EX-12.1 5 exhibit121.htm EXHIBIT 12.1

Exhibit121

Exhibit 12.1

Calculations of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(dollars in thousands)

	For the nine months ended
	September 30,				For the years ended December 31,
	2014				2013				2012				2011				2010				2009
Including Interest on Deposits:
Earnings:
Income before income taxes	16,025				21,135				13,676				11,874				3,290				1,758
Add: Fixed charges (See below)	8,597				12,092				17,279				21,184				25,130				28,774
Earnings before income taxes and fixed charges	24,622				33,227				30,955				33,058				28,420				30,532
Fixed Charges:
Interest expense (including deposits)	8,303				11,705				16,885				20,756				24,675				28,322
Estimate of interest within rental expense (2)	294				387				394				428				455				452
Total fixed charges	8,597				12,092				17,279				21,184				25,130				28,774
Discount amortization (1)	—				—				—				—				—				—
Preferred stock dividends (1)	—				—				—				—				—				—
Total fixed charges and preferred stock dividends	8,597				12,092				17,279				21,184				25,130				28,774
Ratio of Earnings to Fixed Charges	2.86			x	2.75			x	1.79			x	1.56			x	1.13			x	1.06			x
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	2.86			x	2.75			x	1.79			x	1.56			x	1.13			x	1.06			x
Excluding Interest on Deposits:
Earnings:
Income before income taxes	16,025				21,135				13,676				11,874				3,290				1,758
Add: Fixed charges (See below)	1,686				2,353				4,253				4,069				4,383				4,376
Earnings before income taxes and fixed charges	17,711				23,488				17,929				15,943				7,673				6,134
Fixed Charges:
Interest expense (excluding deposits)	1,392				1,966				3,859				3,641				3,928				3,924
Estimate of interest within rental expense (2)	294				387				394				428				455				452
Total fixed charges	1,686				2,353				4,253				4,069				4,383				4,376
Discount amortization (1)	—				—				—				—				—				—
Preferred stock dividends (1)	—				—				—				—				—				—
Total fixed charges and preferred stock dividends	1,686				2,353				4,253				4,069				4,383				4,376
Ratio of Earnings to Fixed Charges	10.51			x	9.98			x	4.22			x	3.92			x	1.75			x	1.40			x
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	10.51			x	9.98			x	4.22			x	3.92			x	1.75			x	1.40			x
(1) – No shares of preferred stock were outstanding during the periods reported, nor were any preferred stock dividends paid during these periods.
(2) – The portion of rental expense shown as representative of the interest factor is one-third of rental expense.