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. |