Exhibit 12
Codorus Valley Bancorp, Inc.
Statements Regarding Computation of Ratios
Years Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Income (Loss) Before Income Taxes | $ | 21,908 | $ | 18,988 | $ | 15,948 | $ | 16,437 | $ | 14,483 | ||||||||||
Total Fixed Charges | 10,979 | 8,779 | 8,428 | 8,280 | 8,934 | |||||||||||||||
Less Preferred Stock Dividends | 0 | 16 | 120 | 174 | 250 | |||||||||||||||
Earnings, Including Interest on Deposits | $ | 32,887 | $ | 27,751 | $ | 24,256 | $ | 24,543 | $ | 23,167 | ||||||||||
Less Interest on Deposits | 8,138 | 6,667 | 6,295 | 6,668 | 7,655 | |||||||||||||||
Earnings, Excluding Interest on Deposits | $ | 24,749 | $ | 21,084 | $ | 17,961 | $ | 17,875 | $ | 15,512 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest on Deposits | $ | 8,138 | $ | 6,667 | $ | 6,295 | $ | 6,668 | $ | 7,655 | ||||||||||
Interest on Borrowings and Long-term Debt | 2,730 | 1,982 | 1,879 | 1,372 | 964 | |||||||||||||||
Interest Expense Embedded in Rental Expense on Long-term Leases (a) | 111 | 114 | 134 | 66 | 65 | |||||||||||||||
Preferred Stock Dividends | 0 | 16 | 120 | 174 | 250 | |||||||||||||||
Total Fixed Charges, Including Interest on Deposits | $ | 10,979 | $ | 8,779 | $ | 8,428 | $ | 8,280 | $ | 8,934 | ||||||||||
Less Interest on Deposits | 8,138 | 6,667 | 6,295 | 6,668 | 7,655 | |||||||||||||||
Total Fixed Charges, Excluding Interest on Deposts | $ | 2,841 | $ | 2,112 | $ | 2,133 | $ | 1,612 | $ | 1,279 | ||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
Excluding Interest on Deposits | 8.71 | 9.98 | 8.42 | 11.09 | 12.13 | |||||||||||||||
Including Interest on Deposits | 3.00 | 3.16 | 2.88 | 2.96 | 2.59 |
(a) | Represents 14%, 15%, 17%, 18%, and 18% of total rent expense in 2017, 2016, 2015, 2014, and 2013, respectively. |
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