EX-12.1 5 s-3exhibit121.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
For the Nine Months Ended
 
For the Fiscal Years Ended September 30,
 
June 30, 2018
 
June 30, 2017
 
2017
 
2016
 
2015
 
2014
 
2013
 
(dollars in thousands)
EARNINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
175,357

 
$
159,832

 
$
214,227

 
$
180,116

 
$
161,552

 
$
159,299

 
$
150,141

Fixed charges
50,954

 
32,121

 
45,579

 
33,771

 
30,117

 
32,303

 
39,433

Amortization of capitalized interest
—

 
—

 
—

 
—

 
—

 
—

 
—

Capitalized interest
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total earnings
226,311

 
191,953

 
259,806

 
213,887

 
191,669

 
191,602

 
189,574

Less: Interest on deposits
40,116

 
24,596

 
35,035

 
25,114

 
23,362

 
25,764

 
33,117

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total earnings excluding deposit interest
$
186,195

 
$
167,357

 
$
224,771

 
$
188,773

 
$
168,307

 
$
165,838

 
$
156,457

 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES ¹
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed
$
50,756

 
$
31,928

 
$
45,320

 
$
33,524

 
$
29,884

 
$
32,052

 
$
39,161

Interest capitalized
—

 
—

 
—

 
—

 
—

 
—

 
—

Interest included in rental expense
198

 
193

 
259

 
247

 
233

 
251

 
272

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
50,954

 
32,121

 
45,579

 
33,771

 
30,117

 
32,303

 
39,433

Less: Interest on deposits
40,116

 
24,596

 
35,035

 
25,114

 
23,362

 
25,764

 
33,117

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges excluding deposit interest
$
10,838

 
$
7,525

 
$
10,544

 
$
8,657

 
$
6,755

 
$
6,539

 
$
6,316

 
 
 
 
 
 
 
 
 
 
 
 
 
 
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS ²
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed
$
50,756

 
$
31,928

 
$
45,320

 
$
33,524

 
$
29,884

 
$
32,052

 
$
39,161

Interest capitalized
—

 
—

 
—

 
—

 
—

 
—

 
—

Interest included in rental expense
198

 
193

 
259

 
247

 
233

 
251

 
272

Preferred stock dividends (pre-tax equivalent)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total combined fixed charges and preferred stock dividends
50,954

 
32,121

 
45,579

 
33,771

 
30,117

 
32,303

 
39,433

Less: Interest on deposits
40,116

 
24,596

 
35,035

 
25,114

 
23,362

 
25,764

 
33,117

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total combined fixed charges and preferred dividends excluding deposit interest
$
10,838

 
$
7,525

 
$
10,544

 
$
8,657

 
$
6,755

 
$
6,539

 
$
6,316

 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
Including interest on deposits
$
4.44

 
$
5.98

 
$
5.70

 
$
6.33

 
$
6.36

 
$
5.93

 
$
4.81

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
$
17.18

 
$
22.24

 
$
21.32

 
$
21.81

 
$
24.92

 
$
25.36

 
$
24.77

 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
 
 
 
 
 
 
 
 
 
 
 
 
Including interest on deposits
$
4.44

 
$
5.98

 
$
5.70

 
$
6.33

 
$
6.36

 
$
5.93

 
$
4.81

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
$
17.18

 
$
22.24

 
$
21.32

 
$
21.81

 
$
24.92

 
$
25.36

 
$
24.77

(1)     Fixed charges are the sum of (a) interest expensed and capitalized, (b) amortized premiums, discounts and capitalized expenses related to indebtedness and (c) an estimate of the interest within rental expense.
​
(2)    Combined fixed charges and preferred stock requirements are the sum of (a) fixed charges and (b) preference security dividend requirements of the company.