Year Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Earnings | ||||||||||||||||||||
Pre-tax income from continuing operations | $ | 124,282 | $ | 105,246 | $ | 56,744 | $ | 56,205 | $ | 29,303 | ||||||||||
Fixed charges | 35,936 | 21,256 | 15,879 | 15,436 | 10,756 | |||||||||||||||
Amortization of capitalized interest | — | — | — | — | — | |||||||||||||||
Capitalized interest | — | — | — | — | — | |||||||||||||||
Total earnings | 160,218 | 126,502 | 72,623 | 71,641 | 40,059 | |||||||||||||||
Less: Interest on deposits | 19,877 | 12,410 | 9,752 | 9,488 | 8,400 | |||||||||||||||
Total earnings excluding deposit interest | $ | 140,341 | $ | 114,092 | $ | 62,871 | $ | 62,153 | $ | 31,659 | ||||||||||
Fixed Charges | ||||||||||||||||||||
Interest expense | $ | 34,222 | $ | 19,694 | $ | 14,856 | $ | 14,680 | $ | 10,137 | ||||||||||
Interest capitalized | — | — | — | — | — | |||||||||||||||
Interest included in rental expense | 1,714 | 1,562 | 1,023 | 756 | 619 | |||||||||||||||
Total fixed charges | 35,936 | 21,256 | 15,879 | 15,436 | 10,756 | |||||||||||||||
Less: Interest on deposits | 19,877 | 12,410 | 9,752 | 9,488 | 8,400 | |||||||||||||||
Total fixed charges excluding deposit interest | $ | 16,059 | $ | 8,846 | $ | 6,127 | $ | 5,948 | $ | 2,356 | ||||||||||
Fixed Charges and Preferred Stock Dividends | ||||||||||||||||||||
Interest expense | $ | 34,222 | $ | 19,694 | $ | 14,856 | $ | 14,680 | $ | 10,137 | ||||||||||
Interest capitalized | — | — | — | — | — | |||||||||||||||
Interest included in rental expense | 1,714 | 1,562 | 1,023 | 756 | 619 | |||||||||||||||
Preferred stock dividends (pre-tax equivalent) | — | — | — | 286 | 1,738 | |||||||||||||||
Total fixed charges and preferred stock dividends | 35,936 | 21,256 | 15,879 | 15,722 | 12,494 | |||||||||||||||
Less: Interest on deposits | 19,877 | 12,410 | 9,752 | 9,488 | 8,400 | |||||||||||||||
Total fixed charges and preferred stock dividends excluding deposit interest | $ | 16,059 | $ | 8,846 | $ | 6,127 | $ | 6,234 | $ | 4,094 | ||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
Including interest on deposits | 4.46 | 5.95 | 4.57 | 4.64 | 3.72 | |||||||||||||||
Excluding interest on deposits | 8.74 | 12.90 | 10.26 | 10.45 | 13.44 | |||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | ||||||||||||||||||||
Including interest on deposits | 4.46 | 5.95 | 4.57 | 4.56 | 3.21 | |||||||||||||||
Excluding interest on deposits | 8.74 | 12.90 | 10.26 | 9.97 | 7.73 |