Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The consolidated ratios of fixed charges to earnings for each of the years indicated are as follows:
Six Months Ended June 30, | For the Twelve Months Ended December 31, | ||||||||||||||||||||||||||||
(dollars in thousands) | 2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||
Income before income taxes | $ | 23,977 | $ | 21,886 | $ | 42,848 | $ | 37,030 | $ | 32,217 | $ | 29,144 | $ | 13,490 | |||||||||||||||
Plus: interest expense | 3,882 | 2,937 | 6,078 | 5,427 | 8,587 | 11,661 | 12,646 | ||||||||||||||||||||||
Plus: estimate of interest within rental expense1 | 879 | 548 | 1,101 | 1,128 | 903 | 736 | 825 | ||||||||||||||||||||||
Earnings including interest on deposits | $ | 28,738 | $ | 25,371 | $ | 50,027 | $ | 43,585 | $ | 41,707 | $ | 41,541 | $ | 26,961 | |||||||||||||||
Less interest on deposits | 2,090 | 1,402 | 2,897 | 2,758 | # | 4,032 | 5,788 | 6,101 | |||||||||||||||||||||
Earnings excluding interest on deposits | $ | 26,648 | $ | 23,969 | $ | 47,130 | $ | 40,827 | $ | 37,675 | $ | 35,753 | $ | 20,860 | |||||||||||||||
Fixed charges (pre-tax): | |||||||||||||||||||||||||||||
Fixed charges including interest on deposits | $ | 4,761 | $ | 3,485 | $ | 7,179 | $ | 6,555 | $ | 9,490 | $ | 12,397 | $ | 13,471 | |||||||||||||||
Less: interest on deposits | 2,090 | 1,402 | 2,897 | 2,758 | 4,032 | 5,788 | 6,101 | ||||||||||||||||||||||
Fixed charges excluding interest on deposits | $ | 2,671 | $ | 2,083 | $ | 4,282 | $ | 3,797 | $ | 5,458 | $ | 6,609 | $ | 7,370 | |||||||||||||||
Ratio of Earnings to Fixed Charges: | |||||||||||||||||||||||||||||
Excluding interest on deposits | 10.0 | 11.5 | 11.0 | 10.8 | 6.9 | 5.4 | 2.8 | ||||||||||||||||||||||
Including interest on deposits | 6.0 | 7.3 | 7.0 | 6.6 | 4.4 | 3.4 | 2.0 |
1 interest expense within rental expense is estimated at 1/3 of rental expense