Exhibit 12.1
Computation of Ratios of Earnings to Fixed Charges
| For the three months ended March 31, | For the years ended December 31, | |||||||||||||||||||||||||||
| (dollars in millions) | 2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 203 | $ | 197 | $ | 786 | $ | 762 | $ | 581 | $ | 365 | $ | (70 | ) | |||||||||||||
Less: Interest and penalties on tax liabilities | (3 | ) | — | (1 | ) | (1 | ) | (7 | ) | 5 | (19 | ) | ||||||||||||||||
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Income (loss) before income taxes after interest on tax liabilities | 206 | 197 | 787 | 763 | 588 | 360 | (51 | ) | ||||||||||||||||||||
Plus: Fixed charges | 30 | 35 | 136 | 160 | 181 | 231 | 564 | |||||||||||||||||||||
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Earnings, including interest on deposits | 236 | 232 | 923 | 923 | 769 | 591 | 513 | |||||||||||||||||||||
Less: Interest on deposits | 11 | 15 | 55 | 70 | 90 | 115 | 372 | |||||||||||||||||||||
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Earnings, excluding interest on deposits | $ | 225 | $ | 217 | $ | 868 | $ | 853 | $ | 679 | $ | 476 | $ | 141 | ||||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 25 | $ | 30 | $ | 112 | $ | 135 | $ | 156 | $ | 207 | $ | 538 | ||||||||||||||
Interest portion of rental expense | 5 | 6 | 24 | 25 | 25 | 24 | 26 | |||||||||||||||||||||
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Total fixed charges | 30 | 36 | 136 | 160 | 181 | 231 | 564 | |||||||||||||||||||||
Less: Interest on deposits | 11 | 15 | 55 | 70 | 90 | 115 | 372 | |||||||||||||||||||||
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Total fixed charges, excluding interest on deposits | $ | 19 | $ | 21 | $ | 81 | $ | 90 | $ | 91 | $ | 116 | $ | 192 | ||||||||||||||
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Earnings to fixed charges: | ||||||||||||||||||||||||||||
Excluding interest on deposits | 11.60x | 10.21x | 10.73x | 9.53x | 7.44x | 4.10x | (a | ) | ||||||||||||||||||||
Including interest on deposits | 7.71x | 6.41x | 6.81x | 5.78x | 4.25x | 2.55x | (a | ) | ||||||||||||||||||||
| (a) | For the year ended December 31, 2009, earnings were insufficient to cover combined fixed charges, excluding or including interest on deposits, by $51,000,000. |
Amounts for both the three-month period ended March 31, 2014 and prior periods have been updated to reflect the retrospective adoption of Accounting Standards Update (ASU) 2014-01 in the first quarter 2014. ASU 2014-01 provided for changes to the accounting for affordable housing projects that qualify for the low-income housing tax credit.
