EX-12.1 9 a20161231-ex121.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1

Enterprise Financial Services Corp
Computation of Ratios of Earnings to Fixed Charges and Preferred Stock Dividend Requirement
(unaudited)
 
Years ended December 31,
($ in thousands)
2016
 
2015
 
2014
 
2013
 
2012
Earnings (1):
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
$
74,839

 
$
58,401

 
$
41,044

 
$
50,080

 
$
42,830

Add: Fixed charges from below
13,729

 
12,369

 
14,386

 
18,137

 
28,002

Earnings including interest expense on deposits (a)
$
88,568

 
$
70,770

 
$
55,430

 
$
68,217

 
$
70,832

 
 
 
 
 
 
 
 
 
 
Less: interest expense on deposits
(10,841
)
 
(10,412
)
 
(10,487
)
 
(11,142
)
 
(15,406
)
Earnings excluding interest expense on deposits (b)
$
77,727

 
$
60,358

 
$
44,943

 
$
57,075

 
$
55,426

 
 
 
 
 
 
 
 
 
 
Fixed charges (1):
 
 
 
 
 
 
 
 
 
Interest on deposits
$
10,841

 
$
10,412

 
$
10,487

 
$
11,142

 
$
15,406

Interest on borrowings
2,888

 
1,957

 
3,899

 
6,995

 
7,761

TARP preferred stock dividends (pre-tax)
—

 
—

 
—

 
—

 
4,835

Fixed charges including interest on deposits (c)
$
13,729

 
$
12,369

 
$
14,386

 
$
18,137

 
$
28,002

 
 
 
 
 
 
 
 
 
 
Less: interest expense on deposits
(10,841
)
 
(10,412
)
 
(10,487
)
 
(11,142
)
 
(15,406
)
Fixed charges excluding interest expense on deposits (d)
$
2,888

 
$
1,957

 
$
3,899

 
$
6,995

 
$
12,596

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges
 
 
 
 
 
 
 
 
 
     Excluding interest on deposits (b/d) (2)
26.91x

 
30.85x

 
11.53x

 
 8.16x

 
 4.40x

     Including interest on deposits (a/c)
6.45x

 
5.72x

 
3.85x

 
 3.76x

 
 2.53x

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends:
 
 
 
 
 
 
 
 
 
     Excluding interest on deposits (b/d) (2)
26.91x

 
30.85x

 
11.53x

 
 8.16x

 
 6.52x

     Including interest on deposits (a/c)
6.45x

 
5.72x

 
3.85x

 
 3.76x

 
 2.85x

 
 
 
 
 
 
 
 
 
 
(1) As defined in Item 503(d) of Regulation S-K.
(2) 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.