||
Portion of rental expense deemed representative of interest * | $ | - | $ | - | $ | - | ||||||
Interest on short-term borrowed funds | 556 | 621 | 1,268 | |||||||||
Interest on long-term borrowed funds | 595 | 1,049 | 1,813 | |||||||||
Total fixed charges, excluding interest on deposits | 1,151 | 1,670 | 3,081 | |||||||||
Interest on deposits | 9,441 | 6,922 | 16,153 | |||||||||
Total fixed charges, including interest on deposits | $ | 10,592 | $ | 8,592 | $ | 19,234 | ||||||
Ratio of Earnings to Fixed Charges | ||||||||||||
Excluding deposit interest | 48.18 | 28.60 | 31.84 | |||||||||
Including deposit interest | 6.13 | 6.37 | 5.94 |
* All of First Financial Bancorp's leases are operating; none are capitalized.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | Year ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||
Computation of Earnings | ||||||||||||||||||||||||||||
Net income | $ | 46,401 | $ | 44,564 | $ | 48,349 | $ | 67,303 | $ | 66,739 | $ | 59,251 | $ | 221,337 | ||||||||||||||
Add: Income tax expense | 22,260 | 20,451 | 19,234 | 36,442 | 38,300 | 32,702 | 132,639 | |||||||||||||||||||||
Income from continuing operations before income taxes | 68,661 | 65,015 | 67,583 | 103,745 | 105,039 | 91,953 | 353,976 | |||||||||||||||||||||
Fixed charges, excluding interest on deposits | 2,480 | 2,845 | 3,641 | 2,964 | 4,140 | 9,656 | 9,665 | |||||||||||||||||||||
Total earnings for computation, excluding interest on deposits | 71,141 | 67,860 | 71,224 | 106,709 | 109,179 | 101,609 | 363,641 | |||||||||||||||||||||
Interest on deposits | 11,140 | 10,000 | 13,247 | 24,625 | 40,781 | 58,336 | 47,580 | |||||||||||||||||||||
Total earnings for computation, including interest on deposits | $ | 82,281 | $ | 77,860 | $ | 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 | 975 | 920 | 1,177 | 262 | 163 | 94 | 1,318 | |||||||||||||||||||||
Interest on long-term borrowed funds | 1,505 | 1,925 | 2,464 | 2,702 | 3,977 | 9,562 | 8,347 | |||||||||||||||||||||
Total fixed charges, excluding interest on deposits | 2,480 | 2,845 | 3,641 | 2,964 | 4,140 | 9,656 | 9,665 | |||||||||||||||||||||
Interest on deposits | 11,140 | 10,000 | 13,247 | 24,625 | 40,781 | 58,336 | 47,580 | |||||||||||||||||||||
Total fixed charges, including interest on deposits | $ | 13,620 | $ | 12,845 | $ | 16,888 | $ | 27,589 | $ | 44,921 | $ | 67,992 | $ | 57,245 | ||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
Excluding deposit interest | 28.69 | 23.85 | 19.56 | 36.00 | 26.37 | 10.52 | 37.62 | |||||||||||||||||||||
Including deposit interest | 6.04 | 6.06 | 5.00 | 4.76 | 3.34 | 2.35 | 7.18 |
* All of First Financial Bancorp's leases are operating; none are capitalized.
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.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Three Months Ended | ||||||||||||||||||||||||||||
March 31, | Year ended December 31, | |||||||||||||||||||||||||||
2011 | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||
Computation of Earnings | ||||||||||||||||||||||||||||
Net income | $ | 17,207 | $ | 11,598 | $ | 59,251 | $ | 221,337 | $ | 22,962 | $ | 35,681 | $ | 21,271 | ||||||||||||||
Add: Income tax expense | 9,333 | 6,258 | 32,702 | 132,639 | 10,403 | 18,008 | 9,449 | |||||||||||||||||||||
Income from continuing operations before income taxes | 26,540 | 17,856 | 91,953 | 353,976 | 33,365 | 53,689 | 30,720 | |||||||||||||||||||||
Fixed charges, excluding interest on deposits | 1,328 | 2,891 | 9,656 | 9,665 | 9,106 | 8,758 | 10,440 | |||||||||||||||||||||
Total earnings for computation, excluding interest on deposits | 27,868 | 20,747 | 101,609 | 363,641 | 42,471 | 62,447 | 41,160 | |||||||||||||||||||||
Interest on deposits | 11,400 | 15,648 | 58,336 | 47,580 | 57,997 | 79,184 | 70,012 | |||||||||||||||||||||
Total earnings for computation, including interest on deposits | $ | 39,268 | $ | 36,395 | $ | 159,945 | $ | 411,221 | $ | 100,468 | $ | 141,631 | $ | 111,172 | ||||||||||||||
Computation of Fixed Charges | ||||||||||||||||||||||||||||
