EXHIBIT 12.1
Computation of Ratios of Earnings to Fixed Charges
| Years ended December 31, | ||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Excluding interest on deposits | 3.96 | 3.91 | 2.19 | 2.21 | 2.41 | |||||||||||||||
Including interest on deposits | 2.38 | 2.48 | 1.76 | 1.87 | 2.02 | |||||||||||||||
Note: The ratio of earnings to fixed charges is calculated by adding income before income taxes plus fixed charges and dividing that sum by fixed charges.
| Years ended December 31, | ||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| (in thousands) | ||||||||||||||||||||
Income before income taxes | $ | 252,738 | $ | 233,380 | $ | 126,895 | $ | 147,234 | $ | 178,940 | ||||||||||
Interest on deposits | $ | 97,846 | $ | 77,562 | $ | 60,256 | $ | 47,553 | $ | 47,791 | ||||||||||
Borrowings and long-term debt | $ | 76,261 | $ | 71,212 | $ | 96,498 | $ | 114,293 | $ | 120,586 | ||||||||||
1/3 of net rental expense | $ | 9,238 | $ | 9,052 | $ | 10,582 | $ | 7,082 | $ | 6,631 | ||||||||||
Total fixed charges, including interest on deposits | $ | 183,345 | $ | 157,826 | $ | 167,336 | $ | 168,928 | $ | 175,008 | ||||||||||
Total fixed charges, excluding interest on deposits | $ | 85,499 | $ | 80,264 | $ | 107,080 | $ | 121,375 | $ | 127,217 | ||||||||||