**Exhibit 12.1**

 

**RATIO OF EARNINGS TO FIXED CHARGES**

 

 

The consolidated ratios of fixed charges to earnings for each of the years indicated are as follows:

 

|                                              |   | For the Twelve Months Ended December 31, |       |
|---------------------------------------------------|--------|------------------------------------------|------------|
| *(dollars in thousands)*                          |   | 2017                                     |       |   | 2016 |   |   | 2015 |   |
| **Earnings:**                                     |   | ** **                               | ** ** | ** ** |   | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** |
| Income before income taxes                        |   | $                                        | 57,246     |   |   | $ | 54,205 |   |   | $ | 25,926 |   |
| Plus: interest expense                            |   |                                     | 14,432     |   |   |   | 10,755 |   |   |   | 8,415 |   |
| Plus: estimate of interest within rental expense1 |   |                                     | 1,587      |   |   |   | 1,538 |   |   |   | 1,680 |   |
|                                              |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Earnings including interest on deposits           |   | $                                        | 73,265     |   |   | $ | 66,498 |   |   | $ | 36,021 |   |
| Less interest on deposits                         |   |                                     | 8,748      |   |   |   | 5,833 |   |   |   | 4,212 |   |
|                                              |   |                                     |       |   |   |   |   |   |   |   |   |   |
| Earnings excluding interest on deposits           |   | $                                        | 64,517     |   |   | $ | 60,665 |   |   | $ | 31,809 |   |
|                                              |   |                                     |       |   |   |   |   |   |   |   |   |   |
|                                              |   |                                     |       |   |   |   |   |   |   |   |   |   |
| **Fixed charges (pre-tax):**                      |   | ** **                               | ** ** | ** ** |   | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** |
| Fixed charges including interest on deposits      |   | $                                        | 16,019     |   |   | $ | 12,293 |   |   | $ | 10,095 |   |
| Less: interest on deposits                        |   |                                     | 8,748      |   |   |   | 5,833 |   |   |   | 4,212 |   |
| Fixed charges excluding interest on deposits      |   | $                                        | 7,271      |   |   | $ | 6,460 |   |   | $ | 5,883 |   |
|                                              |   |                                     |       |   |   |   |   |   |   |   |   |   |
| **Ratio of Earnings to Fixed Charges:**           |   | ** **                               | ** ** | ** ** |   | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** |
| Excluding interest on deposits                    |   |                                     | 8.9        |   |   |   | 9.4 |   |   |   | 5.4 |   |
| Including interest on deposits                    |   |                                     | 4.6        |   |   |   | 5.4 |   |   |   | 3.6 |   |

 

*1**interest expense within rental expense is estimated at 1/3 of rental expense*