Exhibit 12.1
POPULAR, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Six months ended | Years ended December 31, |
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June 30, | June 30, | |||||||||||||||||||||||||||||||
2017 | 2016 | 2016 | 2015 | 2014 | 2013 | 2012 |
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Income (loss) from continuing operations before income taxes and cumulative effect of accounting changes (1) | $ | 250,762 | $ | 239,546 | $ | 280,009 | $ | 388,604 | ($ | 156,892 | ) | $ | 279,796 | $ | 122,464 | |||||||||||||||||
Fixed charges : | ||||||||||||||||||||||||||||||||
Interest expense and capitalized interest | 108,055 | 103,171 | 212,327 | 193,840 | 688,280 | 315,685 | 379,086 | |||||||||||||||||||||||||
Estimated interest component of net rental payments | 4,919 | 5,145 | 10,009 | 11,391 | 11,665 | 9,874 | 9,752 | |||||||||||||||||||||||||
Total fixed charges including interest on deposits | 112,974 | 108,316 | 222,336 | 205,231 | 699,945 | 325,559 | 388,838 | |||||||||||||||||||||||||
Less: Interest on deposits | 67,849 | 60,473 | 127,577 | 107,533 | 105,087 | 137,364 | 184,089 | |||||||||||||||||||||||||
Total fixed charges excluding interest on deposits | 45,125 | 47,843 | 94,759 | 97,698 | 594,858 | 188,195 | 204,749 | |||||||||||||||||||||||||
Income before income taxes and fixed charges (including interest on deposits) | $ | 363,736 | $ | 347,862 | $ | 502,345 | $ | 593,835 | $ | 543,053 | $ | 605,355 | $ | 511,302 | ||||||||||||||||||
Income before income taxes and fixed charges (excluding interest on deposits) | $ | 295,887 | $ | 287,389 | $ | 374,768 | $ | 486,302 | $ | 437,966 | $ | 467,991 | $ | 327,213 | ||||||||||||||||||
Ratio of earnings to fixed charges | ||||||||||||||||||||||||||||||||
Including interest on deposits | 3.2 | 3.2 | 2.3 | 2.9 | (A | ) | 1.9 | 1.3 | ||||||||||||||||||||||||
Excluding interest on deposits | 6.6 | 6.0 | 4.0 | 5.0 | (A | ) | 2.5 | 1.6 | ||||||||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | ||||||||||||||||||||||||||||||||
Including interest on deposits | 3.2 | 3.2 | 2.2 | 2.8 | (A | ) | 1.8 | 1.3 | ||||||||||||||||||||||||
Excluding interest on deposits | 6.4 | 5.8 | 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. |