Exhibit 12.1
STATEMENT OF RATIOS OF EARNINGS TO FIXED CHARGES
Ratio of earnings to fixed charges | Year ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before taxes | $ | 46,288 | $ | 37,419 | $ | 31,838 | $ | 28,563 | $ | 29,336 | ||||||||||
Fixed charges excluding deposits and preferred stock dividends: | 4,764 | 4,402 | 7,815 | 9,862 | 11,333 | |||||||||||||||
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Subtotal | 51,052 | 41,821 | 39,653 | 38,425 | 40,669 | |||||||||||||||
Interest on deposits | 5,064 | 6,089 | 8,344 | 10,878 | 15,195 | |||||||||||||||
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Total | $ | 56,116 | $ | 47,910 | $ | 47,997 | $ | 49,303 | $ | 55,864 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest excluding deposits | $ | 3,873 | $ | 3,568 | $ | 7,102 | $ | 9,233 | $ | 10,700 | ||||||||||
Interest component on rentals* | 891 | 834 | 713 | 629 | 633 | |||||||||||||||
Preferred stock dividends | — | — | 620 | 2,167 | 3,987 | |||||||||||||||
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Subtotal | 4,764 | 4,402 | 8,435 | 12,029 | 15,320 | |||||||||||||||
Interest on deposits | 5,064 | 6,089 | 8,344 | 10,878 | 15,195 | |||||||||||||||
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Total | $ | 9,828 | $ | 10,491 | $ | 16,779 | $ | 22,907 | $ | 30,515 | ||||||||||
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Ratio of earnings to fixed charges: | ||||||||||||||||||||
Excluding interest on deposits | 10.72 | 9.50 | 4.70 | 3.19 | 2.65 | |||||||||||||||
Including interest on deposits | 5.71 | 4.57 | 2.86 | 2.15 | 1.83 |
*Interest component on rentals estimated to be one-third of rentals