Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENT
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| Years Ended December 31, |
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(dollars in thousands) |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
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Earnings: |
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Income before income taxes |
| $ | 86,216 |
| $ | 75,325 |
| $ | 56,172 |
| $ | 38,289 |
| $ | 25,755 |
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Fixed charges, excluding preferred stock dividend requirement |
| 13,095 |
| 12,504 |
| 14,414 |
| 20,077 |
| 19,832 |
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Total earnings including fixed charges (a) |
| $ | 99,311 |
| $ | 87,829 |
| $ | 70,586 |
| $ | 58,366 |
| $ | 45,587 |
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Fixed charges: |
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Interest on deposits |
| $ | 9,638 |
| $ | 10,614 |
| $ | 12,057 |
| $ | 17,248 |
| $ | 16,886 |
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Interest on customer repurchase agreements and federal funds purchased |
| 143 |
| 254 |
| 325 |
| 685 |
| 731 |
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Interest on short-term borrowings |
| 31 |
| — |
| 3 |
| — |
| 27 |
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Interest on long-term borrowings deposits |
| 3,283 |
| 1,636 |
| 2,029 |
| 2,144 |
| 2,188 |
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Preferred stock dividend requirements (pre-tax) |
| 976 |
| 907 |
| 901 |
| 2,356 |
| 2,009 |
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Total fixed charges (b) |
| $ | 14,071 |
| $ | 13,411 |
| $ | 15,315 |
| $ | 22,433 |
| $ | 21,841 |
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Ratio of earnings to fixed charges and preferred stock dividend requirement (pre-tax) (a/b) |
| 7.06 | x | 6.55 | x | 4.61 | x | 2.60 | x | 2.09 | x | |||||
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Earnings, excluding interest on deposits: |
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Total earnings including fixed charges |
| $ | 99,311 |
| $ | 87,829 |
| $ | 70,586 |
| $ | 58,366 |
| $ | 45,587 |
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Less interest on deposits |
| 9,638 |
| 10,614 |
| 12,057 |
| 17,248 |
| 16,886 |
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Total earnings excluding interest on deposits (c) |
| $ | 89,673 |
| $ | 77,215 |
| $ | 58,529 |
| $ | 41,118 |
| $ | 28,701 |
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Fixed charges, excluding interest on deposits: |
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Total fixed charges |
| $ | 14,071 |
| $ | 13,411 |
| $ | 15,315 |
| $ | 22,433 |
| $ | 21,841 |
|
Less interest on deposits |
| 9,638 |
| 10,614 |
| 12,057 |
| 17,248 |
| 16,886 |
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Total fixed charges, excluding interest on deposits (d) |
| $ | 4,433 |
| $ | 2,797 |
| $ | 3,258 |
| $ | 5,185 |
| $ | 4,955 |
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Ratio of earnings to fixed charges and preferred stock dividend requirement (pre-tax), excluding interest on deposits (c/d) |
| 20.23 | x | 27.61 | x | 17.96 | x | 7.93 | x | 5.79 | x |