EX-12 5 exhibit12.htm

Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

At or For Year Ended
December 31,
2003
 2002
 2001
 2000
 1999
(Dollars in thousands)
Earnings:
1. Income before income taxes $34,453 $35,513 $28,233 $23,662 $20,695
2. Plus interest expense 23,164
 30,337
 45,907
 48,861
 35,463
3. Earnings including interest on deposits 57,617 65,850 74,140 72,523 56,158
4. Less interest on deposits 16,582
 22,244
 32,405
 32,244
 24,966
5. Earnings excluding interest on
     deposits		 $41,035
 $43,606
 $41,735
 $40,279
 $31,192
Fixed Charges:
6. Including interest on deposits and
     capitalized interest		 $23,164 $30,337 $45,907 $48,861 $35,463
7. Less interest on deposits (Line 4) 16,582
 22,244
 32,405
 32,244
 24,966
8. Excluding interest on deposits $  6,582
 $  8,093
 $13,502
 $16,617
 $10,497
Ratio of earnings to fixed charges:
    Including interest on deposits
     (Line 3 divided by Line 6)
2.49
2.17
1.62
 1.48
 1.58
    Excluding interest on deposits
     (Line 5 divided by Line 8)
6.23
5.39
3.09
2.42
2.97