EX-12.1 3 a2016630-ex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS Exhibit


Exhibit 12.1

Enterprise Financial Services Corp
Statement Regarding Computation of Ratios of Earnings to Fixed Charges and Preferred Stock Dividend Requirement (unaudited)
 
Six Months Ended
June 30,
 
Years ended December 31,
($ in thousands)
2016
 
2015
2014
2013
2012
2011
Earnings (1):
 
 
 
 
 
 
 
Income (loss) before income taxes
$
36,010

 
$
58,401

$
41,044

$
50,080

$
42,830

$
38,225

Add: Fixed charges from below
6,282

 
12,369

14,386

18,137

28,002

33,950

Earnings including interest expense on deposits (a)
$
42,292

 
$
70,770

$
55,430

$
68,217

$
70,832

$
72,175

 
 
 
 
 
 
 
 
Less: interest expense on deposits
(4,979
)
 
(10,412
)
(10,487
)
(11,142
)
(15,406
)
(21,658
)
Earnings excluding interest expense on deposits (b)
$
37,313

 
$
60,358

$
44,943

$
57,075

$
55,426

$
50,517

 
 
 
 
 
 
 
 
Fixed charges (1):
 
 
 
 
 
 
 
Interest on deposits
$
4,979

 
$
10,412

$
10,487

$
11,142

$
15,406

$
21,658

Interest on borrowings
1,303

 
1,957

3,899

6,995

7,761

8,497

TARP preferred stock dividends (pre-tax)
—

 
—

—

—

4,835

3,795

Fixed charges including interest on deposits (c)
$
6,282

 
$
12,369

$
14,386

$
18,137

$
28,002

$
33,950

 
 
 
 
 
 
 
 
Less: interest expense on deposits
(4,979
)
 
(10,412
)
(10,487
)
(11,142
)
(15,406
)
(21,658
)
Fixed charges excluding interest expense on deposits (d)
$
1,303

 
$
1,957

$
3,899

$
6,995

$
12,596

$
12,292

 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges
 
 
 
 
 
 
 
     Excluding interest on deposits (b/d) (2)
28.64x

 
30.85x

11.53x

 8.16x

4.40x

4.11x

     Including interest on deposits (a/c)
6.73x

 
5.72x

3.85x

 3.76x

2.53x

2.13x

 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends:
 
 
 
 
 
 
 
     Excluding interest on deposits (b/d) (2)
28.64x

 
30.85x

11.53x

 8.16x

6.52x

5.50x

     Including interest on deposits (a/c)
6.73x

 
5.72x

3.85x

 3.76x

2.85x

2.27x


(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.