EX-12 2 ex12_10kx2015x4q.htm EXHIBIT 12 Exhibit


Exhibit 12
FIRSTMERIT CORPORATION
Computations of Consolidated Ratios of Earnings to Fixed Charges (unaudited)
 
 
 
 
 
 
 
 
 
Year Ended December 31,
(Dollars in thousands)
 
2015
2014
2013
2012
2011
Excluding Interest on Deposits:
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
Interest Expense (excluding interest on deposits)
 
$
21,961

$
21,022

$
18,420

$
5,580

$
9,639

Interest Factor Within Rent Expense (1)
 
4,630

4,672

4,122

2,669

2,661

   Total Fixed Charges
 
26,591

25,694

22,542

8,249

12,300

   Preferred Stock dividends
 
5,876

5,876

5,337



   Total Fixed Charges and Preferred Stock Dividends
 
$
32,467

$
31,570

$
27,879

$
8,249

$
12,300

 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
Income Before Income Taxes
 
$
326,503

$
339,894

$
263,191

$
189,799

$
168,252

Fixed Charges - Excluding Preferred Stock Dividends
 
26,591

25,694

22,542

8,249

12,300

   Total Earnings
 
$
353,094

$
365,588

$
285,733

$
198,048

$
180,552

 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges,
 
 
 
 
 
 
   Excluding Interest on Deposits
 
13.28

14.23

12.68

24.01

14.68

Ratio of Earnings to Combined Fixed Charges,
 
 
 
 
 
 
   Excluding Interest on Deposits
 
10.88

11.58

10.25

24.01

14.68

 
 
 
 
 
 
 
Including Interest on Deposits:
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
Interest Expense
 
$
58,222

$
56,930

$
55,018

$
38,853

$
58,629

Interest Factor Within Rent Expense (a)
 
4,630

4,672

4,122

2,669

2,661

   Total Fixed Charges
 
62,852

61,602

59,140

41,522

61,290

   Preferred Stock dividends
 
5,876

5,876

5,337



   Total Fixed Charges and Preferred Stock Dividends
 
$
68,728

$
67,478

$
64,477

$
41,522

$
61,290

 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
Income Before Income Taxes
 
$
326,503

$
339,894

$
263,191

$
189,799

$
168,252

Fixed Charges - Excluding Preferred Stock Dividends
 
62,852

61,602

59,140

41,522

61,290

   Total Earnings
 
$
389,355

$
401,496

$
322,331

$
231,321

$
229,542

 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges,
 
 
 
 
 
 
   Including Interest on Deposits
 
6.19

6.52

5.45

5.57

3.75

Ratio of Earnings to Combined Fixed Charges,
 
 
 
 
 
 
   Including Interest on Deposits
 
5.67

5.95

5.00

5.57

3.75

 
 
 
 
 
 
 
 (1) The portion of rents shown as representative of the interest factor is one-third of total net operating lease expenses.