Exhibit 12.1
SunTrust Banks, Inc. Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | |||||||||||||||||||
For the Year Ended December 31 | |||||||||||||||||||
(Dollars in millions) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Ratio 1 - Including interest on deposits | |||||||||||||||||||
Earnings: | |||||||||||||||||||
Income before income taxes 1 | $2,697 | $2,267 | $1,666 | $2,770 | $766 | ||||||||||||||
Fixed charges | 588 | 633 | 626 | 849 | 1,189 | ||||||||||||||
Total earnings | $3,285 | $2,900 | $2,292 | $3,619 | $1,955 | ||||||||||||||
Fixed charges: | |||||||||||||||||||
Interest on deposits | $219 | $235 | $291 | $429 | $624 | ||||||||||||||
Interest on funds purchased and securities sold under agreements to repurchase | 5 | 4 | 4 | 4 | 5 | ||||||||||||||
Interest on other short-term borrowings | 3 | 14 | 13 | 18 | 12 | ||||||||||||||
Interest on trading liabilities | 22 | 21 | 17 | 15 | 26 | ||||||||||||||
Interest on long-term debt | 252 | 270 | 210 | 299 | 449 | ||||||||||||||
Portion of rents representative of the interest factor of rental expense | 87 | 89 | 91 | 84 | 73 | ||||||||||||||
Total fixed charges | 588 | 633 | 626 | 849 | 1,189 | ||||||||||||||
Preferred stock dividend requirements | 90 | 53 | 46 | 17 | 174 | ||||||||||||||
Fixed charges and preferred stock dividends | $678 | $686 | $672 | $866 | $1,363 | ||||||||||||||
Ratio of earnings to fixed charges | 5.59x | 4.58x | 3.66x | 4.26x | 1.64x | ||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 4.85x | 4.23x | 3.41x | 4.18x | 1.43x | ||||||||||||||
Ratio 2 - Excluding interest on deposits | |||||||||||||||||||
Earnings: | |||||||||||||||||||
Income before income taxes 1 | $2,697 | $2,267 | $1,666 | $2,770 | $766 | ||||||||||||||
Fixed charges | 369 | 398 | 335 | 420 | 565 | ||||||||||||||
Total earnings | $3,066 | $2,665 | $2,001 | $3,190 | $1,331 | ||||||||||||||
Fixed charges: | |||||||||||||||||||
Interest on funds purchased and securities sold under agreements to repurchase | $5 | $4 | $4 | $4 | $5 | ||||||||||||||
Interest on other short-term borrowings | 3 | 14 | 13 | 18 | 12 | ||||||||||||||
Interest on trading liabilities | 22 | 21 | 17 | 15 | 26 | ||||||||||||||
Interest on long-term debt | 252 | 270 | 210 | 299 | 449 | ||||||||||||||
Portion of rents representative of the interest factor of rental expense | 87 | 89 | 91 | 84 | 73 | ||||||||||||||
Total fixed charges | 369 | 398 | 335 | 420 | 565 | ||||||||||||||
Preferred stock dividend requirements | 90 | 53 | 46 | 17 | 174 | ||||||||||||||
Fixed charges and preferred stock dividends | $459 | $451 | $381 | $437 | $739 | ||||||||||||||
Ratio of earnings to fixed charges | 8.31x | 6.70x | 5.97x | 7.60x | 2.36x | ||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 6.68x | 5.91x | 5.25x | 7.30x | 1.80x |
1 Amortization expense related to qualified affordable housing investment costs is recognized in provision for income taxes as a result of the adoption of a new accounting standard during 2014. Prior to 2014, these amounts were recognized in noninterest expense, and therefore, for comparative purposes $49 million, $39 million, and $40 million of amortization expense was reclassified to provision for income taxes for the years ended December 31, 2013, 2012, and 2011, respectively.