EX-12.1 3 exh_121.htm EXHIBIT 12.1

Exhibit 12.1

 

Flushing Financial Corporation

Computations of Consolidated Ratios of Earnings to Fixed Charges

(Dollars in thousands)

 

   Quarter Ended  Year Ended December 31,
   March 31, 2017  2016  2015  2014  2013  2012
   (Dollars in thousands)
Earnings:                  
Add:                  
Net income before income taxes, net of building sales  $17,514   $58,001(1)  $66,839(2)  $72,812   $60,708   $56,178 
Fixed charges (from below)   13,865    53,911    49,726    49,554    52,284    63,275 
Total earnings for purposes of ratios  $31,379    111,912   $116,565   $122,366   $112,992   $119,453 
Fixed Charges:                              
Total deposit interest expense  $8,980   $33,350   $30,336   $30,044   $32,037   $40,382 
Other borrowing interest expense   4,885    20,561    19,390    19,510    20,247    22,893 
Total fixed charges for purposes of ratios  $13,865   $53,911   $49,726   $49,554   $52,284   $63,275 
Ratio of Earnings to Fixed Charges:                              
Excluding interest on deposits   4.59x   3.82x   4.45x   4.73x   4.00x   3.45x
Including interest on deposits   2.26x   2.08x   2.34x   2.47x   2.16x   1.89x

 

(1) Excludes $48,018 attributable to the gain on sale of buildings during the period. Including the gain on sale of buildings, earnings to fixed charges, excluding interest on deposits, is 6.16x and earnings to fixed charges including interest on deposits is 2.97x.

 

(2) Excludes $6,537 attributable to the gain on sale of buildings during the period. Including the gain on sale of buildings, earnings to fixed charges, excluding interest on deposits, is 4.78x and earnings to fixed charges, including interest on deposits, is 2.48x.

 

The ratios of earnings to fixed charges are computed by dividing (1) income (loss) before income taxes and fixed charges by (2) total fixed charges. For purposes of computing the foregoing ratios, earnings represent continuing operations income (loss) before applicable income taxes and fixed charges. Fixed charges, including interest on deposits, include all interest expense. Fixed charges, excluding interest on deposits, includes interest expense (other than on deposits).