EXHIBIT 12
COMPUTATION OF EARNINGS TO FIXED CHARGES
Years Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Net income | $ | 142,844 | $ | 105,382 | $ | 65,128 | $ | 76,395 | $ | 53,538 | ||||||||||
Income tax expense | 64,094 | 35,683 | 16,133 | 28,496 | 16,981 | |||||||||||||||
Income before income tax expense | $ | 206,938 | $ | 141,065 | $ | 81,261 | $ | 104,891 | $ | 70,519 | ||||||||||
Fixed charges | ||||||||||||||||||||
Interest on short-term and other borrowings | $ | 11,997 | $ | 11,614 | $ | 11,107 | $ | 14,086 | $ | 11,515 | ||||||||||
Fixed charges excluding interest on deposits | 11,997 | 11,614 | 11,107 | 14,086 | 11,515 | |||||||||||||||
Interest on deposits | 47,103 | 33,090 | 35,846 | 49,364 | 70,554 | |||||||||||||||
Fixed charges including interest on deposits | $ | 59,100 | $ | 44,704 | $ | 46,953 | $ | 63,450 | $ | 82,069 | ||||||||||
Preferred stock dividends (1) | — | — | — | — | — | |||||||||||||||
Fixed charges including preferred stock dividends | $ | 59,100 | $ | 44,704 | $ | 46,953 | $ | 63,450 | $ | 82,069 | ||||||||||
Earnings for ratio computations (2) | ||||||||||||||||||||
Excluding interest on deposits | $ | 218,935 | $ | 152,679 | $ | 92,368 | $ | 118,977 | $ | 82,034 | ||||||||||
Including interest on deposits | $ | 266,038 | $ | 185,769 | $ | 128,214 | $ | 168,341 | $ | 152,588 | ||||||||||
Ratio of earnings to fixed charges (3) | ||||||||||||||||||||
Excluding interest on deposits | 18.25 | 13.15 | 8.32 | 8.45 | 7.12 | |||||||||||||||
Including interest on deposits | 4.50 | 4.16 | 2.73 | 2.65 | 1.86 | |||||||||||||||
Ratio of earnings to fixed charges and preferred dividends (2) | ||||||||||||||||||||
Excluding interest on deposits | 18.25 | 13.15 | 8.32 | 8.45 | 7.12 | |||||||||||||||
Including interest on deposits | 4.50 | 4.16 | 2.73 | 2.65 | 1.86 |
(1) | On August 5, 2015, the Company issued an aggregate 3.2 million depositary shares, each representing a 1/400th ownership interest in a share of the Company's 6.625% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock. On January 4, 2016, the Company declared a semi-annual cash dividend of $0.805 per depositary share, which was paid on February 1, 2016. |
(2) Earnings are the sum of income before income tax expense and fixed charges.
(3) For the purposes of calculating the ratio of earning to fixed charges, fixed charges are the sum of interest and debt
expenses, excluding interest on deposits, and, in the second alternative, fixed charges are the sum of interest and debt
expenses including interest on deposits.