Exhibit 12.1

Enterprise Financial Services Corp
Statement Regarding Computation of Ratios of Earnings to Fixed Charges and Preferred Stock Dividend Requirement (unaudited)
 
Nine Months Ended
September 30,
 
Years ended December 31,
($ in thousands)
2014
 
2013
2012
2011
2010
2009 (2)
Earnings (1):
 
 
 
 
 
 
 
Income (loss) before income taxes
$
32,265

 
$
50,080

$
42,830

$
38,225

$
7,196

$
(48,544
)
Add: Fixed charges from below
10,817

 
18,137

28,002

33,950

35,597

51,356

Earnings including interest expense on deposits (a)
$
43,082

 
$
68,217

$
70,832

$
72,175

$
42,793

$
2,812

 
 
 
 
 
 
 
 
Less: interest expense on deposits
(7,877
)
 
(11,142
)
(15,406
)
(21,658
)
(22,867
)
(30,203
)
Earnings excluding interest expense on deposits (b)
$
35,205

 
$
57,075

$
55,426

$
50,517

$
19,926

$
(27,391
)
 
 
 
 
 
 
 
 
Fixed charges (1):
 
 
 
 
 
 
 
Interest on deposits
$
7,877

 
$
11,142

$
15,406

$
21,658

$
22,867

$
30,203

Interest on borrowings
2,940

 
6,995

7,761

8,497

9,544

18,642

TARP preferred stock dividends (pre-tax)
—

 
—

4,835

3,795

3,186

2,511

Fixed charges including interest on deposits (c)
$
10,817

 
$
18,137

$
28,002

$
33,950

$
35,597

$
51,356

 
 
 
 
 
 
 
 
Less: interest expense on deposits
(7,877
)
 
(11,142
)
(15,406
)
(21,658
)
(22,867
)
(30,203
)
Fixed charges excluding interest expense on deposits (d)
$
2,940

 
$
6,995

$
12,596

$
12,292

$
12,730

$
21,153

 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges
 
 
 
 
 
 
 
     Excluding interest on deposits (b/d) (3)
11.98x

 
 8.16x

 4.40x

 4.11x

 1.57x

 -1.29x

     Including interest on deposits (a/c)
3.98x

 
 3.76x

 2.53x

 2.13x

 1.20x

 0.05x

 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends:
 
 
 
 
 
 
 
     Excluding interest on deposits (b/d) (3)
11.98x

 
 8.16x

 6.52x

 5.50x

 1.75x

 -1.60x

     Including interest on deposits (a/c)
3.98x

 
 3.76x

 2.85x

 2.27x

 1.22x

 0.01x


(1) As defined in Item 503(d) of Regulation S-K.

(2) Due to the Company's $46.7 million loss (including $45.4 million of goodwill impairment charges) for the year ended December 31, 2009, the ratio coverage was less than 1:1. The Company would have had to generate additional earnings of $49.3 million to achieve a coverage ratio of 1:1.

(3) The ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits, is being provided as an additional measure to provide comparability to the ratios disclosed by all other issuers of debt securities.