EX-12.1 7 exhibit121.htm EXHIBIT 12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

Our historical ratios of earnings to fixed charges requirement for the periods indicated are set forth in the table below.  The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. For purposes of computing this ratio, earnings consist of income before income taxes plus fixed charges.  Fixed charges consist of interest expense on deposits and borrowings. We paid no preferred stock dividends during any period presented, and accordingly, the ratio of earnings to fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.
    
Three Months Ended
March 31,
    
Year Ended December 31,
  
   
2018
    
2017
    
2017
    
2016
    
2015
    
2014
    
2013
  
               
(Dollars in thousands)
  
Earnings
                                          
Income before Provision for
    Income Taxes
  
$
8,603
    
$
3,129
    
$
13,421
    
$
12,604
    
$
14,047
    
$
16,543
    
$
10,922
  
Add: Fixed Charges
    
3,129
      
2,136
      
10,022
      
7,507
      
6,751
      
6,241
      
7,526
  
Total Earnings
  
$
11,732
    
$
5,265
    
$
23,443
    
$
20,111
    
$
20,798
    
$
22,784
    
$
18,448
  
                                                         
Fixed Charges
                                                        
Interest Expense on Deposits
  
$
2,276
    
$
1,691
    
$
7,517
    
$
6,101
    
$
5,478
    
$
5,063
    
$
6,794
  
Interest Expense on Borrowings
    
853
      
445
      
2,505
      
1,406
      
1,273
      
1,178
      
732
  
Total Fixed Charges
  
$
3,129
    
$
2,136
    
$
10,022
    
$
7,507
    
$
6,751
    
$
6,241
    
$
7,526
  
                                                         
 
Ratio of Earnings to Fixed Charges (Including   Deposit Interest)
    
3.75
x
    
2.46
x
    
2.34
x
    
2.68
x
    
3.08
x
    
3.65
x
    
2.45
x
Ratio of Earnings to Fixed Charges (Excluding Deposit Interest)
    
13.75
x
    
11.83
x
    
9.36
x
    
14.30
x
    
16.34
x
    
19.34
x
    
25.20
x