Portion of rental expense deemed representative of interest * | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Interest on short-term borrowed funds | 45 | 19 | 94 | 1,318 | 4,828 | 4,232 | 3,768 | |||||||||||||||||||||
Interest on long-term borrowed funds | 1,283 | 2,872 | 9,562 | 8,347 | 4,278 | 4,526 | 6,672 | |||||||||||||||||||||
Total fixed charges, excluding interest on deposits | 1,328 | 2,891 | 9,656 | 9,665 | 9,106 | 8,758 | 10,440 | |||||||||||||||||||||
Interest on deposits | 11,400 | 15,648 | 58,336 | 47,580 | 57,997 | 79,184 | 70,012 | |||||||||||||||||||||
Total fixed charges, including interest on deposits | $ | 12,728 | $ | 18,539 | $ | 67,992 | $ | 57,245 | $ | 67,103 | $ | 87,942 | $ | 80,452 | ||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
Excluding deposit interest | 20.98 | 7.18 | 10.52 | 37.62 | 4.66 | 7.13 | 3.94 | |||||||||||||||||||||
Including deposit interest | 3.09 | 1.96 | 2.35 | 7.18 | 1.50 | 1.61 | 1.38 |
* All of First Financial Bancorp's leases are operating; none are capitalized.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Three Months Ended | ||||||||||||||||||||||||||||
March 31, | Year ended December 31, | |||||||||||||||||||||||||||
2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
Computation of Earnings | ||||||||||||||||||||||||||||
Income from continuing operations | $ | 5,735 | $ | 7,338 | $ | 22,962 | $ | 35,681 | $ | 21,271 | $ | 30,808 | $ | 41,101 | ||||||||||||||
Add: Income tax expense | 3,033 | 3,543 | 10,403 | 18,008 | 9,449 | 21,614 | 19,295 | |||||||||||||||||||||
Income from continuing operations before income taxes | 8,768 | 10,881 | 33,365 | 53,689 | 30,720 | 52,422 | 60,396 | |||||||||||||||||||||
Fixed charges, excluding interest on deposits | 2,050 | 1,610 | 9,106 | 8,758 | 10,440 | 19,076 | 19,463 | |||||||||||||||||||||
Total earnings for computation, excluding interest on deposits | 10,818 | 12,491 | 42,471 | 62,447 | 41,160 | 71,498 | 79,859 | |||||||||||||||||||||
Interest on deposits | 9,803 | 17,739 | 57,997 | 79,184 | 70,012 | 48,654 | 36,827 | |||||||||||||||||||||
Total earnings for computation, including interest on deposits | $ | 20,621 | $ | 30,230 | $ | 100,468 | $ | 141,631 | $ | 111,172 | $ | 120,152 | $ | 116,686 | ||||||||||||||
Computation of Fixed Charges | ||||||||||||||||||||||||||||
Portion of rental expense deemed representative of interest * | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Interest on short-term borrowed funds | 507 | 792 | 4,828 | 4,232 | 3,768 | 1,961 | 2,574 | |||||||||||||||||||||
Interest on long-term borrowed funds | 1,543 | 818 | 4,278 | 4,526 | 6,672 | 17,115 | 16,889 | |||||||||||||||||||||
Total fixed charges, excluding interest on deposits | 2,050 | 1,610 | 9,106 | 8,758 | 10,440 | 19,076 | 19,463 | |||||||||||||||||||||
Interest on deposits | 9,803 | 17,739 | 57,997 | 79,184 | 70,012 | 48,654 | 36,827 | |||||||||||||||||||||
Total fixed charges, including interest on deposits | $ | 11,853 | $ | 19,349 | $ | 67,103 | $ | 87,942 | $ | 80,452 | $ | 67,730 | $ | 56,290 | ||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
Excluding deposit interest | 5.28 | 7.76 | 4.66 | 7.13 | 3.94 | 3.75 | 4.10 | |||||||||||||||||||||
Including deposit interest | 1.74 | 1.56 | 1.50 | 1.61 | 1.38 | 1.77 | 2.07 |
* All of First Financial Bancorp's leases are operating; none are capitalized.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | Year ended December 31, | |||||||||||||||||||||||||||
2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||
Computation of Earnings | ||||||||||||||||||||||||||||
Income from continuing operations | $ | 20,878 | $ | 24,980 | $ | 35,681 | $ | 21,271 | $ | 30,808 | $ | 41,101 | $ | 36,939 | ||||||||||||||
Add: Income tax expense | 10,032 | 12,380 | 18,008 | 9,449 | 21,614 | 19,295 | 16,889 | |||||||||||||||||||||
Income from continuing operations before income taxes | 30,910 | 37,360 | 53,689 | 30,720 | 52,422 | 60,396 | 53,828 | |||||||||||||||||||||
