Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENT
For Year Ended December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
1. Income (loss) before income taxes | $ | 98,052 | $ | (8,179 | ) | $ | 43,642 | $ | 44,602 | $ | 31,734 | |||||||||
2. Plus interest expense | 66,605 | 73,231 | 92,466 | 80,854 | 56,097 | |||||||||||||||
3. Earnings including interest on deposits | 164,657 | 65,052 | 136,108 | 125,456 | 87,831 | |||||||||||||||
4. Less interest on deposits | 54,087 | 60,876 | 76,232 | 65,733 | 42,269 | |||||||||||||||
5. Earnings excluding interest on deposits | $ | 110,570 | $ | 4,176 | $ | 59,876 | $ | 59,723 | $ | 45,562 | ||||||||||
Fixed charges and preferred stock dividend requirements (pre-tax): | ||||||||||||||||||||
6. Including interest on deposits and capitalized interest | $ | 71,659 | $ | 73,678 | $ | 92,466 | $ | 80,854 | $ | 56,097 | ||||||||||
7. Less interest on deposits (Line 4) | 54,087 | 60,876 | 76,232 | 65,733 | 42,269 | |||||||||||||||
8. Excluding interest on deposits | $ | 17,572 | $ | 12,802 | $ | 16,234 | $ | 15,121 | $ | 13,828 | ||||||||||
Ratio of earnings to fixed charges and preferred stock dividend requirements (pre-tax): | ||||||||||||||||||||
Including interest on deposits (Line 3 divided by Line 6) | 2.30 | 0.88 | 1.47 | 1.55 | 1.57 | |||||||||||||||
Excluding interest on deposits (Line 5 divided by Line 8) | 6.29 | 0.33 | 3.69 | 3.95 | 3.29 | |||||||||||||||