EXHIBIT 12.1
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
1. Income (loss) before income taxes | $ | 13,072 | $ | 15,527 | $ | 62,066 | $ | 57,282 | $ | 41,903 | $ | 65,773 | $ | 37,732 | ||||||||||||||
2. Plus interest expense | 4,627 | 3,781 | 15,997 | 15,801 | 19,203 | 28,377 | 35,146 | |||||||||||||||||||||
3. Earnings including interest on deposits | 17,699 | 19,308 | 78,063 | 73,083 | 61,106 | 94,150 | 72,878 | |||||||||||||||||||||
4. Less interest on deposits | 3,934 | 3,162 | 13,511 | 11,225 | 12,346 | 20,720 | 26,370 | |||||||||||||||||||||
5. Earnings excluding interest on deposits | $ | 13,765 | $ | 16,146 | $ | 64,552 | $ | 61,858 | $ | 48,760 | $ | 73,430 | $ | 46,508 | ||||||||||||||
Fixed charges and preferred stock dividend requirement (pre-tax): | ||||||||||||||||||||||||||||
6. Including interest on deposits and capitalized interest | $ | 4,627 | $ | 3,974 | $ | 16,736 | $ | 16,563 | $ | 19,922 | $ | 29,198 | $ | 40,145 | ||||||||||||||
7. Less interest on deposits (Line 4) | 3,934 | 3,162 | 13,511 | 11,225 | 12,346 | 20,720 | 26,370 | |||||||||||||||||||||
8. Excluding interest on deposits | $ | 693 | $ | 812 | $ | 3,225 | $ | 5,338 | $ | 7,576 | $ | 8,478 | $ | 13,775 | ||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends (pre-tax): | ||||||||||||||||||||||||||||
Including interest on deposits (Line 3 divided by Line 6) | 3.83 | 4.86 | 4.66 | 4.41 | 3.07 | 3.22 | 1.82 | |||||||||||||||||||||
Excluding interest on deposits (Line 5 divided by Line 8) | 19.86 | 19.88 | 20.01 | 11.59 | 6.44 | 8.66 | 3.38 | |||||||||||||||||||||
Excluding Preferred Stock Dividends: | ||||||||||||||||||||||||||||
Fixed charges EXCLUDING preferred stock dividend requirement (pre-tax): | ||||||||||||||||||||||||||||
6. Including interest on deposits and capitalized interest | $ | 4,627 | $ | 3,781 | $ | 15,997 | $ | 15,801 | $ | 19,203 | $ | 28,377 | $ | 35,146 | ||||||||||||||
7. Less interest on deposits (Line 4) | 3,934 | 3,162 | 13,511 | 11,225 | 12,346 | 20,720 | 26,370 | |||||||||||||||||||||
8. Excluding interest on deposits | $ | 693 | $ | 619 | $ | 2,486 | $ | 4,576 | $ | 6,857 | $ | 7,657 | $ | 8,776 | ||||||||||||||
Ratio of earnings to fixed charges (pre-tax): | ||||||||||||||||||||||||||||
Including interest on deposits (Line 3 divided by Line 6) | 3.83 | 5.11 | 4.88 | 4.63 | 3.18 | 3.32 | 2.07 | |||||||||||||||||||||
Excluding interest on deposits (Line 5 divided by Line 8) | 19.86 | 26.08 | 25.97 | 13.52 | 7.11 | 9.59 | 5.30 |