Fixed charges, excluding interest on deposits | 6,164 | 6,642 | 8,758 | 10,440 | 19,076 | 19,463 | 17,561 | |||||||||||||||||||||
Total earnings for computation, excluding interest on deposits | 37,074 | 44,002 | 62,447 | 41,160 | 71,498 | 79,859 | 71,389 | |||||||||||||||||||||
Interest on deposits | 45,982 | 58,946 | 79,184 | 70,012 | 48,654 | 36,827 | 42,446 | |||||||||||||||||||||
Total earnings for computation, including interest on deposits | $ | 83,056 | $ | 102,948 | $ | 141,631 | $ | 111,172 | $ | 120,152 | $ | 116,686 | $ | 113,835 | ||||||||||||||
Computation of Fixed Charges | ||||||||||||||||||||||||||||
Portion of rental expense deemed representative of interest * | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Interest on short-term borrowed funds | 3,642 | 3,021 | 4,232 | 3,768 | 1,961 | 2,574 | 1,908 | |||||||||||||||||||||
Interest on long-term borrowed funds | 2,522 | 3,621 | 4,526 | 6,672 | 17,115 | 16,889 | 15,653 | |||||||||||||||||||||
Total fixed charges, excluding interest on deposits | 6,164 | 6,642 | 8,758 | 10,440 | 19,076 | 19,463 | 17,561 | |||||||||||||||||||||
Interest on deposits | 45,982 | 58,946 | 79,184 | 70,012 | 48,654 | 36,827 | 42,446 | |||||||||||||||||||||
Total fixed charges, including interest on deposits | $ | 52,146 | $ | 65,588 | $ | 87,942 | $ | 80,452 | $ | 67,730 | $ | 56,290 | $ | 60,007 | ||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
Excluding deposit interest | 6.01 | 6.62 | 7.13 | 3.94 | 3.75 | 4.10 | 4.07 | |||||||||||||||||||||
Including deposit interest | 1.59 | 1.57 | 1.61 | 1.38 | 1.77 | 2.07 | 1.90 |
* All of First Financial Bancorp's leases are operating; none are capitalized.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Six Months Ended | ||||||||||||||||||||||||||||
June 30, | Year ended December 31, | |||||||||||||||||||||||||||
2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||
Computation of Earnings | ||||||||||||||||||||||||||||
Income from continuing operations | $ | 15,146 | $ | 16,607 | $ | 35,681 | $ | 21,271 | $ | 30,808 | $ | 41,101 | $ | 36,939 | ||||||||||||||
Add: Income tax expense | 7,435 | 8,169 | 18,008 | 9,449 | 21,614 | 19,295 | 16,889 | |||||||||||||||||||||
Income from continuing operations before income taxes | 22,581 | 24,776 | 53,689 | 30,720 | 52,422 | 60,396 | 53,828 | |||||||||||||||||||||
Fixed charges, excluding interest on deposits | 3,426 | 4,403 | 8,758 | 10,440 | 19,076 | 19,463 | 17,561 | |||||||||||||||||||||
Total earnings for computation, excluding interest on deposits | 26,007 | 29,179 | 62,447 | 41,160 | 71,498 | 79,859 | 71,389 | |||||||||||||||||||||
Interest on deposits | 32,374 | 38,418 | 79,184 | 70,012 | 48,654 | 36,827 | 42,446 | |||||||||||||||||||||
Total earnings for computation, including interest on deposits | $ | 58,381 | $ | 67,597 | $ | 141,631 | $ | 111,172 | $ | 120,152 | $ | 116,686 | $ | 113,835 | ||||||||||||||
Computation of Fixed Charges | ||||||||||||||||||||||||||||
Portion of rental expense deemed representative of interest * | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Interest on short-term borrowed funds | 1,922 | 1,980 | 4,232 | 3,768 | 1,961 | 2,574 | 1,908 | |||||||||||||||||||||
Interest on long-term borrowed funds | 1,504 | 2,423 | 4,526 | 6,672 | 17,115 | 16,889 | 15,653 | |||||||||||||||||||||
Total fixed charges, excluding interest on deposits | 3,426 | 4,403 | 8,758 | 10,440 | 19,076 | 19,463 | 17,561 | |||||||||||||||||||||
Interest on deposits | 32,374 | 38,418 | 79,184 | 70,012 | 48,654 | 36,827 | 42,446 | |||||||||||||||||||||
Total fixed charges, including interest on deposits | $ | 35,800 | $ | 42,821 | $ | 87,942 | $ | 80,452 | $ | 67,730 | $ | 56,290 | $ | 60,007 | ||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
Excluding deposit interest | 7.59 | 6.63 | 7.13 | 3.94 | 3.75 | 4.10 | 4.07 | |||||||||||||||||||||
Including deposit interest | 1.63 | 1.58 | 1.61 | 1.38 | 1.77 | 2.07 | 1.90 |
* All of First Financial Bancorp's leases are operating; none are capitalized.