EX-12.0 2 d517828dex120.htm EX-12.0

EXHIBIT 12.0

STATEMENT RE: RATIO OF EARNINGS TO FIXED CHARGES

|  | Years Ended December 31, |
(dollars in thousands) |  | 2017 |  |  | 2016 |  |  | 2015 |
Including Interest Paid on Deposits: |  |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) before income taxes |  | $ | 668,215 |  |  | $ | 777,128 |  |  | $ | (132,013 | )
Combined fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense on deposits |  |  | 229,782 |  |  |  | 171,023 |  |  |  | 160,149 |
Interest expense on borrowed funds |  |  | 222,454 |  |  |  | 216,464 |  |  |  | 349,604 |
Appropriate portion (1/3) of rent expenses |  |  | 11,219 |  |  |  | 11,081 |  |  |  | 11,206 |
Total fixed charges |  | $ | 463,455 |  |  | $ | 398,568 |  |  | $ | 520,959 |
Earnings before income taxes and fixed charges |  | $ | 1,131,670 |  |  | $ | 1,175,696 |  |  | $ | 388,946 |
Ratio of earnings to fixed charges |  |  | 2.44 | x |  |  | 2.95 | x |  |  | 0.75 | x
Excluding Interest Paid on Deposits: |  |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) before income taxes |  | $ | 668,215 |  |  | $ | 777,128 |  |  | $ | (132,013 | )
Combined fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense on borrowed funds |  |  | 222,454 |  |  |  | 216,464 |  |  |  | 349,604 |
Appropriate portion (1/3) of rent expenses |  |  | 11,219 |  |  |  | 11,081 |  |  |  | 11,206 |
Total fixed charges |  | $ | 233,673 |  |  | $ | 227,545 |  |  | $ | 360,810 |
Earnings before income taxes and fixed charges |  | $ | 901,888 |  |  | $ | 1,004,673 |  |  | $ | 228,797 |
Ratio of earnings to fixed charges |  |  | 3.86 | x |  |  | 4.42 | x |  |  | 0.63 | x