Exhibit 12.1
Calculation of Ratios of Earnings to Fixed Charges
Our historical ratios of earnings to fixed charges for the periods indicated are set forth below.
The ratio of earnings to fixed charges is computed by dividing (i) income from continuing operations before income taxes and fixed charges by (ii) total fixed charges.
For purposes of computing these ratios (i) earnings consist of income before income taxes plus fixed charges, (ii) fixed charges, excluding interest on deposits, include interest expense (other than on deposits), preferred stock dividends and the estimated portion of rental expense attributable to interest, and (iii) fixed charges, including interest on deposits, include all interest expense, preferred stock dividends and the estimated portion of rental expense attributable to interest.
| Three Months | Years Ended December 31, | |||||||||||||||||||||||
| (Dollars In thousands) | Ended March
31, 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||
| Fixed Charges | ||||||||||||||||||||||||
| Interest expense, excluding deposits | $ | 866 | $ | 2,285 | $ | 634 | $ | 532 | $ | 825 | $ | 847 | ||||||||||||
| Estimate of interest in rental expense | 5 | 13 | 9 | 11 | 17 | 22 | ||||||||||||||||||
| Preferred stock dividends (1) | - | 192 | 162 | 158 | 203 | 299 | ||||||||||||||||||
| Total Fixed Charges | $ | 871 | $ | 2,490 | $ | 805 | $ | 701 | $ | 1,045 | $ | 1,168 | ||||||||||||
| Earnings | ||||||||||||||||||||||||
| Income before provision for taxes | $ | 4,344 | $ | 13,871 | $ | 6,737 | $ | 7,345 | $ | 1,871 | $ | 3,201 | ||||||||||||
| Add: fixed charges | 871 | 2,490 | 805 | 701 | 1,045 | 1,168 | ||||||||||||||||||
| Total earnings | $ | 5,215 | $ | 16,361 | $ | 7,542 | $ | 8,046 | $ | 2,916 | $ | 4,369 | ||||||||||||
| Ratio of earnings to fixed charges, excluding interest on deposits | 5.99 | 6.57 | 9.37 | 11.48 | 2.79 | 3.74 | ||||||||||||||||||
(1) Preferred stock dividends used in the ratio consist of the amount of pre-tax earnings required to pay the dividends on outstanding preferred stock.
| Three Months | Years Ended December 31, | |||||||||||||||||||||||
| (Dollars In thousands) | Ended
March 31, 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||
| Fixed Charges | ||||||||||||||||||||||||
| Interest expense, including deposits | $ | 2,606 | $ | 7,966 | $ | 3,929 | $ | 2,765 | $ | 3,192 | $ | 2,870 | ||||||||||||
| Estimate of interest in rental expense | 5 | 13 | 9 | 11 | 17 | 22 | ||||||||||||||||||
| Preferred stock dividends (1) | - | 192 | 162 | 158 | 203 | 299 | ||||||||||||||||||
| Total Fixed Charges | $ | 2,611 | $ | 8,171 | $ | 4,100 | $ | 2,934 | $ | 3,412 | $ | 3,191 | ||||||||||||
| Earnings | ||||||||||||||||||||||||
| Income before provision for taxes | $ | 4,344 | $ | 13,871 | $ | 6,737 | $ | 7,345 | $ | 1,871 | $ | 3,201 | ||||||||||||
| Add: fixed charges | 2,611 | 8,171 | 4,100 | 2,934 | 3,412 | 3,191 | ||||||||||||||||||
| Total earnings | $ | 6,955 | $ | 22,042 | $ | 10,837 | $ | 10,279 | $ | 5,283 | $ | 6,392 | ||||||||||||
| Ratio of earnings to fixed charges, including interest on deposits | 2.66 | 2.70 | 2.64 | 3.50 | 1.55 | 2.00 | ||||||||||||||||||
(1) Preferred stock dividends used in the ratio consist of the amount of pre-tax earnings required to pay the dividends on outstanding preferred stock.