EX-12 2 a18-1081_1ex12.htm EX-12

Exhibit 12

 

RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDEND REQUIREMENT

 

 

 

Years Ended December 31,

 

(dollars in thousands)

 

2017

 

2016

 

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

185,736

 

$

159,102

 

$

135,216

 

$

86,216

 

$

75,325

 

Fixed charges, excluding preferred stock dividend requirement

 

40,147

 

27,640

 

19,238

 

13,095

 

12,504

 

Total earnings including fixed charges (a)

 

$

225,883

 

$

186,742

 

$

154,454

 

$

99,311

 

$

87,829

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

$

27,286

 

$

19,248

 

$

14,343

 

$

9,638

 

$

10,614

 

Interest on customer repurchase agreements and federal funds purchased

 

197

 

167

 

132

 

143

 

254

 

Interest on short-term borrowings

 

748

 

732

 

86

 

31

 

—

 

Interest on long-term borrowings deposits

 

11,916

 

7,493

 

4,677

 

3,283

 

1,636

 

Preferred stock dividend requirements (pre-tax)

 

—

 

—

 

965

 

976

 

907

 

Total fixed charges (b)

 

$

40,147

 

$

27,640

 

$

20,203

 

$

14,071

 

$

13,411

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividend requirement (pre-tax) (a/b)

 

5.63

 

6.76

 

7.65

 

7.06

 

6.55

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings, excluding interest on deposits:

 

 

 

 

 

 

 

 

 

 

 

Total earnings including fixed charges

 

$

225,883

 

$

186,742

 

$

154,454

 

$

99,311

 

$

87,829

 

Less interest on deposits

 

27,286

 

19,248

 

14,343

 

9,638

 

10,614

 

Total earnings excluding interest on deposits (c)

 

$

198,597

 

$

167,494

 

$

140,111

 

$

89,673

 

$

77,215

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, excluding interest on deposits:

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

40,147

 

$

27,640

 

$

20,203

 

$

14,071

 

$

13,411

 

Less interest on deposits

 

27,286

 

19,248

 

14,343

 

9,638

 

10,614

 

Total fixed charges, excluding interest on deposits (d)

 

$

12,861

 

$

8,392

 

$

5,860

 

$

4,433

 

$

2,797

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividend requirement (pre-tax), excluding interest on deposits (c/d)

 

15.44

 

19.96

 

23.91

 

20.23

 

27.61