EX-12.1 4 ex121_s3-092818.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1

STATEMENT OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

The following table sets forth our consolidated ratios of earnings to combined and preferred stock dividends for the periods shown (dollars in thousands).
 
For the six months ended June 30,
 
 
 
 
 
 
 
 
 
 
 
2018
 
2017
 
2016
 
2015
 
2014
 
2013
INCLUDING INTEREST ON DEPOSITS
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Net income before income taxes
$
24,395

 
$
41,726

 
$
33,780

 
$
25,730

 
$
24,715

 
$
23,568

Plus: Total fixed charges
4,640

 
6,482

 
4,292

 
3,499

 
3,252

 
3,535

Less: Preferred stock dividends
—

 
—

 
1,269

 
3,385

 
6,388

 
6,795

Total earnings
$
29,035

 
$
48,208

 
$
36,803

 
$
25,844

 
$
21,579

 
$
20,308

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
$
4,640

 
$
6,482

 
$
4,292

 
$
3,499

 
$
3,252

 
$
3,535

Interest included in operating lease rental expense
—

 
—

 
—

 
—

 
—

 
—

Total fixed charges
4,640

 
6,482

 
4,292

 
3,499

 
3,252

 
3,535

Preferred stock dividends
—

 
—

 
1,269

 
3,385

 
6,388

 
6,795

Total fixed charges and preferred stock dividends
$
4,640

 
$
6,482

 
$
5,561

 
$
6,884

 
$
9,640

 
$
10,330

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
6.26

 
7.44

 
8.57

 
7.39

 
6.64

 
5.74

Ratio of Earnings to fixed charges and preferred stock dividends
6.26

 
7.44

 
6.62

 
3.75

 
2.24

 
1.97

 
 
 
 
 
 
 
 
 
 
 
 
EXCLUDING INTEREST ON DEPOSITS
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Net income before income taxes
$
24,395

 
$
41,726

 
$
33,780

 
$
25,730

 
$
24,715

 
$
23,568

Plus: Total fixed charges excluding interest on deposits
1,708

 
2,487

 
1,579

 
1,217

 
901

 
832

Less: Preferred stock dividends
—

 
—

 
1,269

 
3,385

 
6,388

 
6,795

Total earnings
$
26,103

 
$
44,213

 
$
34,090

 
$
23,562

 
$
19,228

 
$
17,605

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
$
4,640

 
$
6,482

 
$
4,292

 
$
3,499

 
$
3,252

 
$
3,535

Interest included in operating lease rental expense
—

 
—

 
—

 
—

 
—

 
—

Less: interest expense on deposits
2,932

 
3,995

 
2,713

 
2,282

 
2,351

 
2,703

Total fixed charges
1,708

 
2,487

 
1,579

 
1,217

 
901

 
832

Preferred stock dividends
—

 
—

 
1,269

 
3,385

 
6,388

 
6,795

Total fixed charges and preferred stock dividends
$
1,708

 
$
2,487

 
$
2,848

 
$
4,602

 
$
7,289

 
$
7,627

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
15.28

 
17.78

 
21.59

 
19.36

 
21.34

 
21.16

Ratio of Earnings to fixed charges and preferred stock dividends
15.28

 
17.78

 
11.97

 
5.12

 
2.64

 
2.31






For purposes of computing the consolidated ratio of earnings to fixed charges, "earnings" consist of income before income taxes plus fixed charges. "Fixed charges" consist of interest on borrowings, interest within rent expense, and preferred dividends (where applicable). In addition, where indicated, fixed charges includes interest on deposits.

Preferred stock dividend amounts have been grossed up to compute the pre-tax income equivalent assuming an estimated 35% tax rate.