EX-12.1
Published on March 2, 2018
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
(in thousands, except ratios)
| Including interest on deposits |
Year Ended December 31, | |||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| Income before taxes |
$ | 61,098 | $ | 33,509 | $ | 37,554 | $ | 30,167 | $ | 15,560 | ||||||||||
| Add: Fixed charges, including interest on deposits |
22,294 | 12,818 | 8,771 | 10,500 | 5,293 | |||||||||||||||
| Add: Distributions of earnings from equity method investees |
3,443 | 2,722 | 557 | 554 | — | |||||||||||||||
| Less: Earnings from equity method investees |
2,226 | 3,184 | 1,151 | 545 | 170 | |||||||||||||||
| Less: Preference dividend requirements of consolidated subsidiaries(1) |
— | — | — | 3,140 | 1,005 | |||||||||||||||
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| Earnings, including interest on deposits |
$ | 84,609 | $ | 45,865 | $ | 45,731 | $ | 37,536 | $ | 19,678 | ||||||||||
| Interest expense, including deposits |
$ | 21,033 | $ | 11,905 | $ | 7,846 | $ | 6,518 | $ | 3,947 | ||||||||||
| Amortized premiums and discounts related to indebtedness |
507 | 229 | 263 | 252 | — | |||||||||||||||
| Portion of rent representative of interest(2) |
754 | 684 | 662 | 590 | 341 | |||||||||||||||
| Preference dividend requirements of consolidated subsidiaries(1) |
— | — | — | 3,140 | 1,005 | |||||||||||||||
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| Fixed charges, including interest on deposits |
$ | 22,294 | $ | 12,818 | $ | 8,771 | $ | 10,500 | $ | 5,293 | ||||||||||
| Preferred stock dividends |
1,206 | 1,436 | 1,005 | 1,189 | 836 | |||||||||||||||
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| Fixed charges and preferred stock dividends, including interest on deposits |
$ | 23,500 | $ | 14,254 | $ | 9,776 | $ | 11,689 | $ | 6,129 | ||||||||||
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| Ratio of earnings to fixed charges, including interest on deposits |
3.80 | 3.58 | 5.21 | 3.57 | 3.72 | |||||||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends, including interest on deposits |
3.60 | 3.22 | 4.68 | 3.21 | 3.21 | |||||||||||||||
| Excluding interest on deposits |
Year Ended December 31, | |||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| Income before taxes |
$ | 61,098 | $ | 33,509 | $ | 37,554 | $ | 30,167 | $ | 15,560 | ||||||||||
| Add: Fixed charges, excluding interest on deposits |
9,212 | 3,662 | 1,865 | 5,464 | 1,733 | |||||||||||||||
| Add: Distributions of earnings from equity method investees |
3,443 | 2,722 | 557 | 554 | — | |||||||||||||||
| Less: Earnings from equity method investees |
2,226 | 3,184 | 1,151 | 545 | 170 | |||||||||||||||
| Less: Preference dividend requirements of consolidated subsidiaries(1) |
— | — | — | 3,140 | 1,005 | |||||||||||||||
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| Earnings, excluding interest on deposits |
$ | 71,527 | $ | 36,709 | $ | 38,825 | $ | 32,500 | $ | 16,118 | ||||||||||
| Interest expense, excluding deposits |
$ | 7,951 | $ | 2,749 | $ | 940 | $ | 1,482 | $ | 387 | ||||||||||
| Amortized premiums and discounts related to indebtedness |
507 | 229 | 263 | 252 | — | |||||||||||||||
| Portion of rent representative of interest(2) |
754 | 684 | 662 | 590 | 341 | |||||||||||||||
| Preference dividend requirements of consolidated subsidiaries(1) |
— | — | — | 3,140 | 1,005 | |||||||||||||||
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| Fixed charges, excluding interest on deposits |
$ | 9,212 | $ | 3,662 | $ | 1,865 | $ | 5,464 | $ | 1,733 | ||||||||||
| Preferred stock dividends |
1,206 | 1,436 | 1,005 | 1,189 | 836 | |||||||||||||||
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| Fixed charges and preferred stock dividends, excluding interest on deposits |
$ | 10,418 | $ | 5,098 | $ | 2,870 | $ | 6,653 | $ | 2,569 | ||||||||||
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| Ratio of earnings to fixed charges, excluding interest on deposits |
7.76 | 10.02 | 20.82 | 5.95 | 9.30 | |||||||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits |
6.87 | 7.20 | 13.53 | 4.89 | 6.27 | |||||||||||||||
| (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. |