Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENT
For Year Ended December 31, | ||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
| (Dollars In Thousands) | ||||||||||||||||||||
| Earnings: | ||||||||||||||||||||
| 1. Income (loss) before income taxes | $ | 35,782 | $ | 32,759 | $ | 98,052 | $ | (8,179 | ) | $ | 43,642 | |||||||||
| 2. Plus interest expense | 35,146 | 47,850 | 66,605 | 73,231 | 92,466 | |||||||||||||||
| 3. Earnings including interest on deposits | 70,928 | 80,609 | 164,657 | 65,052 | 136,108 | |||||||||||||||
| 4. Less interest on deposits | 26,370 | 38,427 | 54,087 | 60,876 | 76,232 | |||||||||||||||
| 5. Earnings excluding interest on deposits | $ | 44,558 | $ | 42,182 | $ | 110,570 | $ | 4,176 | $ | 59,876 | ||||||||||
| Fixed charges and preferred stock dividend requirements (pre-tax): | ||||||||||||||||||||
6. Including interest on deposits and capitalized interest | $ | 39,886 | $ | 52,521 | $ | 71,659 | $ | 73,678 | $ | 92,466 | ||||||||||
| 7. Less interest on deposits (Line 4) | 26,370 | 38,427 | 54,087 | 60,876 | 76,232 | |||||||||||||||
| 8. Excluding interest on deposits | $ | 13,516 | $ | 14,094 | $ | 17,572 | $ | 12,802 | $ | 16,234 | ||||||||||
| Ratio of earnings to fixed charges and preferred stock dividend requirements (pre-tax): | ||||||||||||||||||||
Including interest on deposits (Line 3 divided by Line 6) | 1.78 | 1.53 | 2.30 | 0.88 | 1.47 | |||||||||||||||
Excluding interest on deposits (Line 5 divided by Line 8) | 3.30 | 2.99 | 6.29 | 0.33 | 3.69 | |||||||||||||||