EX-12.1 5 d501617dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

RATIO OF EARNINGS (LOSSES) TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

Our consolidated ratio of earnings (losses) to combined fixed charges and preference dividends for each of the periods indicated is as follows:

 

     Nine
Months
Ended
Sept. 30,
2017		      Years Ended December 31,  
        2016      2015      2014      2013      2012  

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends:

                  

Including Interest on Deposits

      5.50        6.21        6.15        2.91        2.39        0.94  

Excluding Interest on Deposits

      9.93        12.60        10.86        4.47        3.05        0.87  

For the purposes of computing the ratios, earnings represent the sum of income (loss) from continuing operations before taxes plus fixed charges and preferred share dividend requirements. Fixed charges represent total interest expense, including and excluding interest on deposits. Preferred share dividend requirements represent the amount of pre-tax income required to pay dividends on preferred shares. Our Fixed Rate Cumulative Perpetual Preferred Shares, Series A, par value $0.10 per share (the “Series A Preferred Shares”), issued on December 19, 2008, were redeemed in full on December 31, 2013.

 

     Nine
Months
Ended
Sept. 30,
2017		      Years Ended December 31,  

Dollars in thousands

       2016      2015      2014      2013      2012  

Income (Loss) Before Taxes

    $ 45,780      $ 44,091      $ 35,668      $ 10,240      $ 11,604      $ (710 ) 

Plus: Interest on Deposits

      5,054        4,667        3,313        2,402        2,729        5,491  

Plus: Interest on Repurchase Agreements

      551        484        340        260        286        340  

Plus: Interest on FHLB Advances

      2,775        1,256        1,643        1,640        1,608        1,612  

Plus: Interest on Subordinated Debt Supporting Trust Preferred Stock Issuances

      1,802        2,060        1,634        1,053        934        1,035  

Plus: Dividends on Preferred Stock

      —          —          —          —          2,819        2,500  

Plus: Interest Within Rental Expense

      —          —          —          —          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Combined Fixed Charges and Preferred Dividends (Including Interest on Deposits)

      10,182        8,467        6,930        5,355        8,376        10,978  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Adjusted Earnings

    $ 55,962      $ 52,558      $ 42,598      $ 15,595      $ 19,980      $ 10,268  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

* All of the Seacoast Banking Corporation of Florida’s leases are operating; none are capitalized.