EX-12.1 5 exhibit121s-3.htm EXHIBIT 12.1 Document
Exhibit 12.1

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS
AMERICAN NATIONAL BANKSHARES INC.
The following table presents the calculation of the consolidated ratios of (i) earnings to fixed charges and (ii) earnings to fixed charges and preferred stock dividends for the periods presented:
 
For the Nine Months Ended September 30,
 
For the Years Ended December 31,
 
2017
 
2016
 
2016
 
2015
 
2014
 
2013
 
2012
Income before income taxes:
$
18,855

 
$
17,351

 
$
23,308

 
$
21,059

 
$
17,943

 
$
21,801

 
$
22,299

Fixed charges
5,273

 
4,888

 
6,438

 
6,045

 
5,804

 
6,653

 
8,226

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings available for fixed charges
$
24,128

 
$
22,239

 
$
29,746

 
$
27,104

 
$
23,747

 
$
28,454

 
$
30,525

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense on deposits
$
4,081

 
$
3,902

 
$
5,103

 
$
4,811

 
$
4,654

 
$
5,460

 
$
6,843

Interest expense on short-term borrowings
94

 
6

 
10

 
9

 
9

 
40

 
150

Interest expense on long-term borrowings
999

 
887

 
1,203

 
1,084

 
1,067

 
1,083

 
1,148

Portion of rent expense that represents an estimated interest factor
99

 
93

 
122

 
141

 
74

 
70

 
85

Total fixed charges
5,273

 
4,888

 
6,438

 
6,045

 
5,804

 
6,653

 
8,226

Preferred stock dividends
—

 
—

 
—

 
—

 
—

 
—

 
—

Total fixed charges and preferred stock dividends
$
5,273

 
$
4,888

 
$
6,438

 
$
6,045

 
$
5,804

 
$
6,653

 
$
8,226

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratios of earnings to fixed charges (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
Including deposit interest
458
%
 
455
%
 
462
%
 
448
%
 
409
%
 
428
%
 
371
%
Excluding deposit interest
2,024
%
 
2,255
%
 
2,228
%
 
2,196
%
 
2,065
%
 
2,385
%
 
2,207
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratios of earnings to fixed charges and preferred dividends (1)(2):
 
 
 
 
 
 
 
 
 
 
 
 
 
Including deposit interest
458
%
 
455
%
 
462
%
 
448
%
 
409
%
 
428
%
 
371
%
Excluding deposit interest
2,024
%
 
2,255
%
 
2,228
%
 
2,196
%
 
2,065
%
 
2,385
%
 
2,207
%
_____________________
(1)
For purposes of calculating the ratio of earnings to fixed charges, fixed charges is the sum of (i) interest cost, including interest on deposits; and (ii) that portion of rent expense estimated to be representative of the interest factor.
(2)
For purposes of calculating the ratio of earnings to fixed charges and preferred stock dividends, we divide earnings by the sum of fixed charges and preferred stock dividends. There was no preferred stock outstanding during the periods presented.