Attached files
file | filename |
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EX-31.1 - EX-31.1 - POPULAR, INC. | g21994exv31w1.htm |
EX-13.1 - EX-13.1 - POPULAR, INC. | g21994exv13w1.htm |
EX-31.2 - EX-31.2 - POPULAR, INC. | g21994exv31w2.htm |
EX-10.9 - EX-10.9 - POPULAR, INC. | g21994exv10w9.htm |
EX-99.2 - EX-99.2 - POPULAR, INC. | g21994exv99w2.htm |
EX-32.1 - EX-32.1 - POPULAR, INC. | g21994exv32w1.htm |
EX-23.1 - EX-23.1 - POPULAR, INC. | g21994exv23w1.htm |
EX-99.1 - EX-99.1 - POPULAR, INC. | g21994exv99w1.htm |
EX-21.1 - EX-21.1 - POPULAR, INC. | g21994exv21w1.htm |
EX-32.2 - EX-32.2 - POPULAR, INC. | g21994exv32w2.htm |
EX-10.10 - EX-10.10 - POPULAR, INC. | g21994exv10w10.htm |
10-K - FORM 10-K - POPULAR, INC. | g21994e10vk.htm |
Exhibit 12.1
POPULAR, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)
Year Ended December 31, | ||||||||||||||||||||
2009 (1) | 2008 (1) | 2007 (1) | 2006 (1) | 2005 (1) | ||||||||||||||||
(Loss) income from continuing operations before income taxes
and cumulative effect of accounting changes |
($579,694 | ) | ($232,959 | ) | $ | 266,909 | $ | 551,893 | $ | 665,045 | ||||||||||
Fixed charges : |
||||||||||||||||||||
Interest
expense and capitalized |
754,506 | 994,919 | 1,246,577 | 1,200,508 | 859,075 | |||||||||||||||
Estimated interest component
of net rental payments |
28,866 | 34,975 | 31,296 | 25,670 | 23,755 | |||||||||||||||
Total fixed charges including
interest on deposits |
783,372 | 1,029,894 | 1,277,873 | 1,226,178 | 882,830 | |||||||||||||||
Less: Interest on deposits |
501,262 | 700,122 | 765,794 | 580,094 | 430,813 | |||||||||||||||
Total fixed charges excluding
interest on deposits |
282,110 | 329,772 | 512,079 | 646,084 | 452,017 | |||||||||||||||
Income before income taxes and
fixed charges(including interest on deposits) |
$ | 203,678 | $ | 796,935 | $ | 1,544,782 | $ | 1,778,071 | $ | 1,547,875 | ||||||||||
(Loss) income before income taxes and
fixed charges(excluding interest on deposits) |
($297,584 | ) | $ | 96,813 | $ | 778,988 | $ | 1,197,977 | $ | 1,117,062 | ||||||||||
Ratio of earnings to fixed charges |
||||||||||||||||||||
Including Interest on Deposits |
(A | ) | (A | ) | 1.2 | 1.5 | 1.8 | |||||||||||||
Excluding Interest on Deposits |
(A | ) | (A | ) | 1.5 | 1.9 | 2.5 | |||||||||||||
Ratio of earnings to fixed charges & Preferred Stock Dividends |
||||||||||||||||||||
Including Interest on Deposits |
(A | ) | (A | ) | 1.2 | 1.4 | 1.7 | |||||||||||||
Excluding Interest on Deposits |
(A | ) | (A | ) | 1.5 | 1.8 | 2.4 |
(1) | On November 3, 2008, the Corporation sold residual interests and servicing related assets of Popular Financial Holding (PFH) and Popular, FS to Goldman Sachs Mortgage Company, Goldman, Sachs & Co. and Litton Loan Servicing, LP. In addition, on September 18, 2008, the Corporation announced the consummation of the sale of manufactured housing loans of PFH to 21st Mortgage Corp. and Vanderbilt Mortgage and Finance, Inc. The above transactions and past sales and restructuring plans executed at PFH in the past two years have resulted in the discontinuance of the Corporations PFH operations anf PFHs results are reflected as such in the Corporations Consolidated Statement of Operations. The computation of earnings to fixed charges and preferred stock dividends excludes discontinued operations. Prior periods have been retrospectively adjusted on a comparable basis. | |
(A) | During 2008 and 2009, earnings were not sufficient to cover fixed charges or preferred dividends and the ratios were less than 1:1. The Corporation would have had to generate additional earnings of approximately $235 million and $625 million to achieve ratios of 1:1 in 2008 and 2009, respectively. |