EX-12.1 3 a20141231-ex121.htm EXHIBIT 12.1 2014.12.31-EX12.1


Exhibit 12.1

Enterprise Financial Services Corp
Statement Regarding Computation of Ratios of Earnings to Fixed Charges and Preferred Stock Dividend Requirement (unaudited)
 
Years ended December 31,
($ in thousands)
2014
 
2013
 
2012
 
2011
 
2010
Earnings (1):
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
$
41,044

 
$
50,080

 
$
42,830

 
$
38,225

 
$
7,196

Add: Fixed charges from below
14,386

 
18,137

 
28,002

 
33,950

 
35,597

Earnings including interest expense on deposits (a)
$
55,430

 
$
68,217

 
$
70,832

 
$
72,175

 
$
42,793

 
 
 
 
 
 
 
 
 
 
Less: interest expense on deposits
(10,487
)
 
(11,142
)
 
(15,406
)
 
(21,658
)
 
(22,867
)
Earnings excluding interest expense on deposits (b)
$
44,943

 
$
57,075

 
$
55,426

 
$
50,517

 
$
19,926

 
 
 
 
 
 
 
 
 
 
Fixed charges (1):
 
 
 
 
 
 
 
 
 
Interest on deposits
$
10,487

 
$
11,142

 
$
15,406

 
$
21,658

 
$
22,867

Interest on borrowings
3,899

 
6,995

 
7,761

 
8,497

 
9,544

TARP preferred stock dividends (pre-tax)
—

 
—

 
4,835

 
3,795

 
3,186

Fixed charges including interest on deposits (c)
$
14,386

 
$
18,137

 
$
28,002

 
$
33,950

 
$
35,597

 
 
 
 
 
 
 
 
 
 
Less: interest expense on deposits
(10,487
)
 
(11,142
)
 
(15,406
)
 
(21,658
)
 
(22,867
)
Fixed charges excluding interest expense on deposits (d)
$
3,899

 
$
6,995

 
$
12,596

 
$
12,292

 
$
12,730

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges
 
 
 
 
 
 
 
 
 
     Excluding interest on deposits (b/d) (2)
11.53x

 
 8.16x

 
 4.40x

 
 4.11x

 
 1.57x

     Including interest on deposits (a/c)
3.85x

 
 3.76x

 
 2.53x

 
 2.13x

 
 1.20x

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends:
 
 
 
 
 
 
 
 
 
     Excluding interest on deposits (b/d) (2)
11.53x

 
 8.16x

 
 6.52x

 
 5.50x

 
 1.75x

     Including interest on deposits (a/c)
3.85x

 
 3.76x

 
 2.85x

 
 2.27x

 
 1.22x


(1) As defined in Item 503(d) of Regulation S-K.

(2) The ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits, is being provided as an additional measure to provide comparability to the ratios disclosed by all other issuers of debt securities.