EX-12.1 2 osbc-20181231ex121298677.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 |  | 2018 |  | 2017 |  | 2016 |  | 2015 |  | 2014
Income (loss) before income taxes |  | $ 43,936 |  | $ 34,302 |  | $ 24,504 |  | $ 24,361 |  | $ 15,897
Plus: |  |  |  |  |  |  |  |  |  |
Total fixed charges |  | 16,678 |  | 12,626 |  | 9,938 |  | 12,198 |  | 14,260
Less: |  |  |  |  |  |  |  |  |  |
Preferred stock dividends 1 |  | - |  | - |  | - |  | 1,873 |  | 3,276
Total earnings |  | $ 60,614 |  | $ 46,928 |  | $ 34,442 |  | $ 33,437 |  | $ 26,881
Fixed charges |  |  |  |  |  |  |  |  |  |
Total interest expense 2 |  | $ 16,678 |  | $ 12,626 |  | $ 9,938 |  | $ 9,076 |  | $ 10,984
Interest included in operating lease rental expense |  |  |  | - |  | - |  | - |  | -
Preferred stock dividends 1 |  |  |  | - |  | - |  | 3,122 |  | 5,463
Total fixed charges |  | $ 16,678 |  | $ 12,626 |  | $ 9,938 |  | $ 12,198 |  | $ 16,447
Ration of earnings to fixed charges and preferred stock dividends |  | 3.63 |  | 3.72 |  | 3.47 |  | 2.74 |  | 1.63
Ratio of earnings to fixed charges |  | 3.63 |  | 3.72 |  | 3.47 |  | 3.68 |  | 2.45
Earnings |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes |  | $ 43,936 |  | $ 34,302 |  | $ 24,504 |  | $ 24,361 |  | $ 15,897
Plus: |  |  |  |  |  |  |  |  |  |
Total fixed charges excluding interest on deposits |  | 8,693 |  | 7,449 |  | 5,509 |  | 8,263 |  | 11,209
Less: |  |  |  |  |  |  |  |  |  |
Preferred stock dividends 1 |  |  |  | - |  | - |  | 3,122 |  | 5,463
Total earnings |  | $ 52,629 |  | $ 41,751 |  | $ 30,013 |  | $ 29,502 |  | $ 21,643
Fixed charges |  |  |  |  |  |  |  |  |  |
Total interest expense 2 |  | $ 16,678 |  | $ 12,626 |  | $ 9,938 |  | $ 9,076 |  | $ 10,984
Interest included in operating lease rental expense |  | - |  | - |  | - |  | - |  | -
Preferred stock dividends 1 |  | - |  | - |  | - |  | 3,122 |  | 5,463
Less: Interest expense on deposits |  | 7,985 |  | 5,177 |  | 4,429 |  | 3,935 |  | 5,238
Total fixed charges excluding interest on deposits |  | $ 8,693 |  | $ 7,449 |  | $ 5,509 |  | $ 7,014 |  | $ 9,022
Ratio of earnings to fixed charges and preferred stock dividends (excluding interest on deposits) |  | 6.05 |  | 5.60 |  | 5.45 |  | 3.57 |  | 1.93
Ratio of earnings to fixed charges (excluding interest on deposits) |  | 6.05 |  | 5.60 |  | 5.45 |  | 5.74 |  | 3.77
1 The preferred stock dividends amount has been grossed up to compute the pre-tax income equivalent assuming an estimated 40% tax rate. 2 Interest expense includes interest expense on deposits and other debt and amortization of debt issuance costs.