EX-12.1 3 t1702210_ex12-1.htm EXHIBIT 12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Three Months Ended
	March 31,								Year ended December 31,
	2017		2016		2016		2015		2014		2013		2012		2011		2010		2009
Computation of Earnings
Net income	$	2,414	$	19,814	$	88,526	$	75,063	$	65,000	$	48,349	$	67,303	$	66,739	$	59,251	$	221,337
Add: Income tax expense		10,470		9,878		42,205		35,870		30,028		19,234		36,442		38,300		32,702		132,639
Income from continuing operations before income taxes		12,884		29,692		130,731		110,933		95,028		67,583		103,745		105,039		91,953		353,976
Fixed charges, excluding interest on deposits		2,971		2,710		10,666		3,783		3,081		3,641		2,964		4,140		9,656		9,665
Total earnings for computation, excluding interest on deposits		15,855		32,402		141,397		114,716		98,109		71,224		106,709		109,179		101,609		363,641
Interest on deposits		6,925		5,530		22,613		19,474		16,153		13,247		24,625		40,781		58,336		47,580
Total earnings for computation, including interest on deposits	$	22,780	$	37,932	$	164,010	$	134,190	$	114,262	$	84,471	$	131,334	$	149,960	$	159,945	$	411,221


Computation of Fixed Charges
Portion of rental expense deemed representative of interest *	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Interest on short-term borrowed funds		1,432		1,170		4,506		1,364		1,268		1,177		262		163		94		1,318
Interest on long-term borrowed funds		1,539		1,540		6,160		2,419		1,813		2,464		2,702		3,977		9,562		8,347
Total fixed charges, excluding interest on deposits		2,971		2,710		10,666		3,783		3,081		3,641		2,964		4,140		9,656		9,665

Interest on deposits		6,925		5,530		22,613		19,474		16,153		13,247		24,625		40,781		58,336		47,580
Total fixed charges, including interest on deposits	$	9,896	$	8,240	$	33,279	$	23,257	$	19,234	$	16,888	$	27,589	$	44,921	$	67,992	$	57,245

Ratio of Earnings to Fixed Charges
Excluding deposit interest		5.34		11.96		13.26		30.32		31.84		19.56		36.00		26.37		10.52		37.62
Including deposit interest		2.30		4.60		4.93		5.77		5.94		5.00		4.76		3.34		2.35		7.18

* All of First Financial Bancorp's leases are operating; none are capitalized.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Six Months Ended
	June 30,				Year ended December 31,
	2015		2014		2014
Computation of Earnings
Net income	$	36,570	$	31,057	$	65,000
Add: Income tax expense		17,734		15,042		30,028
Income from continuing operations before income taxes		54,304		46,099		95,028
Fixed charges, excluding interest on deposits		1,151		1,670		3,081
Total earnings for computation, excluding interest on deposits		55,455		47,769		98,109
Interest on deposits		9,441		6,922		16,153
Total earnings for computation, including interest on deposits	$	64,896	$	54,691	$	114,262


Computation of Fixed Charges
Portion of rental expense deemed representative of interest *	$	-	$	-	$	-
Interest on short-term borrowed funds		556		621		1,268
Interest on long-term borrowed funds		595		1,049		1,813
Total fixed charges, excluding interest on deposits		1,151		1,670		3,081

Interest on deposits		9,441		6,922		16,153
Total fixed charges, including interest on deposits	$	10,592	$	8,592	$	19,234

Ratio of Earnings to Fixed Charges
Excluding deposit interest		48.18		28.60		31.84
Including deposit interest		6.13		6.37		5.94

* All of First Financial Bancorp's leases are operating; none are capitalized.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Nine Months Ended
	September 30,				Year ended December 31,
	2014		2013		2013		2012		2011		2010		2009
Computation of Earnings
Net income	$	46,401	$	44,564	$	48,349	$	67,303	$	66,739	$	59,251	$	221,337
Add: Income tax expense		22,260		20,451		19,234		36,442		38,300		32,702		132,639
Income from continuing operations before income taxes		68,661		65,015		67,583		103,745		105,039		91,953		353,976
Fixed charges, excluding interest on deposits		2,480		2,845		3,641		2,964		4,140		9,656		9,665
Total earnings for computation, excluding interest on deposits		71,141		67,860		71,224		106,709		109,179		101,609		363,641
Interest on deposits		11,140		10,000		13,247		24,625		40,781		58,336		47,580
Total earnings for computation, including interest on deposits	$	82,281	$	77,860	$	84,471	$	131,334	$	149,960	$	159,945	$	411,221


Computation of Fixed Charges
Portion of rental expense deemed representative of interest *	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Interest on short-term borrowed funds		975		920		1,177		262		163		94		1,318
Interest on long-term borrowed funds		1,505		1,925		2,464		2,702		3,977		9,562		8,347
Total fixed charges, excluding interest on deposits		2,480		2,845		3,641		2,964		4,140		9,656		9,665

