EX-12.1 2 c13289exv12w1.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
                                         
Year ended December 31,   2006   2005   2004   2003   2002
 
Earnings:
                                       
Net income from operations after tax
  $ 75,609     $ 54,715     $ 45,421     $ 40,752     $ 34,494  
Applicable income taxes
    41,499       29,310       23,929       22,267       19,247  
 
 
                                       
Income before taxes
    117,108       84,025       69,350       63,019       53,741  
 
 
                                       
Fixed charges:
                                       
Interest expense excluding interest on deposits
    7,415       5,360       4,397       5,000       5,662  
Portion of rents representative of interest
          194       293       325       361  
Amortization of subordinated debenture/ trust preferred securities issuance costs
    37       41       44       961       95  
 
 
                                       
Fixed charges excluding interest on deposits
    7,452       5,595       4,734       6,286       6,118  
 
                                       
Interest on deposits
    98,545       58,189       38,024       43,614       59,797  
 
 
                                       
Fixed charges including interest on deposits
  $ 105,997     $ 63,784     $ 42,758     $ 49,900     $ 65,915  
 
 
                                       
Earnings before fixed charges excluding interest on deposits
  $ 124,560     $ 89,620     $ 74,084     $ 69,305     $ 59,859  
 
                                       
Earnings before fixed charges including interest on deposits
    223,105       147,809       112,108       112,919       119,656  
 
                                       
Fixed charges excluding interest on deposits
    7,452       5,595       4,734       6,286       6,118  
Fixed charges including interest on deposits
    105,997       63,784       42,758       49,900       65,915  
 
                                       
Ratio of Earnings to Fixed Charges:
                                       
Excluding interest on deposits
    16.71 x     16.02 x     15.65 x     11.03 x     9.78 x
Including interest on deposits
    2.10 x     2.32 x     2.62 x     2.26 x     1.82 x