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:
Three Months Ended March 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||
(dollars in thousands) | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before income taxes | 19,915 | 57,246 | 54,204 | 25,926 | 42,848 | 37,030 | ||||||||||||||||||
Plus: interest expense | 6,095 | 14,432 | 10,755 | 8,415 | 6,078 | 5,427 | ||||||||||||||||||
Plus: estimate of interest within rental expense1 | 447 | 1,587 | 1,538 | 1,680 | 1,101 | 1,128 | ||||||||||||||||||
Earnings including interest on deposits | 26,457 | 73,265 | 66,497 | 36,021 | 50,027 | 43,585 | ||||||||||||||||||
Less interest on deposits | 3,472 | 8,748 | 5,833 | 4,212 | 2,898 | 2,758 | ||||||||||||||||||
Earnings excluding interest on deposits | 22,985 | 64,517 | 60,664 | 31,809 | 47,129 | 40,827 | ||||||||||||||||||
Fixed charges (pre-tax): | ||||||||||||||||||||||||
Fixed charges including interest on deposits | 6,542 | 16,019 | 12,293 | 10,095 | 7,179 | 6,555 | ||||||||||||||||||
Less: interest on deposits | 3,472 | 8,748 | 5,833 | 4,212 | 2,898 | 2,758 | ||||||||||||||||||
Fixed charges excluding interest on deposits | 3,070 | 7,271 | 6,460 | 5,883 | 4,281 | 3,797 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges: | ||||||||||||||||||||||||
Excluding interest on deposits | 7.5 | 8.9 | 9.4 | 5.4 | 11.0 | 10.8 | ||||||||||||||||||
Including interest on deposits | 4.0 | 4.6 | 5.4 | 3.6 | 7.0 | 6.6 |
1 Interest expense within rental expense is estimated at 1/3 of rental expense