Popular (BPOP) 10-Q2015 Q1 Quarterly report

Filed: 11 May 15, 12:00am

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Legalese
Litigious
Readability	H.S. junior Bad

New words: absent, accessing, Akin, alliance, appeal, appetite, arrangement, array, Article, attractive, attrition, began, bidder, bill, broad, building, buyer, CCC, Centennial, Chapter, characterization, Circuit, clawing, closest, cloud, coincide, coincident, compel, concept, confusion, contend, content, contractionary, cut, debate, declaratory, defendant, deficit, denied, denote, deplete, deployment, diligence, disregard, divest, divestiture, Doral, earlier, element, embedded, emphasizing, empower, entirety, ERISA, exacerbated, exhibit, expedient, extraordinary, Fannie, Fargo, fell, fifteen, firm, FirstBank, footnote, footprint, foregoing, forma, format, franchise, gave, Ginnie, harm, heightened, honor, host, hour, Household, Human, improper, imprudent, Imputation, inevitable, intense, interpretation, knew, lead, Leon, LP, Mae, meaningful, mediate, mediation, moratorium, mortality, negotiation, Northern, omission, oral, outweigh, overnight, partner, partnership, plaintiff, preempted, promulgated, pronouncement, prudence, pursuing, RadioShack, reevaluation, relocating, remeasure, remeasurement, repriced, residual, retroactive, save, shut, spite, strained, Survey, susceptible, titledIn, trajectory, trustee, unaffiliated, unavailable, unclear, unconstitutional, unnecessary, unusual, vehicle, voluntarily, voted, voting, wage, weak, weigh, wholesale

Removed: acquiree, acquirer, allocating, allocation, Archon, arriving, begin, buffer, composed, conducting, conservation, critically, crude, currency, declare, derecognition, deriving, dilution, disallowance, disallowed, discovery, exceeded, excessive, exchanging, exist, expand, explicit, filing, FINRA, focused, frequently, imposed, improvement, introduce, introducing, island, larger, limiting, mandate, marginal, meeting, Memorandum, merger, nonprofit, OCC, oil, oversee, PCA, perpetual, prescribe, rata, recasting, redeemed, regime, renewal, resided, retention, reversed, step, top, translation, undercapitalized, understanding, uniformly, warrant, yielding

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Exhibit 12.1

POPULAR, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)


	Quarter ended				Year ended December 31,
	March 31, 2015		March 31, 2014 (1)		2014 (1)			2013		2012		2011		2010

Income (loss) from continuing operations before income taxes and cumulative effect of accounting changes	$	104,965	$	74,051	($	156,892	)	$	320,305	$	160,282	$	239,148	$	242,942

Fixed charges :

Interest expense and capitalized interest		46,831		67,740		688,280			315,685		379,086		505,523		653,603

Estimated interest component of net rental payments		3,324		2,925		11,665			9,874		9,752		13,470		26,688

Total fixed charges including interest on deposits		50,155		70,665		699,945			325,559		388,838		518,993		680,291

Less: Interest on deposits		25,864		26,858		105,087			137,364		184,089		269,487		350,881

Total fixed charges excluding interest on deposits		24,291		43,807		594,858			188,195		204,749		249,506		329,410

Income before income taxes and fixed charges (including interest on deposits)	$	155,120	$	144,716	$	543,053		$	645,864	$	549,120	$	758,141	$	923,233

Income (loss) before income taxes and fixed charges (excluding interest on deposits)	$	129,256	$	117,858	$	437,966		$	508,500	$	365,031	$	488,654	$	572,352

Ratio of earnings to fixed charges

Including interest on deposits		3.1		2.0		(A)			2.0		1.4		1.5		1.4

Excluding interest on deposits		5.3		2.7		(A)			2.7		1.8		2.0		1.7

Ratio of earnings to fixed charges and preferred stock dividends

Including interest on deposits		3.0		2.0		(A)			2.0		1.4		1.4		1.4

Excluding interest on deposits		5.0		2.6		(A)			2.6		1.8		1.9		1.7

(1)	The computation of earnings to fixed charges and preferred stock dividends excludes the results of discontinued operations.

(A)

During the year ended December 31, 2014, earnings were not sufficient to cover fixed charges or preferred stock dividends and the ratios were less than 1:1. The Corporation would have had to generate additional earnings of approximately $161 million to achieve ratios of 1:1 in the corresponding period of 2014.

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