EXHIBIT 12.1
Computation of Ratios of Earnings to Fixed Charges
| Years ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Excluding interest on deposits | 2.21 | 2.41 | 2.60 | 2.42 | 2.27 | |||||||||||||||
Including interest on deposits | 1.87 | 2.02 | 2.11 | 1.95 | 1.84 | |||||||||||||||
Note: The ratio of earnings to fixed charges is calculated by adding income before income taxes plus fixed charges and dividing that sum by fixed charges.
| Years ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
| (in thousands) | ||||||||||||||||||||
Income before income taxes | $ | 147,234 | $ | 178,940 | $ | 210,375 | $ | 195,217 | $ | 184,935 | ||||||||||
Interest on deposits | $ | 47,553 | $ | 47,791 | $ | 57,556 | $ | 68,167 | $ | 74,924 | ||||||||||
Borrowings and long-term debt | 114,293 | 120,586 | 123,756 | 130,846 | 139,136 | |||||||||||||||
1/3 of net rental expense | 7,082 | 6,631 | 7,949 | 7,061 | 7,046 | |||||||||||||||
Total fixed charges, including interest on deposits | $ | 168,928 | $ | 175,008 | $ | 189,261 | $ | 206,074 | $ | 221,106 | ||||||||||
Total fixed charges, excluding interest on deposits | $ | 121,375 | $ | 127,217 | $ | 131,705 | $ | 137,907 | $ | 146,182 | ||||||||||