Interest on deposits		11,140		10,000		13,247		24,625		40,781		58,336		47,580
Total fixed charges, including interest on deposits	$	13,620	$	12,845	$	16,888	$	27,589	$	44,921	$	67,992	$	57,245

Ratio of Earnings to Fixed Charges
Excluding deposit interest		28.69		23.85		19.56		36.00		26.37		10.52		37.62
Including deposit interest		6.04		6.06		5.00		4.76		3.34		2.35		7.18

* All of First Financial Bancorp's leases are operating; none are capitalized.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Three Months Ended
	March 31,				Year ended December 31,
	2014		2013		2013		2012		2011		2010		2009
Computation of Earnings
Net income	$	15,104	$	13,824	$	48,349	$	67,303	$	66,739	$	59,251	$	221,337
Add: Income tax expense		7,081		6,351		19,234		36,442		38,300		32,702		132,639
Income from continuing operations before income taxes		22,185		20,175		67,583		103,745		105,039		91,953		353,976
Fixed charges, excluding interest on deposits		853		983		3,641		2,964		4,140		9,656		9,665
Total earnings for computation, excluding interest on deposits		23,038		21,158		71,224		106,709		109,179		101,609		363,641
Interest on deposits		3,316		3,860		13,247		24,625		40,781		58,336		47,580
Total earnings for computation, including interest on deposits	$	26,354	$	25,018	$	84,471	$	131,334	$	149,960	$	159,945	$	411,221


Computation of Fixed Charges
Portion of rental expense deemed representative of interest *	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Interest on short-term borrowed funds		329		329		1,177		262		163		94		1,318
Interest on long-term borrowed funds		524		654		2,464		2,702		3,977		9,562		8,347
Total fixed charges, excluding interest on deposits		853		983		3,641		2,964		4,140		9,656		9,665

Interest on deposits		3,316		3,860		13,247		24,625		40,781		58,336		47,580
Total fixed charges, including interest on deposits	$	4,169	$	4,843	$	16,888	$	27,589	$	44,921	$	67,992	$	57,245

Ratio of Earnings to Fixed Charges
Excluding deposit interest		27.01		21.52		19.56		36.00		26.37		10.52		37.62
Including deposit interest		6.32		5.17		5.00		4.76		3.34		2.35		7.18

* All of First Financial Bancorp's leases are operating; none are capitalized.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Three Months Ended
	March 31,				Year ended December 31,
	2011		2010		2010		2009		2008		2007		2006
Computation of Earnings
Net income	$	17,207	$	11,598	$	59,251	$	221,337	$	22,962	$	35,681	$	21,271
Add: Income tax expense		9,333		6,258		32,702		132,639		10,403		18,008		9,449
Income from continuing operations before income taxes		26,540		17,856		91,953		353,976		33,365		53,689		30,720
Fixed charges, excluding interest on deposits		1,328		2,891		9,656		9,665		9,106		8,758		10,440
Total earnings for computation, excluding interest on deposits		27,868		20,747		101,609		363,641		42,471		62,447		41,160
Interest on deposits		11,400		15,648		58,336		47,580		57,997		79,184		70,012
Total earnings for computation, including interest on deposits	$	39,268	$	36,395	$	159,945	$	411,221	$	100,468	$	141,631	$	111,172


Computation of Fixed Charges
Portion of rental expense deemed representative of interest *	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Interest on short-term borrowed funds		45		19		94		1,318		4,828		4,232		3,768
Interest on long-term borrowed funds		1,283		2,872		9,562		8,347		4,278		4,526		6,672
Total fixed charges, excluding interest on deposits		1,328		2,891		9,656		9,665		9,106		8,758		10,440

Interest on deposits		11,400		15,648		58,336		47,580		57,997		79,184		70,012
Total fixed charges, including interest on deposits	$	12,728	$	18,539	$	67,992	$	57,245	$	67,103	$	87,942	$	80,452

Ratio of Earnings to Fixed Charges
Excluding deposit interest		20.98		7.18		10.52		37.62		4.66		7.13		3.94
Including deposit interest		3.09		1.96		2.35		7.18		1.50		1.61		1.38

* All of First Financial Bancorp's leases are operating; none are capitalized.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Three Months Ended
	March 31,				Year ended December 31,
	2009		2008		2008		2007		2006		2005		2004
Computation of Earnings
Income from continuing operations	$	5,735	$	7,338	$	22,962	$	35,681	$	21,271	$	30,808	$	41,101
Add: Income tax expense		3,033		3,543		10,403		18,008		9,449		21,614		19,295
Income from continuing operations before income taxes		8,768		10,881		33,365		53,689		30,720		52,422		60,396
Fixed charges, excluding interest on deposits		2,050		1,610		9,106		8,758		10,440		19,076		19,463
Total earnings for computation, excluding interest on deposits		10,818		12,491		42,471		62,447		41,160		71,498		79,859
Interest on deposits		9,803		17,739		57,997		79,184		70,012		48,654		36,827
Total earnings for computation, including interest on deposits	$	20,621	$	30,230	$	100,468	$	141,631	$	111,172	$	120,152	$	116,686


