Exhibit 12.1
RATIO OF EARNINGS (LOSSES) TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS
Our consolidated ratio of earnings (losses) to combined fixed charges and preference dividends for each of the periods indicated is as follows:
Nine Months Ended Sept. 30, 2017 | Years Ended December 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends: | ||||||||||||||||||||||||
Including Interest on Deposits | 5.50 | 6.21 | 6.15 | 2.91 | 2.39 | 0.94 | ||||||||||||||||||
Excluding Interest on Deposits | 9.93 | 12.60 | 10.86 | 4.47 | 3.05 | 0.87 |
For the purposes of computing the ratios, earnings represent the sum of income (loss) from continuing operations before taxes plus fixed charges and preferred share dividend requirements. Fixed charges represent total interest expense, including and excluding interest on deposits. Preferred share dividend requirements represent the amount ofpre-tax income required to pay dividends on preferred shares. Our Fixed Rate Cumulative Perpetual Preferred Shares, Series A, par value $0.10 per share (the “Series A Preferred Shares”), issued on December 19, 2008, were redeemed in full on December 31, 2013.
Nine Months Ended Sept. 30, 2017 | Years Ended December 31, | |||||||||||||||||||||||
Dollars in thousands | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Income (Loss) Before Taxes | $ | 45,780 | $ | 44,091 | $ | 35,668 | $ | 10,240 | $ | 11,604 | $ | (710 | ) | |||||||||||
Plus: Interest on Deposits | 5,054 | 4,667 | 3,313 | 2,402 | 2,729 | 5,491 | ||||||||||||||||||
Plus: Interest on Repurchase Agreements | 551 | 484 | 340 | 260 | 286 | 340 | ||||||||||||||||||
Plus: Interest on FHLB Advances | 2,775 | 1,256 | 1,643 | 1,640 | 1,608 | 1,612 | ||||||||||||||||||
Plus: Interest on Subordinated Debt Supporting Trust Preferred Stock Issuances | 1,802 | 2,060 | 1,634 | 1,053 | 934 | 1,035 | ||||||||||||||||||
Plus: Dividends on Preferred Stock | — | — | — | — | 2,819 | 2,500 | ||||||||||||||||||
Plus: Interest Within Rental Expense | — | — | — | — | — | — | ||||||||||||||||||
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Combined Fixed Charges and Preferred Dividends (Including Interest on Deposits) | 10,182 | 8,467 | 6,930 | 5,355 | 8,376 | 10,978 | ||||||||||||||||||
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Adjusted Earnings | $ | 55,962 | $ | 52,558 | $ | 42,598 | $ | 15,595 | $ | 19,980 | $ | 10,268 | ||||||||||||
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* | All of the Seacoast Banking Corporation of Florida’s leases are operating; none are capitalized. |