EX-12.A 5 ex-12a12311710k.htm EXHIBIT 12.A Exhibit


 
 
 
 
 
 
 
 
Exhibit 12(a)
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Ratios of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
(Dollars in thousands)
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
Earnings:(1)
 
 
 
 
 
 
 
 
 
 
Income before income tax expense (benefit)
 
$
245,160

 
$
338,245

 
$
314,695

 
$
281,382

 
$
243,045

Fixed charges
 
106,256

 
94,635

 
83,464

 
70,145

 
73,726

Other adjustments(2) 
 
(10,315
)
 
(9,641
)
 
(8,777
)
 
(7,487
)
 
(6,920
)
Total earnings (a)
 
$
341,101

 
$
423,239

 
$
389,382

 
$
344,040

 
$
309,851

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:(1)
 
 
 
 
 
 
 
 
 
 
Interest on deposits
 
$
66,012

 
$
61,788

 
$
48,226

 
$
38,385

 
$
36,604

Interest on borrowings
 
27,807

 
20,836

 
23,316

 
20,215

 
25,312

Interest portion of rental expense(3)
 
12,139

 
11,830

 
11,707

 
11,349

 
11,785

Other adjustments(4) 
 
298

 
181

 
215

 
196

 
25

Total fixed charges (b)
 
$
106,256

 
$
94,635

 
$
83,464

 
$
70,145

 
$
73,726

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (a/b)
 
3.21
x
 
4.47
x
 
4.67
x
 
4.90
x
 
4.20
x
 
 
 
 
 
 
 
 
 
 
 
Earnings, excluding interest on deposits:
 
 
 
 
 
 
 
 
 
 
Total earnings
 
$
341,101

 
$
423,239

 
$
389,382

 
$
344,040

 
$
309,851

Less: Interest on deposits
 
66,012

 
61,788

 
48,226

 
38,385

 
36,604

Total earnings excluding interest on deposits (c)
 
$
275,089

 
$
361,451

 
$
341,156

 
$
305,655

 
$
273,247

 
 
 
 
 
 
 
 
 
 
 
Fixed charges, excluding interest on deposits:
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
106,256

 
$
94,635

 
$
83,464

 
$
70,145

 
$
73,726

Less: Interest on deposits
 
66,012

 
61,788

 
48,226

 
38,385

 
36,604

Total fixed charges, excluding interest on deposits (d)
 
$
40,244

 
$
32,847

 
$
35,238

 
$
31,760

 
$
37,122

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges, excluding interest on deposits (c/d)(5)
 
6.84
x
 
11.00
x
 
9.68
x
 
9.62
x
 
7.36
x
(1)
As defined in Item 503(d) of Regulation S-K.
(2)
For purposes of the "earnings" computation, other adjustments include adding the amortization of capitalized interest and subtracting interest capitalized and income attributable to non-controlling interests.
(3)
The appropriate portion of rental expense (generally one-third) deemed representative of the interest factor.
(4)
For purposes of the "fixed charges" computation, other adjustments include capitalized interest costs.
(5)
The ratio of earnings to fixed charges, excluding interest on deposits, is being provided as an additional measure to provide comparability to the ratios disclosed by all other issuers of debt securities.