Exhibit 12.1
Synovus Financial Corp.
Ratio of Earnings to Fixed Charges
(in thousands)
Ratio of Earnings to Fixed Charges
(in thousands)
Year Ended December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Ratio 1 - Including Interest on Deposits | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes | (660,133 | ) | 527,674 | 645,538 | 563,340 | 489,979 | ||||||||||||||
Minority interest | 7,712 | — | — | — | — | |||||||||||||||
Fixed charges | 787,227 | 1,095,972 | 895,696 | 535,408 | 303,451 | |||||||||||||||
Total | 134,806 | 1,623,646 | 1,541,234 | 1,098,748 | 793,430 | |||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest on deposits | 667,453 | 912,472 | 746,669 | 408,405 | 216,682 | |||||||||||||||
Interest on short-term borrowings | 38,577 | 92,970 | 72,958 | 34,342 | 20,236 | |||||||||||||||
Interest on long-term debt | 73,657 | 84,014 | 71,050 | 88,299 | 62,571 | |||||||||||||||
Portion of rents representative of the interest factor (1/3) of rental expense | 7,540 | 6,516 | 5,019 | 4,362 | 3,962 | |||||||||||||||
Total fixed charges | 787,227 | 1,095,972 | 895,696 | 535,408 | 303,451 | |||||||||||||||
Ratio of Earnings to Fixed Charges | 0.17x | 1.48x | 1.72x | 2.05x | 2.61x | |||||||||||||||
Ratio 2 - Excluding Interest on Deposits | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes | (660,133 | ) | 527,674 | 645,538 | 563,340 | 489,979 | ||||||||||||||
Minority interest | 7,712 | — | — | — | — | |||||||||||||||
Fixed charges | 119,774 | 183,500 | 149,027 | 127,003 | 86,769 | |||||||||||||||
Total | (532,647 | ) | 711,174 | 794,565 | 690,343 | 576,748 | ||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest on short-term borrowings | 38,577 | 92,970 | 72,958 | 34,342 | 20,236 | |||||||||||||||
Interest on long-term debt | 73,657 | 84,014 | 71,050 | 88,299 | 62,571 | |||||||||||||||
Portion of rents representative of the interest factor (1/3) of rental expense | 7,540 | 6,516 | 5,019 | 4,362 | 3,962 | |||||||||||||||
Total fixed charges | 119,774 | 183,500 | 149,027 | 127,003 | 86,769 | |||||||||||||||
Ratio of Earnings to Fixed Charges | (4.45x | ) | 3.88x | 5.33x | 5.44x | 6.65x |