EX-12.2 4 vly-12312015ex122.htm EXHIBIT 12.2 Exhibit


 
 
 
 
 
 
 
 
EXHIBIT 12.2
 
Computation of Ratios of Earnings to Fixed Charges Including Preferred Stock
 
 
 
 
Years ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
Excluding interest on deposits
 
2.14

 
2.21

 
2.41

 
2.60

 
2.42

Including interest on deposits
 
1.74

 
1.87

 
2.02

 
2.11

 
1.95

Note: The ratio of earnings to fixed charges is calculated by adding income before income taxes plus fixed charges and dividing that sum by fixed charges.
 
 
Years ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
(in thousands)
Income before income taxes
 
$
126,895

 
$
147,234

 
$
178,940

 
$
210,375

 
$
195,217

 
 
 
 
 
 
 
 
 
 
 
Interest on deposits
 
$
60,256

 
$
47,553

 
$
47,791

 
$
57,556

 
$
68,167

Borrowings and long-term debt
 
96,498

 
114,293

 
120,586

 
123,756

 
130,846

Preferred dividend
 
3,813

 
—

 
—

 
—

 
—

1/3 of net rental expense
 
10,582

 
7,082

 
6,631

 
7,949

 
7,061

 Total fixed charges, including interest on deposits
 
$
171,149

 
$
168,928

 
$
175,008

 
$
189,261

 
$
206,074

 Total fixed charges, excluding interest on deposits
 
$
110,893

 
$
121,375

 
$
127,217

 
$
131,705

 
$
137,907