Exhibit 12.1

 

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

 

UNION BANKSHARES CORPORATION

 

The following table presents the calculation of the consolidated ratios of (i) earnings to fixed charges and (ii) earnings to fixed charges and preferred stock dividends for the periods presented:

 

   For the Six Months Ended June 30,   For the Years Ended December 31, 
   2017   2016   2016   2015   2014   2013   2012 
                             
Income before income taxes  $50,841   $48,987   $104,254   $90,388   $70,289   $47,251   $49,833 
                                    
Fixed charges:                                   
Interest expense on deposits  $11,176   $8,393   $17,731   $15,553   $11,034   $14,097   $19,446 
Interest expense on short-term borrowings   2,350    1,332    2,894    944    566    354    284 
Interest expense on long-term borrowings   8,768    4,298    9,145    8,440    8,327    6,050    7,778 
Portion of rent expense which represents an estimated interest factor   1,166    1,175    2,368    2,604    2,705    1,906    1,976 
Total fixed charges   23,460    15,198    32,138    27,541    22,632    22,407    29,484 
Preferred stock dividends   -    -    -    -    -    -    - 
Total fixed charges and preferred stock dividends  $23,460   $15,198   $32,138   $27,541   $22,632   $22,407   $29,484 
                                    
Ratios of earnings to fixed charges (1):                                   
Including deposit interest   3.17    4.22    4.24    4.28    4.11    3.11    2.69 
Excluding deposit interest   5.14    8.20    8.24    8.54    7.06    6.69    5.96 
                                    
Ratios of earnings to fixed charges and preferred dividends (1)(2):                                   
Including deposit interest   3.17    4.22    4.24    4.28    4.11    3.11    2.69 
Excluding deposit interest   5.14    8.20    8.24    8.54    7.06    6.69    5.96 

 

 

(1) For purposes of calculating the ratio of earnings to fixed charges, fixed charges is the sum of (i) interest cost, including interest on deposits; and (ii) that portion of rent expense estimated to be representative of the interest factor.

(2) For purposes of calculating the ratio of earnings to fixed charges and preferred stock dividends, we divide earnings by the sum of fixed charges and preferred stock dividends.