EX-12 3 d837442dex12.htm EX-12

EXHIBIT 12

RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

The consolidated ratios of fixed charges and preferred stock dividends to earnings for each of the five years indicated below are as follows:

|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2011 |  |  | 2010 |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income before income taxes |  | $ | 24,256 |  |  | $ | 26,924 |  |  | $ | 27,989 |  |  | $ | 16,983 |  |  | $ | 13,397 |
Plus interest expense |  |  | 13,222 |  |  |  | 13,503 |  |  |  | 14,322 |  |  |  | 16,501 |  |  |  | 20,875 |
Earnings including interest on deposits |  |  | 37,478 |  |  |  | 40,427 |  |  |  | 42,311 |  |  |  | 33,484 |  |  |  | 34,272 |
Less interest on deposits |  |  | 5,257 |  |  |  | 5,672 |  |  |  | 6,206 |  |  |  | 8,346 |  |  |  | 10,711 |
Earnings excluding interest on deposits |  | $ | 32,221 |  |  | $ | 34,755 |  |  | $ | 36,105 |  |  | $ | 25,138 |  |  | $ | 23,561 |
Fixed charges and preferred stock dividend requirements (pre-tax): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Including interest on deposits and capitalized interest |  | $ | 13,222 |  |  | $ | 13,503 |  |  | $ | 14,322 |  |  | $ | 16,501 |  |  | $ | 22,677 |
Less interest on deposits |  |  | 5,257 |  |  |  | 5,672 |  |  |  | 6,206 |  |  |  | 8,346 |  |  |  | 10,711 |
Excluding interest on deposits |  | $ | 7,965 |  |  | $ | 7,831 |  |  | $ | 8,116 |  |  | $ | 8,155 |  |  | $ | 11,966 |
Ratio of earnings to fixed charges and preferred stock dividend requirements (pre-tax): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Including interest on deposits |  |  | 2.83 |  |  |  | 2.99 |  |  |  | 2.95 |  |  |  | 2.03 |  |  |  | 1.51 |
Excluding interest on deposits |  |  | 4.05 |  |  |  | 4.44 |  |  |  | 4.45 |  |  |  | 3.08 |  |  |  | 1.97 |