EXHIBIT 12.1
Federal Home Loan Bank of Seattle
Computation of Ratio of Earnings to Fixed Charges
The following table presents the ratio of the Seattle Bank’s earnings to fixed charges for the five years ended December 31, 2005.
Computation of Earnings to Fixed Charges
For Years Ended December 31, | |||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||
(dollars in thousands) | |||||||||||||||
Earnings: | |||||||||||||||
Income before assessments and cumulative effect of change in accounting principle | $ | 2,512 | $ | 112,591 | $ | 195,686 | $ | 200,187 | $ | 245,674 | |||||
Fixed charges | 1,865,428 | 1,518,087 | 1,365,595 | 1,421,910 | 1,989,325 | ||||||||||
Earnings available for fixed charges | $ | 1,867,940 | $ | 1,630,678 | $ | 1,561,281 | $ | 1,622,097 | $ | 2,234,999 | |||||
Fixed charges: | |||||||||||||||
Interest expense on consolidated obligations | $ | 1,822,266 | $ | 1,502,956 | $ | 1,346,725 | $ | 1,390,605 | $ | 1,925,378 | |||||
Interest expense on deposits and other borrowings | 41,863 | 14,387 | 18,408 | 30,848 | 63,547 | ||||||||||
Interest portion of rental expense* | 1,299 | 764 | 462 | 457 | 400 | ||||||||||
Fixed charges | $ | 1,865,428 | $ | 1,518,087 | $ | 1,365,595 | $ | 1,421,910 | $ | 1,989,325 | |||||
Ratio of earnings to fixed charges | 1.00 | 1.07 | 1.14 | 1.14 | 1.12 |
* | The interest portion of rental expense does not include $5.4 million of a one-time write-off of lease abandonment costs. |