Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENT
For Three Months Ended March 31, | For Year Ended December 31, | |||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
1. Income (loss) before income taxes | $ | 28,378 | $ | (8,179 | ) | $ | 43,642 | $ | 44,602 | $ | 31,734 | $ | 39,074 | |||||||||||
2. Plus interest expense | 16,746 | 73,231 | 92,466 | 80,854 | 56,097 | 37,233 | ||||||||||||||||||
3. Earnings including interest on deposits | 45,124 | 65,052 | 136,108 | 125,456 | 87,831 | 76,307 | ||||||||||||||||||
4. Less interest on deposits | 14,000 | 60,876 | 76,232 | 65,733 | 42,269 | 28,952 | ||||||||||||||||||
5. Earnings excluding interest on deposits | 31,124 | $ | 4,176 | $ | 59,876 | $ | 59,723 | $ | 45,562 | $ | 47,355 | |||||||||||||
Fixed Charges and Preferred Stock Dividend Requirement (Pre-Tax): | ||||||||||||||||||||||||
6. Including interest on deposits and capitalized interest | 18,027 | $ | 73,678 | $ | 92,466 | $ | 80,854 | $ | 56,097 | $ | 37,233 | |||||||||||||
7. Less interest on deposits (Line 4) | 14,000 | 60,876 | 76,232 | 65,733 | 42,269 | 28,952 | ||||||||||||||||||
8. Excluding interest on deposits | 4,027 | $ | 12,802 | $ | 16,234 | $ | 15,121 | $ | 13,828 | $ | 8,281 | |||||||||||||
Ratio of earnings to fixed charges and preferred stock dividend requirement (pre-tax): | ||||||||||||||||||||||||
Including interest on deposits (Line 3 divided by Line 6) | 2.50 | 0.88 | 1.47 | 1.55 | 1.57 | 2.05 | ||||||||||||||||||
Excluding interest on deposits (Line 5 divided by Line 8) | 7.73 | 0.33 | 3.69 | 3.95 | 3.29 | 5.72 | ||||||||||||||||||