EX-12.1 5 a2226951zex-12_1.htm EX-12.1

Exhibit 12.1

 

Computation of Ratio of Earnings to Fixed Charges

 

 

 

For the nine months
ended September 30,

 

For the year ended December 31,

 

(dollars in millions)

 

2015

 

2014

 

2013

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

10,192

 

$

6,450

 

$

6,159

 

$

7,800

 

$

3,959

 

$

6,651

 

Add: Fixed charges, excluding interest on deposits

 

1,455

 

1,456

 

1,395

 

1,467

 

1,488

 

1,620

 

Earnings available for fixed charges, excluding interest on deposits

 

11,647

 

7,906

 

7,554

 

9,267

 

5,447

 

8,271

 

Add: Interest on deposits

 

6,350

 

7,653

 

6,861

 

7,172

 

8,266

 

9,254

 

Earnings available for fixed charges, including interest on deposits

 

$

17,997

 

$

15,559

 

$

14,415

 

$

16,439

 

$

13,713

 

$

17,525

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, excluding interest on deposits

 

$

1,318

 

$

1,275

 

$

1,227

 

$

1,360

 

$

1,355

 

$

1,531

 

Interest portion of rental expense

 

137

 

181

 

168

 

107

 

133

 

89

 

Total fixed charges, excluding interest on deposits

 

1,455

 

1,456

 

1,395

 

1,467

 

1,488

 

1,620

 

Add: Interest on deposits

 

6,350

 

7,653

 

6,861

 

7,172

 

8,266

 

9,254

 

Total fixed charges, including interest on deposits

 

$

7,805

 

$

9,109

 

$

8,256

 

$

8,639

 

$

9,754

 

$

10,874

 

Ratio of Earnings to Fixed Charges(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

Excluding interest on deposits

 

8.00

x

5.43

x

5.42

x

6.32

x

3.66

x

5.11

x

Including interest on deposits

 

2.31

x

1.71

x

1.75

x

1.90

x

1.41

x

1.61

x

 

(1)         The Company had no preferred stock outstanding during any period presented, and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.