Exhibit 12.1
BANCORPSOUTH, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
(Dollars in thousands)
(Unaudited)
| Year Ended December 31, | ||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
| Earnings |
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| Earnings from continuing operations before income taxes |
$ | 186,739 | $ | 167,402 | $ | 131,666 | $ | 117,547 | $ | 42,044 | ||||||||||
| Add: fixed charges (with deposit interest) |
31,229 | 36,003 | 55,662 | 74,067 | $ | 105,293 | ||||||||||||||
| Less: capitalized interest |
(171 | ) | (97 | ) | (44 | ) | (76 | ) | (216 | ) | ||||||||||
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| Earnings with deposit interest |
$ | 217,797 | $ | 203,308 | $ | 187,284 | $ | 191,538 | $ | 147,121 | ||||||||||
| Earnings from continuing operations before income taxes |
$ | 186,739 | $ | 167,402 | $ | 131,666 | $ | 117,547 | $ | 42,044 | ||||||||||
| Add: fixed charges (without deposit interest) |
5,869 | 5,863 | 14,583 | 15,462 | 17,727 | |||||||||||||||
| Less: capitalized interest |
(171 | ) | (97 | ) | (44 | ) | (76 | ) | (216 | ) | ||||||||||
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| Earnings without deposit interest |
$ | 192,437 | $ | 173,168 | $ | 146,205 | $ | 132,933 | $ | 59,555 | ||||||||||
| Fixed Charges |
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| Interest on deposits |
$ | 25,360 | $ | 30,140 | $ | 41,079 | $ | 58,605 | $ | 87,566 | ||||||||||
| Other interest |
3,336 | 3,455 | 9,479 | 13,228 | 15,374 | |||||||||||||||
| Write-off and amortization of debt issuance costs |
48 | 48 | 2,995 | * | 154 | 154 | ||||||||||||||
| Capitalized interest |
171 | 97 | 44 | 76 | 216 | |||||||||||||||
| Rental expense |
2,314 | 2,263 | 2,065 | 2,004 | 1,983 | |||||||||||||||
| Fixed charges (with deposit interest) |
$ | 31,229 | $ | 36,003 | $ | 55,662 | $ | 74,067 | $ | 105,293 | ||||||||||
| Fixed charges (without deposit interest) |
$ | 5,869 | $ | 5,863 | $ | 14,583 | $ | 15,462 | $ | 17,727 | ||||||||||
| Ratios |
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| Earnings to fixed charges: |
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| Including interest on deposits |
6.97 | 5.65 | 3.36 | 2.59 | 1.40 | |||||||||||||||
| Excluding interest on deposits |
32.79 | 29.54 | 10.03 | 8.60 | 3.36 | |||||||||||||||
| * | Includes the write-off of unamortized issuance cost associated with trust preferred securities that were redeemed. |