EX-12.1 4 a20181231-ex121.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1

Enterprise Financial Services Corp
Computation of Ratios of Earnings to Fixed Charges and Preferred Stock Dividend Requirement
(unaudited)
 
Years ended December 31,
($ in thousands)
2018
 
2017
 
2016
 
2015
 
2014
Earnings (1):
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
$
104,577

 
$
86,517

 
$
74,839

 
$
58,401

 
$
41,044

Add: Fixed charges from below
45,897

 
25,235

 
13,729

 
12,369

 
14,386

Earnings including interest expense on deposits (a)
$
150,474

 
$
111,752

 
$
88,568

 
$
70,770

 
$
55,430

 
 
 
 
 
 
 
 
 
 
Less: interest expense on deposits
(33,769
)
 
(17,200
)
 
(10,841
)
 
(10,412
)
 
(10,487
)
Earnings excluding interest expense on deposits (b)
$
116,705

 
$
94,552

 
$
77,727

 
$
60,358

 
$
44,943

 
 
 
 
 
 
 
 
 
 
Fixed charges (1):
 
 
 
 
 
 
 
 
 
Interest on deposits
$
33,769

 
$
17,200

 
$
10,841

 
$
10,412

 
$
10,487

Interest on borrowings
12,128

 
8,035

 
2,888

 
1,957

 
3,899

TARP preferred stock dividends (pre-tax)
—

 
—

 
—

 
—

 
—

Fixed charges including interest on deposits (c)
$
45,897

 
$
25,235

 
$
13,729

 
$
12,369

 
$
14,386

 
 
 
 
 
 
 
 
 
 
Less: interest expense on deposits
(33,769
)
 
(17,200
)
 
(10,841
)
 
(10,412
)
 
(10,487
)
Fixed charges excluding interest expense on deposits (d)
$
12,128

 
$
8,035

 
$
2,888

 
$
1,957

 
$
3,899

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges
 
 
 
 
 
 
 
 
 
     Excluding interest on deposits (b/d) (2)
9.62x

 
11.77x

 
26.91x

 
30.85x

 
11.53x

     Including interest on deposits (a/c)
3.28x

 
4.43x

 
6.45x

 
5.72x

 
3.85x

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends:
 
 
 
 
 
 
 
 
 
     Excluding interest on deposits (b/d) (2)
9.62x

 
11.77x

 
26.91x

 
30.85x

 
11.53x

     Including interest on deposits (a/c)
3.28x

 
4.43x

 
6.45x

 
5.72x

 
3.85x

 
 
 
 
 
 
 
 
 
 
(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.