EX-12.1 2 osbc-20161231ex121042c66.htm EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(In thousands, except ratios)
| Year Ended December 31,
Earnings |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012
Income (loss) before income taxes | $ | 24,504 |  | $ | 24,361 |  | $ | 15,897 |  | $ | 11,843 |  | $ | (72)
Plus: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total fixed charges |  | 9,938 |  |  | 12,198 |  |  | 16,447 |  |  | 14,638 |  |  | 22,370
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock dividends 1 |  | - |  |  | 3,122 |  |  | 5,463 |  |  | 852 |  |  | 6,635
Total earnings | $ | 34,442 |  | $ | 33,437 |  | $ | 26,881 |  | $ | 25,629 |  | $ | 15,663
Fixed charges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total interest expense 2 | $ | 9,938 |  | $ | 9,076 |  | $ | 10,984 |  | $ | 13,786 |  | $ | 15,735
Interest included in operating lease rental expense |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Preferred stock dividends 1 |  | - |  |  | 3,122 |  |  | 5,463 |  |  | 852 |  |  | 6,635
Total fixed charges | $ | 9,938 |  | $ | 12,198 |  | $ | 16,447 |  | $ | 14,638 |  | $ | 22,370
Ratio of earnings to fixed charges and preferred stock dividends |  | 3.47 |  |  | 2.74 |  |  | 1.63 |  |  | 1.75 |  |  | 0.70
Ratio of earnings to fixed charges |  | 3.47 |  |  | 3.68 |  |  | 2.45 |  |  | 1.86 |  |  | 1.00
Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes | $ | 24,504 |  | $ | 24,361 |  | $ | 15,897 |  | $ | 11,843 |  | $ | (72)
Plus: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total fixed charges excluding interest on deposits |  | 5,509 |  |  | 8,263 |  |  | 11,209 |  |  | 7,005 |  |  | 12,499
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock dividends 1 |  | - |  |  | 3,122 |  |  | 5,463 |  |  | 852 |  |  | 6,635
Total earnings | $ | 30,013 |  | $ | 29,502 |  | $ | 21,643 |  | $ | 17,996 |  | $ | 5,792
Fixed charges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total interest expense 2 | $ | 9,938 |  | $ | 9,076 |  | $ | 10,984 |  | $ | 13,786 |  | $ | 15,735
Interest included in operating lease rental expense |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Preferred stock dividends 1 |  | - |  |  | 3,122 |  |  | 5,463 |  |  | 852 |  |  | 6,635
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense on deposits |  | 4,429 |  |  | 3,935 |  |  | 5,238 |  |  | 7,633 |  |  | 9,871
Total fixed charges excluding interest on deposits | $ | 5,509 |  | $ | 8,263 |  | $ | 11,209 |  | $ | 7,005 |  | $ | 12,499
Ratio of earnings to fixed charges and preferred stock dividends |  |  |  |  |  |  |  |  |  |  |  |  |  |
(excluding interest on deposits) |  | 5.45 |  |  | 3.57 |  |  | 1.93 |  |  | 2.57 |  |  | 0.46
Ratio of earnings (loss) to fixed charges (excluding interest on deposits) |  | 5.45 |  |  | 5.74 |  |  | 3.77 |  |  | 2.92 |  |  | 0.99

1 The preferred stock dividends amount has been grossed up to compute the pre-tax income equivalent assuming and estimated 40% tax rate.

2 Interest expense includes interest expense on deposits and other debt and amortization of debt issuance costs.