Exhibit 12.1
For the six months ended June 30, | For the year ended December 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
INCLUDING INTEREST ON DEPOSITS | ||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Net income before income taxes | 2,591,149 | 17,991,507 | 19,556,187 | 17,640,841 | 13,998,068 | 9,256,975 | ||||||||||||||||||
Plus: Total Fixed Charges (see below) | 7,679,289 | 16,894,128 | 17,766,521 | 19,726,613 | 23,578,392 | 30,233,598 | ||||||||||||||||||
Less: Preferred stock dividends** | — | 1,664,426 | 4,874,311 | 5,378,592 | 8,129,054 | 6,350,929 | ||||||||||||||||||
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Total Earnings | 10,270,438 | 33,221,209 | 32,448,397 | 31,988,862 | 29,447,406 | 33,139,644 | ||||||||||||||||||
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Fixed Charges | ||||||||||||||||||||||||
Total interest expense | 7,679,289 | 16,894,128 | 17,766,521 | 19,726,613 | 23,578,392 | 30,233,598 | ||||||||||||||||||
Interest included in operating lease rental expense | — | — | — | — | — | — | ||||||||||||||||||
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Total Fixed Charges | 7,679,289 | 16,894,128 | 17,766,521 | 19,726,613 | 23,578,392 | 30,233,598 | ||||||||||||||||||
Preferred stock dividends** | — | 1,664,426 | 4,874,311 | 5,378,592 | 8,129,054 | 6,350,929 | ||||||||||||||||||
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Total Fixed Charges and Preferred Stock Dividends | 7,679,289 | 18,558,554 | 22,640,832 | 25,105,205 | 31,707,446 | 36,584,527 | ||||||||||||||||||
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Ratio of Earnings to Fixed Charges | 1.34 | 1.97 | 1.83 | 1.62 | 1.25 | 1.10 | ||||||||||||||||||
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Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 1.34 | 1.79 | 1.43 | 1.27 | 0.93 | 0.91 | ||||||||||||||||||
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EXCLUDING INTEREST ON DEPOSITS | ||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Net income before income taxes | 2,591,149 | 17,991,507 | 19,556,187 | 17,640,841 | 13,998,068 | 9,256,975 | ||||||||||||||||||
Plus: Total Fixed Charges excluding interest on deposits (see below) | 5,523,357 | 12,385,207 | 13,052,215 | 13,507,900 | 14,639,336 | 17,551,973 | ||||||||||||||||||
Less: Preferred stock dividends** | — | 1,664,426 | 4,874,311 | 5,378,592 | 8,129,054 | 6,350,929 | ||||||||||||||||||
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Total Earnings | 8,114,506 | 28,712,288 | 27,734,091 | 25,770,149 | 20,508,350 | 20,458,019 | ||||||||||||||||||
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Fixed Charges | ||||||||||||||||||||||||
Total interest expense | 7,679,289 | 16,894,128 | 17,766,521 | 19,726,613 | 23,578,392 | 30,233,598 | ||||||||||||||||||
Interest included in operating lease rental expense | — | — | — | — | — | — | ||||||||||||||||||
Less: Interest expense on deposits | 2,155,932 | 4,508,921 | 4,714,306 | 6,218,713 | 8,939,056 | 12,681,625 | ||||||||||||||||||
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Total Fixed Charges (excluding interest on deposits) | 5,523,357 | 12,385,207 | 13,052,215 | 13,507,900 | 14,639,336 | 17,551,973 | ||||||||||||||||||
Preferred stock dividends** | — | 1,664,426 | 4,874,311 | 5,378,592 | 8,129,054 | 6,350,929 | ||||||||||||||||||
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Total Fixed Charges and Preferred Stock Dividends (excluding interest on deposits) | 5,523,357 | 14,049,633 | 17,926,526 | 18,886,492 | 22,768,390 | 23,902,902 | ||||||||||||||||||
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Ratio of Earnings to Fixed Charges | 1.47 | 2.32 | 2.12 | 1.91 | 1.40 | 1.17 | ||||||||||||||||||
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Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 1.47 | 2.04 | 1.55 | 1.36 | 0.90 | 0.86 | ||||||||||||||||||
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** | The preferred stock dividend amounts have been grossed up to compute the pre-tax income equivalent assuming an estimated 35% tax rate. |