EX-12.(A) 3 a10-12258_1ex12da.htm EX-12.(A)

Exhibit 12(a)

 

CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES

 

 

 

Six Months
Ended

 

Year Ended December 31,

 

(Dollars in thousands)

 

June 30, 2010

 

2009

 

2008

 

2007

 

2006

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (1):

 

 

 

 

 

 

 

 

 

 

 

Income before income tax expense

 

$

129,335

 

$

132,541

 

$

205,660

 

$

372,518

 

$

357,108

 

Fixed charges

 

142,837

 

337,376

 

383,273

 

430,134

 

360,708

 

Other adjustments (2)

 

(1,579

)

125

 

(576

)

(862

)

(1,054

)

Total earnings (a)

 

$

270,593

 

$

470,042

 

$

588,357

 

$

801,790

 

$

716,762

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (1):

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

$

33,885

 

$

122,112

 

$

156,774

 

$

230,625

 

$

195,324

 

Interest on borrowings

 

102,980

 

203,063

 

213,948

 

187,221

 

153,284

 

Interest portion of rental expense (3)

 

5,812

 

11,781

 

11,850

 

11,323

 

10,959

 

Other adjustments (4)

 

160

 

420

 

701

 

965

 

1,141

 

Total fixed charges (b)

 

$

142,837

 

$

337,376

 

$

383,273

 

$

430,134

 

$

360,708

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (a/b)

 

1.89x

 

1.39x

 

1.54x

 

1.86x

 

1.99x

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings, excluding interest on deposits:

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

270,593

 

$

470,042

 

$

588,357

 

$

801,790

 

$

716,762

 

Less interest on deposits

 

33,885

 

122,112

 

156,774

 

230,625

 

195,324

 

Total earnings excluding interest on deposits (c)

 

$

236,708

 

$

347,930

 

$

431,583

 

$

571,165

 

$

521,438

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, excluding interest on deposits:

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

142,837

 

$

337,376

 

$

383,273

 

$

430,134

 

$

360,708

 

Less interest on deposits

 

33,885

 

122,112

 

156,774

 

230,625

 

195,324

 

Total fixed charges, excluding interest on deposits (d)

 

$

108,952

 

$

215,264

 

$

226,499

 

$

199,509

 

$

165,384

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges, excluding interest on deposits (c/d) (5)

 

2.17x

 

1.62x

 

1.91x

 

2.86x

 

3.15x

 

 

(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.

(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 earning 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.