Computation of Fixed Charges
Portion of rental expense deemed representative of interest *	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Interest on short-term borrowed funds		507		792		4,828		4,232		3,768		1,961		2,574
Interest on long-term borrowed funds		1,543		818		4,278		4,526		6,672		17,115		16,889
Total fixed charges, excluding interest on deposits		2,050		1,610		9,106		8,758		10,440		19,076		19,463

Interest on deposits		9,803		17,739		57,997		79,184		70,012		48,654		36,827
Total fixed charges, including interest on deposits	$	11,853	$	19,349	$	67,103	$	87,942	$	80,452	$	67,730	$	56,290

Ratio of Earnings to Fixed Charges
Excluding deposit interest		5.28		7.76		4.66		7.13		3.94		3.75		4.10
Including deposit interest		1.74		1.56		1.50		1.61		1.38		1.77		2.07

* All of First Financial Bancorp's leases are operating; none are capitalized.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Nine Months Ended
	September 30,				Year ended December 31,
	2008		2007		2007		2006		2005		2004		2003
Computation of Earnings
Income from continuing operations	$	20,878	$	24,980	$	35,681	$	21,271	$	30,808	$	41,101	$	36,939
Add: Income tax expense		10,032		12,380		18,008		9,449		21,614		19,295		16,889
Income from continuing operations before income taxes		30,910		37,360		53,689		30,720		52,422		60,396		53,828
Fixed charges, excluding interest on deposits		6,164		6,642		8,758		10,440		19,076		19,463		17,561
Total earnings for computation, excluding interest on deposits		37,074		44,002		62,447		41,160		71,498		79,859		71,389
Interest on deposits		45,982		58,946		79,184		70,012		48,654		36,827		42,446
Total earnings for computation, including interest on deposits	$	83,056	$	102,948	$	141,631	$	111,172	$	120,152	$	116,686	$	113,835


Computation of Fixed Charges
Portion of rental expense deemed representative of interest *	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Interest on short-term borrowed funds		3,642		3,021		4,232		3,768		1,961		2,574		1,908
Interest on long-term borrowed funds		2,522		3,621		4,526		6,672		17,115		16,889		15,653
Total fixed charges, excluding interest on deposits		6,164		6,642		8,758		10,440		19,076		19,463		17,561

Interest on deposits		45,982		58,946		79,184		70,012		48,654		36,827		42,446
Total fixed charges, including interest on deposits	$	52,146	$	65,588	$	87,942	$	80,452	$	67,730	$	56,290	$	60,007

Ratio of Earnings to Fixed Charges
Excluding deposit interest		6.01		6.62		7.13		3.94		3.75		4.10		4.07
Including deposit interest		1.59		1.57		1.61		1.38		1.77		2.07		1.90

* All of First Financial Bancorp's leases are operating; none are capitalized.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Six Months Ended
	June 30,				Year ended December 31,
	2008		2007		2007		2006		2005		2004		2003
Computation of Earnings
Income from continuing operations	$	15,146	$	16,607	$	35,681	$	21,271	$	30,808	$	41,101	$	36,939
Add: Income tax expense		7,435		8,169		18,008		9,449		21,614		19,295		16,889
Income from continuing operations before income taxes		22,581		24,776		53,689		30,720		52,422		60,396		53,828
Fixed charges, excluding interest on deposits		3,426		4,403		8,758		10,440		19,076		19,463		17,561
Total earnings for computation, excluding interest on deposits		26,007		29,179		62,447		41,160		71,498		79,859		71,389
Interest on deposits		32,374		38,418		79,184		70,012		48,654		36,827		42,446
Total earnings for computation, including interest on deposits	$	58,381	$	67,597	$	141,631	$	111,172	$	120,152	$	116,686	$	113,835


Computation of Fixed Charges
Portion of rental expense deemed representative of interest *	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Interest on short-term borrowed funds		1,922		1,980		4,232		3,768		1,961		2,574		1,908
Interest on long-term borrowed funds		1,504		2,423		4,526		6,672		17,115		16,889		15,653
Total fixed charges, excluding interest on deposits		3,426		4,403		8,758		10,440		19,076		19,463		17,561

Interest on deposits		32,374		38,418		79,184		70,012		48,654		36,827		42,446
Total fixed charges, including interest on deposits	$	35,800	$	42,821	$	87,942	$	80,452	$	67,730	$	56,290	$	60,007

Ratio of Earnings to Fixed Charges
Excluding deposit interest		7.59		6.63		7.13		3.94		3.75		4.10		4.07
Including deposit interest		1.63		1.58		1.61		1.38		1.77		2.07		1.90

* All of First Financial Bancorp's leases are operating; none are capitalized.