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EXHIBIT 12.1
SYNOVUS FINANCIAL CORP.
RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
RATIO 1 - INCLUDING DEPOSIT INTEREST
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NINE MONTHS ENDED
SEPTEMBER 30, YEAR ENDED DECEMBER 31,
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2000 1999 1999 1998 1997 1996 1995
--------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
EARNINGS:
Income before taxes and minority interest $ 306,951 $ 259,648 $ 362,503 $ 314,584 $ 276,156 $ 233,478 $ 220,537
Less: equity income in
joint venture $ (11,020) $ (8,446) $ (12,327) $ (12,974) $ (9,347) $ (7,094) $ (69)
Fixed charges $ 412,029 $ 294,869 $ 407,861 $ 358,255 $ 340,039 $ 311,856 $ 292,777
Distributed income on
VITAL & Prosa $ 5,369 $ 4,664 $ 5,105 $ 5,619 $ 3,253 $ -- $ --
--------- --------- --------- --------- --------- --------- ---------
Total Earnings $ 713,329 $ 550,736 $ 763,142 $ 665,483 $ 610,100 $ 538,240 $ 513,245
FIXED CHARGES:
Interest expense on deposits $ 299,761 $ 238,116 $ 323,752 $ 314,036 $ 293,527 $ 273,080 $ 259,048
Interest on funds purchased and securities
sold under agreement to repurchase $ 59,072 $ 24,847 $ 39,428 $ 15,413 $ 19,119 $ 15,226 $ 12,210
Interest on long-term debt $ 25,210 $ 7,415 $ 11,534 $ 7,804 $ 7,695 $ 6,304 $ 8,234
Interest expense related to
campus lease $ 4,211 $ 1,748 $ 3,068 $ -- $ -- $ -- $ --
Portion of rents representative of the interest
factor (1/3) of rental expense $ 23,775 $ 22,744 $ 30,079 $ 21,002 $ 19,698 $ 17,246 $ 13,285
--------- --------- --------- --------- --------- --------- ---------
Total Fixed Charges $ 412,029 $ 294,869 $ 407,861 $ 358,255 $ 340,039 $ 311,856 $ 292,777
EARNINGS TO FIXED CHARGES 1.73x 1.87x 1.87x 1.86x 1.79x 1.73x 1.75x
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RATIO 2 - EXCLUDING DEPOSIT INTEREST
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<S> <C> <C> <C> <C> <C> <C> <C>
EARNINGS:
Income before taxes and minority interest $ 306,951 $ 259,648 $ 362,503 $ 314,584 $ 276,156 $ 233,478 $ 220,537
Less: equity income in
joint venture $ (11,020) $ (8,446) $ (12,327) $ (12,974) $ (9,347) $ (7,094) $ (69)
Fixed charges $ 112,268 $ 56,753 $ 84,109 $ 44,219 $ 46,512 $ 38,776 $ 33,729
Distributed income on
VITAL & Prosa $ 5,369 $ 4,664 $ 5,105 $ 5,619 $ 3,253 $ -- $ --
--------- --------- --------- --------- --------- --------- ---------
Total Earnings $ 413,568 $ 312,620 $ 439,390 $ 351,447 $ 316,573 $ 265,160 $ 254,197
FIXED CHARGES:
Interest on funds purchased and securities
sold under agreement to repurchase $ 59,072 $ 24,847 $ 39,428 $ 15,413 $ 19,119 $ 15,226 $ 12,210
Interest on long-term debt $ 25,210 $ 7,415 $ 11,534 $ 7,804 $ 7,695 $ 6,304 $ 8,234
Interest expense related to
campus lease $ 4,211 $ 1,748 $ 3,068 $ -- $ -- $ -- $ --
Portion of rents representative of the interest
factor (1/3) of rental expense $ 23,775 $ 22,744 $ 30,079 $ 21,002 $ 19,698 $ 17,246 $ 13,285
--------- --------- --------- --------- --------- --------- ---------
Total Fixed Charges $ 112,268 $ 56,753 $ 84,109 $ 44,219 $ 46,512 $ 38,776 $ 33,729
EARNINGS TO FIXED CHARGES 3.68x 5.51x 5.22x 7.95x 6.81x 6.84x 7.54x
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