EX-12.1 6 ex12-1.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
EXHIBIT 12.1
 
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
   
Six months ended
                      
(dollars in thousands)
  
December 31,
    
Years ended June 30,    
  
   
2014
    
2013
    
2014
    
2013
    
2012
    
2011
    
2010
  
Earnings
                            
Income before income taxes
  
$
9,574
    
$
7,063
    
$
13,826
    
$
14,022
    
$
14,695
    
$
17,422
    
$
6,137
  
  Interest on deposits
    
3,305
      
2,954
      
5,963
      
6,073
      
8,243
      
9,213
      
8,076
  
  Interest portion of rental expense1
    
17
      
19
      
40
      
70
      
86
      
31
      
9
  
  Interest on debt
    
982
      
745
      
1,522
      
1,428
      
1,700
      
2,072
      
3,149
  
Fixed charges excluding preferred tax dividend
    
4,304
      
3,718
      
7,525
      
7,571
      
10,029
      
11,316
      
11,234
  
Total earnings including interest on deposits
  
$
13,878
    
$
10,781
    
$
21,351
    
$
21,593
    
$
24,724
    
$
28,738
    
$
17,371
  
Total earnings excluding interest on deposits
  
$
10,573
    
$
7,827
    
$
15,388
    
$
15,520
    
$
16,481
    
$
19,525
    
$
9,295
  
                                                         
Fixed charges and preferred stock dividends
                                                  
Interest on deposits
  
$
3,305
    
$
2,954
    
$
5,963
    
$
6,073
    
$
8,243
    
$
9,213
    
$
8,076
  
  Interest portion of rental expense1
    
17
      
19
      
40
      
70
      
86
      
31
      
9
  
Interest on debt
    
982
      
745
      
1,522
      
1,428
      
1,700
      
2,072
      
3,149
  
Total fixed charges
    
4,304
      
3,718
      
7,525
      
7,571
      
10,029
      
11,316
      
11,234
  
                                                         
Preferred stock dividend2
    
160
      
160
      
320
      
552
      
830
      
819
      
816
  
Combined fixed charges and preferred stock dividends
  
$
4,464
    
$
3,878
    
$
7,845
    
$
8,123
    
$
10,859
    
$
12,135
    
$
12,050
  
Combined fixed charges excluding interest on deposits
  
$
999
    
$
764
    
$
1,562
    
$
1,498
    
$
1,786
    
$
2,103
    
$
3,158
  
Combined fixed charges and preferred stock dividends excluding interest on deposits
  
$
1,159
    
$
924
    
$
1,882
    
$
2,050
    
$
2,616
    
$
2,922
    
$
3,974
  
                                                         
Ratio of earnings to fixed charges
                                                        
Excluding interest on deposits
    
10.58
 x     
10.25
 x     
9.85
 x     
10.36
 x     
9.23
 x     
9.28
 x     
2.94
 x 
Including interest on deposits
    
3.22
 x     
2.90
 x     
2.84
 x     
2.85
 x     
2.47
 x     
2.54
 x     
1.55
 x 
Ratio of earnings to combined fixed charges and
preferred stock dividends
                  
Excluding interest on deposits
    
9.12
 x     
8.47
 x     
8.18
 x     
7.57
 x     
6.30
 x     
6.68
 x     
2.34
 x 
Including interest on deposits
    
3.11
 x     
2.78
 x     
2.72
 x     
2.66
 x     
2.28
 x     
2.37
 x     
1.44
 x 
                                                         
1Estimated at 30% of rent expense
                                                        
2Amount of pre-tax earnings required to pay the dividend