Exhibit 12.1
Calculation of Ratios of Earnings to Fixed Charges
| Six Months | Years Ended December 31, | |||||||||||||||||||||||
| (Dollars In thousands) | Ended June 30, 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||
| Fixed Charges | ||||||||||||||||||||||||
| Interest expense, excluding deposits | $ | 1,736 | $ | 2,285 | $ | 634 | $ | 532 | $ | 825 | $ | 847 | ||||||||||||
| Estimate of interest in rental expense | 9 | 13 | 9 | 11 | 17 | 22 | ||||||||||||||||||
| Preferred stock dividends (1) | — | 192 | 162 | 158 | 203 | 299 | ||||||||||||||||||
| Total Fixed Charges | $ | 1,745 | $ | 2,490 | $ | 805 | $ | 701 | $ | 1,045 | $ | 1,168 | ||||||||||||
| Earnings | ||||||||||||||||||||||||
| Income before provision for taxes | $ | 8,560 | $ | 13,871 | $ | 6,737 | $ | 7,345 | $ | 1,871 | $ | 3,201 | ||||||||||||
| Add: fixed charges | 1,745 | 2,490 | 805 | 701 | 1,045 | 1,168 | ||||||||||||||||||
| Total earnings | $ | 10,305 | $ | 16,361 | $ | 7,542 | $ | 8,046 | $ | 2,916 | $ | 4,369 | ||||||||||||
| Ratio of earnings to fixed charges, excluding interest on deposits | 5.91 | 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. |
| Six Months | Years Ended December 31, | |||||||||||||||||||||||
| (Dollars In thousands) | Ended June 30, 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||
| Fixed Charges | ||||||||||||||||||||||||
| Interest expense, including deposits | $ | 5,438 | $ | 7,966 | $ | 3,929 | $ | 2,765 | $ | 3,192 | $ | 2,870 | ||||||||||||
| Estimate of interest in rental expense | 9 | 13 | 9 | 11 | 17 | 22 | ||||||||||||||||||
| Preferred stock dividends (1) | — | 192 | 162 | 158 | 203 | 299 | ||||||||||||||||||
| Total Fixed Charges | $ | 5,447 | $ | 8,171 | $ | 4,100 | $ | 2,934 | $ | 3,412 | $ | 3,191 | ||||||||||||
| Earnings | ||||||||||||||||||||||||
| Income before provision for taxes | $ | 8,560 | $ | 13,871 | $ | 6,737 | $ | 7,345 | $ | 1,871 | $ | 3,201 | ||||||||||||
| Add: fixed charges | 5,447 | 8,171 | 4,100 | 2,934 | 3,412 | 3,191 | ||||||||||||||||||
| Total earnings | $ | 14,007 | $ | 22,042 | $ | 10,837 | $ | 10,279 | $ | 5,283 | $ | 6,392 | ||||||||||||
| Ratio of earnings to fixed charges, including interest on deposits | 2.57 | 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. |