EX-12.1 4 d816896dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

POPULAR, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

 

     Quarter ended      Year ended December 31,  
     September 30,
2014		     September 30,
2013		      2013      2012      2011      2010      2009(1)  

Income (loss) from continuing operations before income taxes and cumulative effect of accounting changes

    ($ 202,686 )    $ 130,451      $ 320,305      $ 160,282      $ 239,148      $ 242,942      ($ 579,694 ) 

Fixed charges:

                    

Interest expense and capitalized interest

      623,254       242,999        315,685        379,086        505,523        653,603        754,506  

Estimated interest component of net rental payments

      6,996       7,104        9,874        9,752        13,470        26,688        28,866  

Total fixed charges including interest on deposits

      630,250       250,103        325,559        388,838        518,993        680,291        783,372  

Less: Interest on deposits

      79,614       105,968        137,364        184,089        269,487        350,881        501,262  

Total fixed charges excluding interest on deposits

      550,636       144,134        188,195        204,749        249,506        329,410        282,110  

Income before income taxes and fixed charges (including interest on deposits)

    $ 427,564     $ 380,554      $ 645,864      $ 549,120      $ 758,141      $ 923,233      $ 203,678  

Income (loss) before income taxes and fixed charges (excluding interest on deposits)

    $ 347,950     $ 274,586      $ 508,500      $ 365,031      $ 488,654      $ 572,352      ($ 297,584 ) 

Ratio of earnings to fixed charges

                    

Including interest on deposits

      (A )     1.5        2.0        1.4        1.5        1.4        (A )

Excluding interest on deposits

      (A )     1.9        2.7        1.8        2.0        1.7        (A )

Ratio of earnings to fixed charges and preferred stock dividends

                    

Including interest on deposits

      (A )     1.5        2.0        1.4        1.4        1.4        (A )

Excluding interest on deposits

      (A )     1.9        2.6        1.8        1.9        1.7        (A )

 

(1) The computation of earnings to fixed charges and preferred stock dividends excludes the results of discontinued operations.

 

(A) During the nine months period ended September 30, 2014 and during the year ended December 31, 2009, earnings were not sufficient to cover fixed charges or preferred stock dividends and the ratios were less than 1:1. The Corporation would have had to generate additional earnings of approximately $205 million and $625 million to achieve ratios of 1:1 in the corresponding periods of 2014 and 2009, respectively.

 

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