EX-12.1 4 d890313dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The consolidated ratios of earnings to fixed charges for each of the years indicated are as follows:

 

     For the Twelve Months Ended December 31,  
(dollars in thousands)    2014      2013      2012      2011      2010  

Earnings:

               

Income before income taxes

    $ 42,848       $ 37,030       $ 32,217       $ 29,144       $ 13,490   

Plus: interest expense

      6,078         5,427         8,587         11,661         12,646   

Plus: estimate of interest within rental expense1

      1,101         1,128         903         736         825   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings including interest on deposits

 $ 50,027    $ 43,585    $ 41,707    $ 41,541    $ 26,961   

Less interest on deposits

   2,897      2,758      4,032      5,788      6,101   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings excluding interest on deposits

 $ 47,130    $ 40,827    $ 37,675    $ 35,753    $ 20,860   

Fixed charges (pre-tax):

Fixed charges including interest on deposits

 $ 7,179    $ 6,555    $ 9,490    $ 12,397    $ 13,471   

Less: interest on deposits

   2,897      2,758      4,032      5,788      6,101   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Fixed charges excluding interest on deposits

 $ 4,282    $ 3,797    $ 5,458    $ 6,609    $ 7,370   

Ratio of Earnings to Fixed Charges:

Excluding interest on deposits

   11.0      10.8      6.9      5.4      2.8   

Including interest on deposits

   7.0      6.6      4.4      3.4      2.0   

 

1  interest expense within rental expense is estimated at 1/3 of rental expense