Exhibit 12.1
Fulton Financial Corporation
Statement Re: Computation of Ratios of Earnings to Fixed Charges and Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in Thousands)
Nine months ended September 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Income before income taxes | $ | 173,267 | $ | 155,878 | $ | 208,249 | $ | 199,423 | $ | 210,500 | $ | 212,925 | $ | 217,446 | ||||||||||||||
Interest expense, including interest on deposits | 67,928 | 61,553 | 82,328 | 83,795 | 81,211 | 82,495 | 103,168 | |||||||||||||||||||||
Amortization of debt discount (premium) and expenses, including amounts capitalized | 618 | 463 | 617 | 585 | 334 | 315 | 297 | |||||||||||||||||||||
Estimated interest component of net rental expense | 4,596 | 4,520 | 6,047 | 5,935 | 5,932 | 6,202 | 6,301 | |||||||||||||||||||||
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Numerator | $ | 246,409 | $ | 222,414 | $ | 297,241 | $ | 289,738 | $ | 297,977 | $ | 301,937 | $ | 327,212 | ||||||||||||||
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Interest expense, including interest on deposits | $ | 67,928 | $ | 61,553 | $ | 82,328 | $ | 83,795 | $ | 81,211 | $ | 82,495 | $ | 103,168 | ||||||||||||||
Amortization of debt discount (premium) and expenses, including amounts capitalized | 618 | 463 | 617 | 585 | 334 | 315 | 297 | |||||||||||||||||||||
Estimated interest component of net rental expense | 4,596 | 4,520 | 6,047 | 5,935 | 5,932 | 6,202 | 6,301 | |||||||||||||||||||||
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Denominator | $ | 73,142 | $ | 66,536 | $ | 88,992 | $ | 90,315 | $ | 87,477 | $ | 89,012 | $ | 109,766 | ||||||||||||||
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Ratio of earnings to fixed charges (including interest on deposits) | 3.37 | 3.34 | 3.34 | 3.21 | 3.41 | 3.39 | 2.98 | |||||||||||||||||||||
Consolidated Ratio of Earnings to Combined Fixed Charges and Preference Dividends (including interest on deposits) | 3.37 | 3.34 | 3.34 | 3.21 | 3.41 | 3.39 | 2.98 | |||||||||||||||||||||
Income before income taxes | $ | 173,267 | $ | 155,878 | $ | 208,249 | $ | 199,423 | $ | 210,500 | $ | 212,925 | $ | 217,446 | ||||||||||||||
Interest expense, excluding interest on deposits | 27,219 | 28,628 | 37,635 | 43,313 | 46,101 | 45,725 | 46,273 | |||||||||||||||||||||
Amortization of debt discount (premium) and expenses, including amounts capitalized | 618 | 463 | 617 | 585 | 334 | 315 | 297 | |||||||||||||||||||||
Estimated interest component of net rental expense | 4,596 | 4,520 | 6,047 | 5,935 | 5,932 | 6,202 | 6,301 | |||||||||||||||||||||
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Earnings | $ | 205,701 | $ | 189,489 | $ | 252,549 | $ | 249,256 | $ | 262,866 | $ | 265,166 | $ | 270,317 | ||||||||||||||
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Interest expense, excluding interest on deposits | 27,219 | 28,628 | 37,635 | 43,313 | 46,101 | 45,725 | 46,273 | |||||||||||||||||||||
Amortization of debt discount (premium) and expenses, including amounts capitalized | 618 | 463 | 617 | 585 | 334 | 315 | 297 | |||||||||||||||||||||
Estimated interest component of net rental expense | 4,596 | 4,520 | 6,047 | 5,935 | 5,932 | 6,202 | 6,301 | |||||||||||||||||||||
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Fixed Charges, excluding preferred stock dividends and discount accretion | 32,434 | 33,611 | 44,300 | 49,833 | 52,366 | 52,241 | 52,871 | |||||||||||||||||||||
Preferred stock dividends and discount accretion | — | — | — | — | — | — | — | |||||||||||||||||||||
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Fixed Charges, including preferred stock dividends and discount accretion | $ | 32,434 | $ | 33,611 | $ | 44,300 | $ | 49,833 | $ | 52,366 | $ | 52,241 | $ | 52,871 | ||||||||||||||
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Consolidated Ratio of Earnings to Fixed Charges (excluding interest on deposits) | 6.34 | 5.64 | 5.70 | 5.00 | 5.02 | 5.08 | 5.11 | |||||||||||||||||||||
Consolidated Ratio of Earnings to Combined Fixed Charges and Preference Dividends (excluding interest on deposits) | 6.34 | 5.64 | 5.70 | 5.00 | 5.02 | 5.08 | 5.11 |