EX-12.1 6 ex12-1.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
EXHIBIT 12.1
 
Ratio of earnings to fixed charges and ratio of earnings
  to combined fixed charges and preferred stock dividends
            
   
Three Months Ended
        
   
March 31,
    
Year Ended December 31,
  
   
2016
    
2015
    
2015
    
2014
    
2013
    
2012
    
2011
  
   
(Dollars in Thousands)
  
Earnings:
                                          
1. Income (loss) before income taxes
  
$
13,072
    
$
15,527
    
$
62,066
    
$
57,282
    
$
41,903
    
$
65,773
    
$
37,732
  
2. Plus interest expense
    
4,627
      
3,781
      
15,997
      
15,801
      
19,203
      
28,377
      
35,146
  
                                                         
3. Earnings including interest on deposits
    
17,699
      
19,308
      
78,063
      
73,083
      
61,106
      
94,150
      
72,878
  
4. Less interest on deposits
    
3,934
      
3,162
      
13,511
      
11,225
      
12,346
      
20,720
      
26,370
  
5. Earnings excluding interest on deposits
  
$
13,765
    
$
16,146
    
$
64,552
    
$
61,858
    
$
48,760
    
$
73,430
    
$
46,508
  
                                                         
Fixed charges and preferred stock
  dividend requirement (pre-tax):
                                                        
6. Including interest on deposits and capitalized interest
  
$
4,627
    
$
3,974
    
$
16,736
    
$
16,563
    
$
19,922
    
$
29,198
    
$
40,145
  
7. Less interest on deposits (Line 4)
    
3,934
      
3,162
      
13,511
      
11,225
      
12,346
      
20,720
      
26,370
  
8. Excluding interest on deposits
  
$
693
    
$
812
    
$
3,225
    
$
5,338
    
$
7,576
    
$
8,478
    
$
13,775
  
                                                         
Ratio of earnings to combined fixed charges
  and preferred stock dividends (pre-tax):
                                                        
                                                         
Including interest on deposits (Line 3 divided by Line 6)
    
3.83
      
4.86
      
4.66
      
4.41
      
3.07
      
3.22
      
1.82
  
                                                         
Excluding interest on deposits (Line 5 divided by Line 8)
    
19.86
      
19.88
      
20.01
      
11.59
      
6.44
      
8.66
      
3.38
  
                                                         
Excluding Preferred Stock Dividends:
                                                        
                                                         
Fixed charges EXCLUDING preferred stock
  dividend requirement (pre-tax):
                                                        
6. Including interest on deposits and capitalized interest
  
$
4,627
    
$
3,781
    
$
15,997
    
$
15,801
    
$
19,203
    
$
28,377
    
$
35,146
  
7. Less interest on deposits (Line 4)
    
3,934
      
3,162
      
13,511
      
11,225
      
12,346
      
20,720
      
26,370
  
8. Excluding interest on deposits
  
$
693
    
$
619
    
$
2,486
    
$
4,576
    
$
6,857
    
$
7,657
    
$
8,776
  
                                                         
Ratio of earnings to fixed charges (pre-tax):
                                                        
                                                         
Including interest on deposits (Line 3 divided by Line 6)
    
3.83
      
5.11
      
4.88
      
4.63
      
3.18
      
3.32
      
2.07
  
                                                         
Excluding interest on deposits (Line 5 divided by Line 8)
    
19.86
      
26.08
      
25.97
      
13.52
      
7.11
      
9.59
      
5.30