EX-12.1 2 osbc-20171231ex1213d816f.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

(dollars in thousands) |  | Year Ended December 31,
Earnings |  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013 |
Income (loss) before income taxes |  | $ 34,302 |  | $ 24,504 |  | $ 24,361 |  | $ 15,897 |  | $ 11,843
Plus: |  |  |  |  |  |  |  |  |  |
Total fixed charges |  | 12,626 |  | 9,938 |  | 12,198 |  | 14,260 |  | 14,296
Less: |  |  |  |  |  |  |  |  |  |
Preferred stock dividends 1 |  | - |  | - |  | 1,873 |  | 3,276 |  | 510
Total earnings |  | $ 46,928 |  | $ 34,442 |  | $ 33,437 |  | $ 26,881 |  | $ 25,629
Fixed charges |  |  |  |  |  |  |  |  |  |
Total interest expense 2 |  | $ 12,626 |  | $ 9,938 |  | $ 9,076 |  | $ 10,984 |  | $ 13,786
Interest included in operating lease rental expense |  | - |  | - |  | - |  | - |  | -
Preferred stock dividends 1 |  | - |  | - |  | 3,122 |  | 5,463 |  | 852
Total fixed charges |  | $ 12,626 |  | $ 9,938 |  | $ 12,198 |  | $ 16,447 |  | $ 14,638
Ration of earnings to fixed charges and preferred stock dividends |  | 3.72 |  | 3.47 |  | 2.74 |  | 1.63 |  | 1.75
Ratio of earnings to fixed charges |  | 3.72 |  | 3.47 |  | 3.68 |  | 2.45 |  | 1.86
Earnings |  |  |  |  |  |  |  |  |
Income (loss) before income taxes |  | $ 34,302 |  | $ 24,504 |  | $ 24,361 |  | $ 15,897 |  | $ 11,843
Plus: |  |  |  |  |  |  |  |  |  |
Total fixed charges excluding interest on deposits |  | 7,449 |  | 5,509 |  | 8,263 |  | 11,209 |  | 7,005
Less: |  |  |  |  |  |  |  |  |  |
Preferred stock dividends 1 |  | - |  | - |  | 3,122 |  | 5,463 |  | 852
Total earnings |  | $ 41,751 |  | $ 30,013 |  | $ 29,502 |  | $ 21,643 |  | $ 17,996
Fixed charges |  |  |  |  |  |  |  |  |  |
Total interest expense 2 |  | $ 12,626 |  | $ 9,938 |  | $ 9,076 |  | $ 10,984 |  | $ 13,786
Interest included in operating lease rental expense |  | - |  | - |  | - |  | - |  | -
Preferred stock dividends 1 |  | - |  | - |  | 3,122 |  | 5,463 |  | 852
Less: Interest expense on deposits |  | 5,177 |  | 4,429 |  | 3,935 |  | 5,238 |  | 7,633
Total fixed charges excluding interest on deposits |  | $ 7,449 |  | $ 5,509 |  | $ 7,014 |  | $ 9,022 |  | $ 6,663
Ratio of earnings to fixed charges and preferred stock dividends (excluding interest on deposits) |  | 5.60 |  | 5.45 |  | 3.57 |  | 1.93 |  | 2.57
Ratio of earnings to fixed charges (excluding interest on deposits) |  | 5.60 |  | 5.45 |  | 5.74 |  | 3.77 |  | 2.92
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.