EX-12 2 a18-1081_1ex12.htm EX-12

Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDEND REQUIREMENT

|  | Years Ended December 31, |
(dollars in thousands) |  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013 |
Earnings: |  |  |  |  |  |  |  |  |  |  |
Income before income taxes |  | $ | 185,736 |  | $ | 159,102 |  | $ | 135,216 |  | $ | 86,216 |  | $ | 75,325 |
Fixed charges, excluding preferred stock dividend requirement |  | 40,147 |  | 27,640 |  | 19,238 |  | 13,095 |  | 12,504 |
Total earnings including fixed charges (a) |  | $ | 225,883 |  | $ | 186,742 |  | $ | 154,454 |  | $ | 99,311 |  | $ | 87,829 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |
Interest on deposits |  | $ | 27,286 |  | $ | 19,248 |  | $ | 14,343 |  | $ | 9,638 |  | $ | 10,614 |
Interest on customer repurchase agreements and federal funds purchased |  | 197 |  | 167 |  | 132 |  | 143 |  | 254 |
Interest on short-term borrowings |  | 748 |  | 732 |  | 86 |  | 31 |  | — |
Interest on long-term borrowings deposits |  | 11,916 |  | 7,493 |  | 4,677 |  | 3,283 |  | 1,636 |
Preferred stock dividend requirements (pre-tax) |  | — |  | — |  | 965 |  | 976 |  | 907 |
Total fixed charges (b) |  | $ | 40,147 |  | $ | 27,640 |  | $ | 20,203 |  | $ | 14,071 |  | $ | 13,411 |
Ratio of earnings to fixed charges and preferred stock dividend requirement (pre-tax) (a/b) |  | 5.63 |  | 6.76 |  | 7.65 |  | 7.06 |  | 6.55 |
Earnings, excluding interest on deposits: |  |  |  |  |  |  |  |  |  |  |
Total earnings including fixed charges |  | $ | 225,883 |  | $ | 186,742 |  | $ | 154,454 |  | $ | 99,311 |  | $ | 87,829 |
Less interest on deposits |  | 27,286 |  | 19,248 |  | 14,343 |  | 9,638 |  | 10,614 |
Total earnings excluding interest on deposits (c) |  | $ | 198,597 |  | $ | 167,494 |  | $ | 140,111 |  | $ | 89,673 |  | $ | 77,215 |
Fixed charges, excluding interest on deposits: |  |  |  |  |  |  |  |  |  |  |
Total fixed charges |  | $ | 40,147 |  | $ | 27,640 |  | $ | 20,203 |  | $ | 14,071 |  | $ | 13,411 |
Less interest on deposits |  | 27,286 |  | 19,248 |  | 14,343 |  | 9,638 |  | 10,614 |
Total fixed charges, excluding interest on deposits (d) |  | $ | 12,861 |  | $ | 8,392 |  | $ | 5,860 |  | $ | 4,433 |  | $ | 2,797 |
Ratio of earnings to fixed charges and preferred stock dividend requirement (pre-tax), excluding interest on deposits (c/d) |  | 15.44 |  | 19.96 |  | 23.91 |  | 20.23 |  | 27.61 |