EXHIBIT 12
COMPUTATION OF EARNINGS TO FIXED CHARGES
Years Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Net income | $ | 370,249 | $ | 142,413 | $ | 186,777 | $ | 142,844 | $ | 105,382 | ||||||||||
Income tax expense | 32,278 | 150,466 | 85,193 | 64,094 | 35,683 | |||||||||||||||
Income before income tax expense | $ | 402,527 | $ | 292,879 | $ | 271,970 | $ | 206,938 | $ | 141,065 | ||||||||||
Fixed charges | ||||||||||||||||||||
Interest on short-term and other borrowings | $ | 47,429 | $ | 25,104 | $ | 16,120 | $ | 11,997 | $ | 11,614 | ||||||||||
Fixed charges excluding interest on deposits | 47,429 | 25,104 | 16,120 | 11,997 | 11,614 | |||||||||||||||
Interest on deposits | 160,952 | 79,833 | 51,581 | 47,103 | 33,090 | |||||||||||||||
Fixed charges including interest on deposits | $ | 208,381 | $ | 104,937 | $ | 67,701 | $ | 59,100 | $ | 44,704 | ||||||||||
Preferred stock dividends | 9,095 | 9,095 | 7,977 | — | — | |||||||||||||||
Fixed charges including preferred stock dividends | $ | 217,476 | $ | 114,032 | $ | 75,678 | $ | 59,100 | $ | 44,704 | ||||||||||
Earnings for ratio computations (1) | ||||||||||||||||||||
Excluding interest on deposits | $ | 449,956 | $ | 317,983 | $ | 288,090 | $ | 218,935 | $ | 152,679 | ||||||||||
Including interest on deposits | $ | 610,908 | $ | 397,816 | $ | 339,671 | $ | 266,038 | $ | 185,769 | ||||||||||
Ratio of earnings to fixed charges (2) | ||||||||||||||||||||
Excluding interest on deposits | 9.49 | 12.67 | 17.87 | 18.25 | 13.15 | |||||||||||||||
Including interest on deposits | 2.93 | 3.79 | 5.02 | 4.50 | 4.16 | |||||||||||||||
Ratio of earnings to fixed charges and preferred dividends (1) | ||||||||||||||||||||
Excluding interest on deposits | 7.96 | 9.30 | 11.96 | 18.25 | 13.15 | |||||||||||||||
Including interest on deposits | 2.81 | 3.49 | 4.49 | 4.50 | 4.16 |
(1) Earnings are the sum of income before income tax expense and fixed charges.
(2) For the purposes of calculating the ratio of earning to fixed charges, fixed charges are the sum of interest and debt expenses, excluding interest on deposits, and, in the second alternative, fixed charges are the sum of interest and debt expenses including interest on deposits.