EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Six Months Ended June 30, 2016 | Year Ended December 31, | |||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Consolidated Earnings: | ||||||||||||||||||
Income before income taxes | $ | 36,413 | $ | 82,511 | $ | 77,233 | $ | 73,490 | $ | 59,243 | $ | 61,249 | ||||||
Add: Fixed charges, excluding interest on deposits | 721 | 1,281 | 1,278 | 1,290 | 1,262 | 1,269 | ||||||||||||
Earnings available for fixed charges, excluding interest on deposits | 37,134 | 83,792 | 78,511 | 74,780 | 60,505 | 62,518 | ||||||||||||
Add: Interest on deposits | 5,909 | 10,886 | 11,012 | 12,538 | 13,477 | 19,794 | ||||||||||||
Earnings available for fixed charges, including interest on deposits | $ | 43,043 | $ | 94,678 | $ | 89,523 | $ | 87,318 | $ | 73,982 | $ | 82,312 | ||||||
Fixed Charges: | ||||||||||||||||||
Interest expense, excluding interest on deposits | $ | 524 | $ | 944 | $ | 948 | $ | 943 | $ | 973 | $ | 964 | ||||||
Interest portion of rental expenses | 197 | 337 | 330 | 347 | 289 | 305 | ||||||||||||
Total fixed charges, excluding interest on deposits | 721 | 1,281 | 1,278 | 1,290 | 1,262 | 1,269 | ||||||||||||
Add: Interest on deposits | 5,909 | 10,886 | 11,012 | 12,538 | 13,477 | 19,794 | ||||||||||||
Total fixed charges, including interest on deposits | $ | 6,630 | $ | 12,167 | $ | 12,290 | $ | 13,828 | $ | 14,739 | $ | 21,063 | ||||||
Ratio of Earnings to Fixed Charges:1 | ||||||||||||||||||
Excluding interest on deposits | 51.5x | 65.4x | 61.4x | 58.0x | 47.9x | 49.3x | ||||||||||||
Including interest on deposits | 6.5x | 7.8x | 7.3x | 6.3x | 5.0x | 3.9x |
1 The Company had no preferred stock outstanding during any period presented, and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.