Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
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(dollars in thousands) |
| Year Ended December 31, | ||||||||||||||||||||
Earnings |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
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Income (loss) before income taxes |
| $ 34,302 |
| $ 24,504 |
| $ 24,361 |
| $ 15,897 |
| $ 11,843 | ||||||||||||
Plus: |
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Total fixed charges |
| 12,626 |
| 9,938 |
| 12,198 |
| 14,260 |
| 14,296 | ||||||||||||
Less: |
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Preferred stock dividends1 |
| - |
| - |
| 1,873 |
| 3,276 |
| 510 | ||||||||||||
Total earnings |
| $ 46,928 |
| $ 34,442 |
| $ 33,437 |
| $ 26,881 |
| $ 25,629 | ||||||||||||
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Fixed charges |
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Total interest expense 2 |
| $ 12,626 |
| $ 9,938 |
| $ 9,076 |
| $ 10,984 |
| $ 13,786 | ||||||||||||
Interest included in operating lease rental expense |
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- |
| - |
| - |
| - |
| - | ||||||||||||
Preferred stock dividends1 |
| - |
| - |
| 3,122 |
| 5,463 |
| 852 | ||||||||||||
Total fixed charges |
| $ 12,626 |
| $ 9,938 |
| $ 12,198 |
| $ 16,447 |
| $ 14,638 | ||||||||||||
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Ration of earnings to fixed charges and preferred stock dividends |
| 3.72 |
| 3.47 |
| 2.74 |
| 1.63 |
| 1.75 | ||||||||||||
Ratio of earnings to fixed charges |
| 3.72 |
| 3.47 |
| 3.68 |
| 2.45 |
| 1.86 | ||||||||||||
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Earnings |
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Income (loss) before income taxes |
| $ 34,302 |
| $ 24,504 |
| $ 24,361 |
| $ 15,897 |
| $ 11,843 | ||||||||||||
Plus: |
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Total fixed charges excluding interest on deposits |
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7,449 |
| 5,509 |
| 8,263 |
| 11,209 |
| 7,005 | ||||||||||||
Less: |
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Preferred stock dividends1 |
| - |
| - |
| 3,122 |
| 5,463 |
| 852 | ||||||||||||
Total earnings |
| $ 41,751 |
| $ 30,013 |
| $ 29,502 |
| $ 21,643 |
| $ 17,996 | ||||||||||||
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Fixed charges |
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Total interest expense2 |
| $ 12,626 |
| $ 9,938 |
| $ 9,076 |
| $ 10,984 |
| $ 13,786 | ||||||||||||
Interest included in operating lease rental expense |
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- |
| - |
| - |
| - |
| - | ||||||||||||
Preferred stock dividends1 |
| - |
| - |
| 3,122 |
| 5,463 |
| 852 | ||||||||||||
Less: Interest expense on deposits |
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5,177 |
| 4,429 |
| 3,935 |
| 5,238 |
| 7,633 | ||||||||||||
Total fixed charges excluding interest on deposits |
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$ 7,449 |
| $ 5,509 |
| $ 7,014 |
| $ 9,022 |
| $ 6,663 | ||||||||||||
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Ratio of earnings to fixed charges and preferred stock dividends (excluding interest on deposits) |
| 5.60 |
| 5.45 |
| 3.57 |
| 1.93 |
| 2.57 | ||||||||||||
Ratio of earnings to fixed charges (excluding interest on deposits) |
| 5.60 |
| 5.45 |
| 5.74 |
| 3.77 |
| 2.92 | ||||||||||||
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1 The preferred stock dividends amount has been grossed up to compute the pre-tax income equivalent assuming and estimated 40% tax rate. 2 Interest expense includes interest expense on deposits and other debt and amortization of debt issuance costs.
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