Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - FIRST NIAGARA FINANCIAL GROUP INC | a10-qq133116.htm |
| EX-32 - EXHIBIT 32 - FIRST NIAGARA FINANCIAL GROUP INC | ex-3233116.htm |
| EX-31.1 - EXHIBIT 31.1 - FIRST NIAGARA FINANCIAL GROUP INC | ex-31133116.htm |
| EX-31.2 - EXHIBIT 31.2 - FIRST NIAGARA FINANCIAL GROUP INC | ex-31233116.htm |
| EX-10.1 - EXHIBIT 10.1 - FIRST NIAGARA FINANCIAL GROUP INC | ex-10133116.htm |
Exhibit 12
Ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends
Our ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends are calculated in accordance with SEC requirements and computed by dividing earnings by fixed charges and earnings by preferred stock dividend requirements. For purposes of computing these ratios, earnings consist of net income before extraordinary items plus applicable income taxes and fixed charges. Fixed charges, excluding interest on deposits, consist of interest expense on borrowings and one-third of our rental expense, which we deem to represent interest. Preferred share dividend requirements represent the amount of pre-tax income required to pay the dividends on preferred shares. We issued Noncumulative Perpetual Preferred Stock, Series B, par value $0.01 per share, on December 14, 2011, but did not declare any dividends in 2011. Therefore, the ratio of earnings to combined fixed charges and preferred share dividends is identical to the ratio of earnings to fixed charges for the year ended December 31, 2011. Our consolidated ratios for the periods indicated are as follows (amounts in millions):
Three months ended March 31, | Years ended December 31, | |||||||||||||||||||||
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Earnings: | ||||||||||||||||||||||
Income (loss) before taxes | $ | 69 | $ | 71 | $ | 302 | $ | (824 | ) | $ | 423 | $ | 239 | $ | 262 | |||||||
Fixed charges | 44 | 37 | 154 | 133 | 128 | 162 | 195 | |||||||||||||||
Earnings (loss), including interest on deposits | 113 | 109 | 456 | (692 | ) | 550 | 401 | 458 | ||||||||||||||
Less interest on deposits | 19 | 15 | 66 | 53 | 53 | 67 | 83 | |||||||||||||||
Earnings (loss), excluding interest on deposits | $ | 94 | $ | 93 | $ | 390 | $ | (745 | ) | $ | 497 | $ | 335 | $ | 374 | |||||||
Fixed charges: | ||||||||||||||||||||||
Interest on deposits | $ | 19 | $ | 15 | $ | 66 | $ | 53 | $ | 53 | $ | 67 | $ | 83 | ||||||||
Interest on borrowings | 23 | 18 | 76 | 69 | 64 | 86 | 101 | |||||||||||||||
Estimated interest component of rent expense | 3 | 4 | 12 | 11 | 11 | 9 | 11 | |||||||||||||||
Fixed charges, including interest on deposits | 44 | 37 | 154 | 133 | 128 | 162 | 195 | |||||||||||||||
Less interest on deposits | 19 | 15 | 66 | 53 | 53 | 67 | 83 | |||||||||||||||
Fixed charges, excluding interest on deposits | 26 | 22 | 87 | 79 | 75 | 95 | 112 | |||||||||||||||
Preferred stock dividend requirements | 12 | 12 | 48 | 48 | 49 | 45 | — | |||||||||||||||
Combined fixed charges and preferred stock dividend requirements | $ | 38 | $ | 34 | $ | 136 | $ | 128 | $ | 124 | $ | 140 | $ | 112 | ||||||||
Ratio of earnings (loss) to fixed charges: | ||||||||||||||||||||||
Excluding interest on deposits | 3.69 | 4.26 | 4.46 | (9.39 | ) | 6.67 | 3.51 | 3.34 | ||||||||||||||
Including interest on deposits | 2.56 | 2.92 | 2.97 | (5.21 | ) | 4.31 | 2.48 | 2.34 | ||||||||||||||
Ratio of earnings (loss) to combined fixed charges and preferred stock dividend requirements: | ||||||||||||||||||||||
Excluding interest on deposits | 2.19 | 2.39 | 2.51 | (6.21 | ) | 3.63 | 2.06 | 3.34 | ||||||||||||||
Including interest on deposits | 1.79 | 1.96 | 2.02 | (4.09 | ) | 2.84 | 1.72 | 2.34 | ||||||||||||||