EX-12.1 2 a2226430zex-12_1.htm EX-12.1
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Exhibit 12.1

CALCULATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

 
  Nine Months Ended September 30,   Year Ended December 31,  
 
  2015   2014   2014   2013   2012   2011  
 
  (Dollars in thousands)
 

Earnings:

                                     

Income before income taxes

  $ 19,366   $ 15,370   $ 20,965   $ 17,746   $ 15,398   $ 11,572  

Fixed Charges:

                                     

Interest on deposits

  $ 1,664   $ 1,527   $ 2,032   $ 2,369   $ 2,800   $ 3,942  

Interest on notes payable to subsidiary grantor trusts, repurchase agreements, and other borrowings

        1     121     231     1,387     1,933  

Rent expense interest factor(1)

    761     670     897     906     912     922  

Total fixed charges:

                                     

Including interest on deposits

  $ 2,425   $ 2,198   $ 3,050   $ 3,506   $ 5,099   $ 6,797  

Excluding interest on deposits

  $ 761   $ 671   $ 1,018   $ 1,137   $ 2,299   $ 2,855  

Ratio of earnings (loss) to fixed charges:

                                     

Excluding interest on deposits

    26.45     23.92     21.59     16.61     7.70     5.05  

Including interest on deposits

    8.98     7.99     7.87     6.06     4.02     2.70  

(1)
This amount is the portion of rent expense (generally one-third) deemed representative of the interest factor.

        For purposes of calculating the ratios of earnings to fixed charges and preferred stock dividends, earnings consist of income before income taxes and fixed charges. Fixed charges consist of interest on subordinated debt, repurchase agreements and other borrowings, the proportion deemed representative of the interest factor within rent expense. These ratios are presented both including and excluding interest on deposits.



CALCULATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS

 
  Nine Months Ended September 30,   Year Ended December 31,  
 
  2015   2014   2014   2013   2012   2011  
 
  (Dollars in thousands)
 

Earnings:

                                     

Income before income taxes

  $ 19,366   $ 15,370   $ 20,965   $ 17,746   $ 15,398   $ 11,572  

Fixed Charges:

                                     

Interest on deposits

  $ 1,664     1,527   $ 2,032   $ 2,369   $ 2,800   $ 3,942  

Interest on notes payable to subsidiary grantor trusts, repurchase agreements, and other borrowings

        1     121     231     1,387     1,933  

Preferred stock dividends(1)

    1,344     728     1,008     336     373     1,939  

Rent expense interest factor(2)

    761     670     897     906     912     922  

Total fixed charges:

                                     

Including interest on deposits

  $ 3,769   $ 2,926   $ 4,058   $ 3,842   $ 5,472   $ 8,736  

Excluding interest on deposits

  $ 2,105   $ 1,399   $ 2,026   $ 1,473   $ 2,672   $ 4,794  

Ratio of earnings (loss) to fixed charges and preferred stock dividends:

                                     

Excluding interest on deposits

    10.20     11.99     11.35     13.05     6.76     3.41  

Including interest on deposits

    6.14     6.25     6.17     5.62     3.81     2.32  

(1)
This amount is the portion of rent expense (generally one-third) deemed representative of the interest factor.

        For purposes of calculating the ratios of earnings to fixed charges and preferred stock dividends, earnings consist of income before income taxes and fixed charges. Fixed charges consist of interest on subordinated debt, repurchase agreements and other borrowings, the proportion deemed representative of the interest factor within rent expense, and preferred stock dividends. These ratios are presented both including and excluding interest on deposits.




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CALCULATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
CALCULATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS