EX-12.1
Published on August 17, 2016
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
(in thousands, except ratios)
| Six Months Ended |
Six Months Ended |
Year Ended December 31, | ||||||||||||||||||||||
| June 30, 2016 |
June 30, 2015 |
2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| Including interest on deposits |
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| Income before taxes |
$ | 15,208 | $ | 22,194 | $ | 37,554 | $ | 30,167 | $ | 15,560 | $ | 15,560 | ||||||||||||
| Fixed charges, including interest on deposits |
5,164 | 4,132 | 8,771 | 10,500 | 5,293 | 5,293 | ||||||||||||||||||
| Distributions of earnings from equity method investees |
1,711 | 557 | 557 | 554 | — | — | ||||||||||||||||||
| Earnings from equity method investees |
1,758 | 395 | 1,151 | 545 | 170 | — | ||||||||||||||||||
| Preference dividend requirements of consolidated subsidiaries1 |
— | — | — | 3,140 | 1,005 | 993 | ||||||||||||||||||
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| Earnings, including interest on deposits |
$ | 20,325 | $ | 26,488 | $ | 45,731 | $ | 37,536 | $ | 19,678 | $ | 9,637 | ||||||||||||
| Interest expense, including deposits |
$ | 4,715 | $ | 3,676 | $ | 7,846 | $ | 6,518 | $ | 3,947 | $ | 3,715 | ||||||||||||
| Amortized premiums and discounts related to indebtedness |
136 | 130 | 263 | 252 | — | — | ||||||||||||||||||
| Portion of rent representative of interest2 |
313 | 326 | 662 | 590 | 341 | 242 | ||||||||||||||||||
| Preferred dividends of consolidated subsidiaries1 |
— | — | — | 3,140 | 1,005 | 993 | ||||||||||||||||||
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| Fixed charges, including interest on deposits |
$ | 5,164 | $ | 4,132 | $ | 8,771 | $ | 10,500 | $ | 5,293 | $ | 4,950 | ||||||||||||
| Preferred stock dividends |
614 | 459 | 1,005 | 1,189 | 836 | — | ||||||||||||||||||
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| Fixed charges and preferred stock dividends, including interest on deposits |
$ | 5,778 | $ | 4,591 | $ | 9,776 | $ | 11,689 | $ | 6,129 | $ | 4,950 | ||||||||||||
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| Ratio of earnings to fixed charges, including interest on deposits |
3.94 | 6.41 | 5.21 | 3.57 | 3.72 | 1.95 | ||||||||||||||||||
| Ratio of earnings to fixed charges and preferred stock dividend requirements |
3.52 | 5.77 | 4.68 | 3.21 | 3.21 | 1.95 | ||||||||||||||||||
| 1 | Preference dividends of consolidated subsidiaries were reported as income attributable to noncontrolling interests on the Company’s consolidated statements of income. |
| 2 | The portion of rent representative of interest is calculated as one-third of total rent expense, which management believes is a reasonable estimate. |
| Six Months Ended |
Six Months Ended |
Year Ended December 31, | ||||||||||||||||||||||
| June 30, 2016 |
June 30, 2015 |
2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| Excluding interest on deposits |
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| Income before taxes |
$ | 15,208 | $ | 22,194 | $ | 37,554 | $ | 30,167 | $ | 15,560 | $ | 5,680 | ||||||||||||
| Fixed charges, excluding interest on deposits |
1,151 | 895 | 1,865 | 5,464 | 1,733 | 1,609 | ||||||||||||||||||
| Distributions of earnings from equity method investees |
1,711 | 557 | 557 | 554 | — | — | ||||||||||||||||||
| Earnings from equity method investees |
1,758 | 395 | 1,151 | 545 | 170 | — | ||||||||||||||||||
| Preference dividend requirements of consolidated subsidiaries1 |
— | — | — | 3,140 | 1,005 | 993 | ||||||||||||||||||
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| Earnings, excluding interest on deposits |
$ | 16,312 | $ | 23,251 | $ | 38,825 | $ | 32,500 | $ | 16,118 | $ | 6,296 | ||||||||||||
| Interest expense, excluding deposits |
$ | 702 | $ | 439 | $ | 940 | $ | 1,482 | $ | 387 | $ | 374 | ||||||||||||
| Amortized premiums and discounts related to indebtedness |
136 | 130 | 263 | 252 | — | — | ||||||||||||||||||
| Portion of rent representative of interest2 |
313 | 326 | 662 | 590 | 341 | 242 | ||||||||||||||||||
| Preferred dividends of consolidated subsidiaries1 |
— | — | — | 3,140 | 1,005 | 993 | ||||||||||||||||||
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| Fixed charges, excluding interest on deposits |
$ | 1,151 | $ | 895 | $ | 1,865 | $ | 5,464 | $ | 1,733 | $ | 1,609 | ||||||||||||
| Preferred stock dividends |
614 | 459 | 1,005 | 1,189 | 836 | — | ||||||||||||||||||
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| Fixed charges and preferred stock dividends, excluding interest on deposits |
$ | 1,765 | $ | 1,354 | $ | 2,870 | $ | 6,653 | $ | 2,569 | $ | 1,609 | ||||||||||||
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| Ratio of earnings to fixed charges, excluding interest on deposits |
14.17 | 25.98 | 20.82 | 5.95 | 9.30 | 3.91 | ||||||||||||||||||
| Ratio of earnings to fixed charges and preferred stock dividend requirements |
9.24 | 17.17 | 13.53 | 4.89 | 6.27 | 3.91 | ||||||||||||||||||