EX-12.1 2 osbc-20181231ex121298677.htm EX-12.1 osbc _Ex12-1

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 dividends1

 

-

 

-

 

-

 
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 dividends1

 

 

 

-

 

-

 
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 dividends1

 

 

 

-

 

-

 
3,122

 
5,463

Total earnings

 
$
52,629

 
$
41,751

 
$
30,013

 
$
29,502

 
$
21,643

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

Total interest expense2

 
$
16,678

 
$
12,626

 
$
9,938

 
$
9,076

 
$
10,984

Interest included in operating lease rental expense

 

 

-

 

 

-

 

-

 

-

 

-

Preferred stock dividends1

 

-

 

-

 

-

 
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.