Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| 1. Income before income taxes | $ | (13,347 | ) | $ | 43,642 | $ | 44,602 | $ | 31,734 | $ | 39,074 | $ | 30,151 | |||||||||||
| 2. Plus interest expense | 54,687 | 92,466 | 80,854 | 56,097 | 37,233 | 31,729 | ||||||||||||||||||
| 3. Earnings including interest on deposits | 41,340 | 136,108 | 125,456 | 87,831 | 76,307 | 61,880 | ||||||||||||||||||
| 4. Less interest on deposits | 45,471 | 76,232 | 65,733 | 42,269 | 28,952 | 25,147 | ||||||||||||||||||
| 5. Earnings excluding interest on deposits | $ | (4,131 | ) | $ | 59,876 | $ | 59,723 | $ | 45,562 | $ | 47,355 | $ | 36,733 | |||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
6. Including interest on deposits and capitalized interest | $ | 54,687 | $ | 92,466 | $ | 80,854 | $ | 56,097 | $ | 37,233 | $ | 31,729 | ||||||||||||
| 7. Less interest on deposits (Line 4) | 45,471 | 76,232 | 65,733 | 42,269 | 28,952 | 25,147 | ||||||||||||||||||
| 8. Excluding interest on deposits | $ | 9,216 | $ | 16,234 | $ | 15,121 | $ | 13,828 | $ | 8,281 | $ | 6,582 | ||||||||||||
| Ratio of earnings to fixed charges: | ||||||||||||||||||||||||
Including interest on deposits (Line 3 divided by Line 6) | 0.76x | 1.47x | 1.55x | 1.57x | 2.05x | 1.95x | ||||||||||||||||||
Excluding interest on deposits (Line 5 divided by Line 8) | ---(1 | ) | 3.69x | 3.95x | 3.29x | 5.72x | 5.58x | |||||||||||||||||
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| (1) | The earnings coverage ratio was inadequate to cover the fixed charges. The coverage deficiency for the period was $4.1 million. |