EX-12.1 2 exhibit121123115.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1
Central Pacific Financial Corp. & Subsidiaries
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

 
For the Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
 
(Dollars in thousands)
Ratio 1 - including deposit interest
 

 
 

 
 

 
 

 
 

Earnings:
 

 
 

 
 

 
 

 
 

Pre-tax income (loss) from continuing operations
$
72,956

 
$
60,842

 
$
59,828

 
$
47,421

 
$
36,571

Fixed charges
6,533

 
6,421

 
7,201

 
8,802

 
18,757

Total
$
79,489

 
$
67,263

 
$
67,029

 
$
56,223

 
$
55,328

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 

 
 

 
 

 
 

Interest on deposits
$
3,627

 
$
3,727

 
$
4,044

 
$
5,033

 
$
9,610

Interest on other short-term borrowings
254

 
92

 
6

 
—

 
204

Interest on long-term debt
2,626

 
2,572

 
3,119

 
3,701

 
8,815

Interest on preferred stock dividends
—

 
—

 
—

 
—

 
69

Portion of rents representative of the interest factor of rental expense
26

 
30

 
32

 
68

 
59

Total fixed charges
$
6,533

 
$
6,421

 
$
7,201

 
$
8,802

 
$
18,757

 
 
 
 
 
 
 
 
 
 
Preferred stock dividend requirements
—

 
—

 
—

 
—

 
1,502

 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred stock dividends
$
6,533

 
$
6,421

 
$
7,201

 
$
8,802

 
$
20,259

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
12.2

 
10.5

 
9.3

 
6.4

 
2.9

Coverage deficiency
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends
12.2

 
10.5

 
9.3

 
6.4

 
2.7

Coverage deficiency
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
Ratio 2 - excluding deposit interest
 
 
 

 
 

 
 

 
 

Earnings:
 
 
 

 
 

 
 

 
 

Pre-tax income (loss) from continuing operations
$
72,956

 
$
60,842

 
$
59,828

 
$
47,421

 
$
36,571

Fixed charges
2,906

 
2,694

 
3,157

 
3,769

 
9,147

Total
$
75,862

 
$
63,536

 
$
62,985

 
$
51,190

 
$
45,718

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 

 
 

 
 

 
 

Interest on other short-term borrowings
$
254

 
$
92

 
$
6

 
$
—

 
$
204

Interest on long-term debt
2,626

 
2,572

 
3,119

 
3,701

 
8,815

Interest on preferred stock dividends
—

 
—

 
—

 
—

 
69

Portion of rents representative of the interest factor of rental expense
26

 
30

 
32

 
68

 
59

Total fixed charges
$
2,906

 
$
2,694

 
$
3,157

 
$
3,769

 
$
9,147

 
 
 
 
 
 
 
 
 
 
Preferred stock dividend requirements
—

 
—

 
—

 
—

 
1,502

 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred stock dividends
$
2,906

 
$
2,694

 
$
3,157

 
$
3,769

 
$
10,649

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
26.1

 
23.6

 
20.0

 
13.6

 
5.0

Coverage deficiency
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends
26.1

 
23.6

 
20.0

 
13.6

 
4.3

Coverage deficiency
$
—

 
$
—

 
$
—

 
$
—

 
$
—