EX-12 6 exh12ratioofearningstofixe.htm RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS Exhibit


EXHIBIT 12

RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

The following table sets forth certain information regarding our consolidated ratios of earnings to fixed charges and earnings to fixed charges and preferred stock dividends. Fixed charges represent interest expense, a portion of rent expense representative of interest, trust-preferred securities related expense and amortization of debt issuance costs.
(Dollar amounts in millions)
 
Year ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense excluding deposits
 
$
53

 
$
36

 
$
69

 
$
123

 
$
185

Portion of rents representative of an interest factor
 
20

 
22

 
21

 
20

 
19

Fixed charges excluding interest on deposits
 
73

 
58

 
90

 
143

 
204

Interest on deposits
 
74

 
51

 
50

 
50

 
60

Fixed charges including interest on deposits
 
$
147

 
$
109

 
$
140

 
$
193

 
$
264

 
 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
Interest expense excluding deposits
 
$
53

 
$
36

 
$
68

 
$
123

 
$
185

Portion of rents representative of an interest factor
 
20

 
22

 
21

 
20

 
20

Preferred stock dividend requirement
 
65

 
77

 
92

 
112

 
147

Fixed charges and preferred stock dividends excluding interest on deposits
 
138

 
135

 
181

 
255

 
352

Interest on deposits
 
74

 
51

 
50

 
50

 
60

Fixed charges and preferred stock dividends including interest on deposits
 
$
212

 
$
186

 
$
231

 
$
305

 
$
412

 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
 
$
936

 
$
705

 
$
451

 
$
621

 
$
406

Equity in undistributed earnings of unconsolidated subsidiaries
 
(10
)
 
(6
)
 
(5
)
 
(8
)
 
(11
)
Fixed charges excluding interest on deposits
 
73

 
58

 
90

 
143

 
205

Earnings excluding interest on deposits
 
999

 
757

 
536

 
756

 
600

Interest on deposits
 
74

 
51

 
50

 
50

 
60

Earnings including interest on deposits
 
$
1,073

 
$
808

 
$
586

 
$
806

 
$
660

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges:
 
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
 
13.68

 
13.05

 
5.96

 
5.29

 
2.94

Including interest on deposits
 
7.30

 
7.41

 
4.19

 
4.18

 
2.50

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
 
7.24

 
5.61

 
2.96

 
2.96

 
1.70

Including interest on deposits
 
5.06

 
4.34

 
2.54

 
2.64

 
1.60