EX-12 6 fult12312017ex12.htm COMPUTATION OF CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES
Exhibit 12
COMPUTATION OF CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES

| For the Year Ended December 31,
| 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Earnings: |  |  |  |  |  |  |  |  |
Income before income taxes | $ | 234,454 |  |  | $ | 208,249 |  |  | $ | 199,423 |  |  | $ | 210,500 |  |  | $ | 212,925 |
Interest expense, including interest on deposits | 93,502 |  |  | 82,328 |  |  | 83,795 |  |  | 81,211 |  |  | 82,495 |
Estimated interest component of net rental expense (1) | 6,143 |  |  | 6,047 |  |  | 5,935 |  |  | 5,932 |  |  | 6,202 |
Amortization of debt discount (premium) and expenses, including amounts capitalized | 855 |  |  | 617 |  |  | 585 |  |  | 334 |  |  | 315 |
Earnings | 334,954 |  |  | 297,241 |  |  | 289,738 |  |  | 297,977 |  |  | 301,937 |
Less: Interest expense on deposits | (57,791 | ) |  | (44,693 | ) |  | (40,482 | ) |  | (35,110 | ) |  | (36,770 | )
Earnings, excluding interest on deposits | $ | 277,163 |  | v | $ | 252,548 |  | v | $ | 249,256 |  |  | $ | 262,867 |  |  | $ | 265,167 |
Fixed Charges: |  |  |  |  |  |  |  |  |
Interest expense, including capitalized interest | 93,503 |  |  | 82,328 |  |  | 83,795 |  |  | 81,211 |  |  | 82,495 |
Interest portion of rent expense (1) | 6,143 |  |  | 6,047 |  |  | 5,935 |  |  | 5,932 |  |  | 6,202 |
Amortization of debt discount (premium) and expenses, including amounts capitalized | 855 |  |  | 617 |  |  | 585 |  |  | 334 |  |  | 315 |
Total fixed charges | 100,501 |  |  | 88,992 |  |  | 90,315 |  |  | 87,477 |  |  | 89,012 |
Less: Interest expense on deposits | (57,791 | ) |  | (44,693 | ) |  | (40,482 | ) |  | (35,110 | ) |  | (36,770 | )
Earnings, excluding interest on deposits | $ | 42,710 |  |  | $ | 44,299 |  |  | $ | 49,833 |  |  | $ | 52,367 |  |  | $ | 52,242 |
Earnings to fixed charges: |  |  |  |  |  |  |  |  |
Including interest on deposits | 3.33 |  |  | 3.34 |  |  | 3.21 |  |  | 3.41 |  |  | 3.39 |
Excluding interest on deposits | 6.49 |  |  | 5.70 |  |  | 5.00 |  |  | 5.02 |  |  | 5.08 |

(1) The proportion, estimated at one-third, of rental expense deemed representative of interest.
The ratio of earnings to fixed charges is computed by dividing earnings by the aggregate of fixed charges. For purposes of computing these ratios, earnings consist of income before income taxes, plus fixed charges. Fixed charges consist of interest expense, the proportion, estimated at one-third, of rental expense deemed representative of interest, and amortization of premiums, discounts and capitalized expenses related to indebtedness.