Exhibit 12.1
HOMESTREET, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
(unaudited)
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Ratio of earnings to fixed charges (including interest on deposits) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) before income tax expense | $ | 34,794 | $ | 103,672 | $ | 15,905 | $ | (33,550 | ) | $ | (157,231 | ) | ||||||||
Add: Fixed charges, net | 18,522 | 22,460 | 32,655 | 56,724 | 81,677 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) before income taxes and fixed charges | $ | 53,316 | $ | 126,132 | $ | 48,560 | $ | 23,174 | $ | (75,554 | ) | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Fixed charges: | ||||||||||||||||||||
Interest on borrowings | $ | 4,116 | $ | 3,207 | $ | 5,883 | $ | 15,519 | $ | 25,516 | ||||||||||
Interest on deposits | 10,416 | 16,741 | 24,815 | 39,050 | 54,353 | |||||||||||||||
Estimated interest portion of rental expense | 3,990 | 2,512 | 1,957 | 2,155 | 1,808 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total fixed charges | $ | 18,522 | $ | 22,460 | $ | 32,655 | $ | 56,724 | $ | 81,677 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of earnings to fixed charges (including interest on deposits) | 2.88 | 5.62 | 1.49 | 0.41 | (0.93 | )* |
* | Earnings to fixed charges was a deficiency of $75.6 million for the year ended December 31, 2009. |
Ratio of earnings to fixed charges (excluding interest on deposits) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) before income tax expense | $ | 34,794 | $ | 103,672 | $ | 15,905 | $ | (33,550 | ) | $ | (157,231 | ) | ||||||||
Add: Fixed charges, net | 8,106 | 5,719 | 7,840 | 17,674 | 27,324 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) before income taxes and fixed charges | $ | 42,900 | $ | 109,391 | $ | 23,745 | $ | (15,876 | ) | $ | (129,907 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Fixed charges: | ||||||||||||||||||||
Interest on borrowings | $ | 4,116 | $ | 3,207 | $ | 5,883 | $ | 15,519 | $ | 25,516 | ||||||||||
Estimated interest portion of rental expense | 3,990 | 2,512 | 1,957 | 2,155 | 1,808 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total fixed charges | $ | 8,106 | $ | 5,719 | $ | 7,840 | $ | 17,674 | $ | 27,324 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of earnings to fixed charges (excluding interest on deposits) | 5.29 | 19.13 | 3.03 | (0.90 | )* | (4.75 | )* |
* | Earnings to fixed charges was a deficiency of $15.9 million and $129.9 million for the years ended December 31, 2010 and 2009, respectively. |