Exhibit 12.1
POPULAR, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Quarters ended | Years ended December 31, | |||||||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and cumulative effect of accounting changes (1) | $ | 116,285 | $ | 111,388 | $ | 280,009 | $ | 388,604 | ($ | 156,892 | ) | $ | 279,796 | $ | 122,464 | |||||||||||||
Fixed charges : | ||||||||||||||||||||||||||||
Interest expense and capitalized interest | 53,849 | 51,560 | 212,327 | 193,840 | 688,280 | 315,685 | 379,086 | |||||||||||||||||||||
Estimated interest component of net rental payments | 2,470 | 2,532 | 10,009 | 11,391 | 11,665 | 9,874 | 9,752 | |||||||||||||||||||||
Total fixed charges including interest on deposits | 56,319 | 54,092 | 222,336 | 205,231 | 699,945 | 325,559 | 388,838 | |||||||||||||||||||||
Less: Interest on deposits | 33,757 | 29,874 | 127,577 | 107,533 | 105,087 | 137,364 | 184,089 | |||||||||||||||||||||
Total fixed charges excluding interest on deposits | 22,562 | 24,218 | 94,759 | 97,698 | 594,858 | 188,195 | 204,749 | |||||||||||||||||||||
Income before income taxes and fixed charges (including interest on deposits) | $ | 172,604 | $ | 165,480 | $ | 502,345 | $ | 593,835 | $ | 543,053 | $ | 605,355 | $ | 511,302 | ||||||||||||||
Income before income taxes and fixed charges (excluding interest on deposits) | $ | 138,847 | $ | 135,606 | $ | 374,768 | $ | 486,302 | $ | 437,966 | $ | 467,991 | $ | 327,213 | ||||||||||||||
Ratio of earnings to fixed charges | ||||||||||||||||||||||||||||
Including interest on deposits | 3.1 | 3.1 | 2.3 | 2.9 | (A | ) | 1.9 | 1.3 | ||||||||||||||||||||
Excluding interest on deposits | 6.2 | 5.6 | 4.0 | 5.0 | (A | ) | 2.5 | 1.6 | ||||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | ||||||||||||||||||||||||||||
Including interest on deposits | 3.0 | 3.0 | 2.2 | 2.8 | (A | ) | 1.8 | 1.3 | ||||||||||||||||||||
Excluding interest on deposits | 6.0 | 5.4 | 3.8 | 4.8 | (A | ) | 2.4 | 1.6 |
(1) | The computation of earnings to fixed charges and preferred stock dividends excludes the results of discontinued operations. |
(A) | During 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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