EXHIBIT 12.1
SYNOVUS FINANCIAL CORP.
RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended June 30, 2014 | Years Ended December 31, | ||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||
Ratio 1 – Including interest on deposits | |||||||||||||||||||
Earnings: | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 150,975 | 252,628 | 31,477 | (59,532 | ) | (849,170 | ) | (1,605,908 | ) | |||||||||
Fixed charges excluding preferred stock dividends and accretion | 58,909 | 126,379 | 158,225 | 225,938 | 342,675 | 506,873 | |||||||||||||
Total | $ | 209,884 | 379,007 | 189,702 | 166,406 | (506,495 | ) | (1,099,035 | ) | ||||||||||
Fixed charges: | |||||||||||||||||||
Interest on deposits | 27,742 | 64,392 | 95,749 | 173,885 | 288,327 | 456,247 | |||||||||||||
Interest on short-term borrowings | 151 | 324 | 614 | 1,063 | 1,921 | 3,841 | |||||||||||||
Interest on long-term debt | 27,136 | 54,106 | 53,659 | 42,654 | 44,000 | 38,791 | |||||||||||||
Portion of rents representative of the interest factor (1/3) of expense | 3,879 | 7,557 | 8,203 | 8,336 | 8,426 | 7,994 | |||||||||||||
Preferred stock dividends and accretion | 5,119 | 47,014 | 58,703 | 58,088 | 57,510 | 56,966 | |||||||||||||
Total fixed charges including preferred stock dividends and accretion | $ | 64,027 | 173,393 | 216,928 | 284,026 | 400,184 | 563,839 | ||||||||||||
Ratio of earnings to fixed charges | 3.28 | x | 2.19x | 0.87x | 0.59x | nm | nm | ||||||||||||
Ratio 2 – Excluding interest on deposits | |||||||||||||||||||
Earnings: | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 150,975 | 252,628 | 31,477 | (59,532 | ) | (849,170 | ) | (1,605,908 | ) | |||||||||
Fixed charges excluding preferred stock dividends and accretion | 31,167 | 61,987 | 62,475 | 52,053 | 54,347 | 50,626 | |||||||||||||
Total | $ | 182,142 | 314,615 | 93,952 | (7,479 | ) | (794,823 | ) | (1,555,282 | ) | |||||||||
Fixed charges: | |||||||||||||||||||
Interest on short-term borrowings | 151 | 324 | 614 | 1,063 | 1,921 | 3,841 | |||||||||||||
Interest on long-term debt | 27,136 | 54,106 | 53,659 | 42,654 | 44,000 | 38,791 | |||||||||||||
Portion of rents representative of the interest factor (1/3) of expense | 3,879 | 7,557 | 8,203 | 8,337 | 8,426 | 7,994 | |||||||||||||
Preferred stock dividends and accretion | 5,119 | 40,830 | 58,703 | 58,088 | 57,510 | 56,966 | |||||||||||||
Total fixed charges including preferred stock dividends and accretion | $ | 36,285 | 102,817 | 121,179 | 110,142 | 111,857 | 107,592 | ||||||||||||
Ratio of earnings to fixed charges | 5.02 | x | 2.89x | 0.78x | nm | nm | nm | ||||||||||||