Attached files
| file | filename |
|---|---|
| S-1 - S-1 - HERITAGE OAKS BANCORP | a15-17161_1s1.htm |
| EX-5.1 - EX-5.1 - HERITAGE OAKS BANCORP | a15-17161_1ex5d1.htm |
| EX-24.1 - EX-24.1 - HERITAGE OAKS BANCORP | a15-17161_1ex24d1.htm |
| EX-23.1 - EX-23.1 - HERITAGE OAKS BANCORP | a15-17161_1ex23d1.htm |
Exhibit 12.1
Heritage Oaks Bancorp
Computation of Ratio of Earnings to Fixed Charges
The ratio of earnings to fixed charges inclusive and exclusive of preferred stock dividends, as well as any applicable deficiency of earnings are determined using the following applicable factors:
Earnings available for fixed charges are calculated first by determining the sum of: (a) income (loss) from continuing operations before income taxes, and (b) fixed charges as defined below.
Fixed charges are calculated as the sum of (a) interest costs on deposit relationships, (b) interest costs on borrowings including amortization of discount or premium relating to any indebtedness, (c) that portion of rental expense that is representative of the interest factor and (d) the amount of pre-tax earnings required to cover preferred security.
Preferred stock dividends used in the ratio of earnings to combined fixed charges and preferred stock dividends consist of the dividends paid on our preferred stock.
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For the Six |
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For the Years Ended December 31, |
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2015 |
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2014 |
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2013 |
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2012 |
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2011 |
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2010 |
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2009 |
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2008 |
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Ratio of earnings/(deficiency) to fixed charges |
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Including dividends on preferred stock |
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5.2 |
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3.5 |
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4.3 |
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2.7 |
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2.1 |
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(1.0 |
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(0.2 |
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1.2 |
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Excluding dividends on preferred stock |
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5.2 |
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3.6 |
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5.6 |
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3.9 |
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2.7 |
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(1.2 |
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(0.2 |
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1.2 |
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For the Six |
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For the Years Ended December 31, |
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2015 |
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2014 |
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2013 |
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2012 |
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2011 |
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2010 |
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2009 |
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2008 |
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Income/(loss) before taxes (1) |
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$ |
12,770 |
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$ |
13,714 |
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$ |
17,838 |
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$ |
11,239 |
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$ |
9,553 |
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$ |
(19,320) |
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$ |
(12,874) |
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$ |
2,143 |
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Fixed charges |
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Interest expense on deposits |
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$ |
1,807 |
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$ |
3,567 |
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$ |
2,860 |
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$ |
2,988 |
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$ |
4,482 |
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$ |
7,448 |
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$ |
8,884 |
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$ |
9,703 |
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Interest expense on long-term debt and other borrowings |
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1,122 |
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1,590 |
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1,007 |
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830 |
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541 |
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599 |
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1,165 |
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2,861 |
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Estimated interest component of rent expense, net |
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83 |
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213 |
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36 |
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91 |
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547 |
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558 |
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582 |
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602 |
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Dividends on preferred stock (2) |
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— |
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161 |
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1,106 |
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1,709 |
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1,547 |
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1,861 |
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1.070 |
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— |
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Total fixed charges, including dividends on preferred stock |
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$ |
3,012 |
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$ |
5,531 |
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$ |
5,009 |
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$ |
5,618 |
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$ |
7,117 |
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$ |
10,466 |
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$ |
11,701 |
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$ |
13,166 |
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Total fixed charges, excluding dividends on preferred stock |
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$ |
3,012 |
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$ |
5,370 |
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$ |
3,903 |
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$ |
3,909 |
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$ |
5,570 |
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$ |
8,605 |
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$ |
10,631 |
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$ |
13,166 |
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(1) Income/(loss) before taxes is derived from our consolidated statements of operations, included in our financial statements.
(2) The preferred stock dividend amounts represent pre-tax earnings required to cover the dividends on preferred stock based on an assumed 36% effective tax rate.
Note: Due to the pretax losses in 2010 and 2009 attributable to elevated levels of loan loss provisioning, earnings were inadequate to cover total fixed charges and preferred stock dividends for those two years.