EXHIBIT 12.1
BANK PLUS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FOR THE THREE
MONTHS ENDED
MARCH 31, FOR THE YEAR ENDED DECEMBER 31,
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1997 1996 1996 1995 1994 1993 1992
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(DOLLARS IN THOUSANDS)
Loss from continuing operations before
income taxes.................................... $ 3,468 $ 1,571 $(10,525) $(68,975) $(144,968) $(101,680) $ (1,880)
Add:
Interest on deposits........................... 29,140 31,033 120,265 128,242 108,310 131,721 175,077
Interest on borrowings......................... 9,210 7,181 32,358 46,594 47,518 56,773 65,047
One-third of rents............................. 203 289 990 930 870 900 840
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Earnings as adjusted (A)..................... $ 42,021 $40,074 $143,088 $106,791 $ 11,730 $ 87,714 $239,084
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Adjusted earnings (loss) excluding
interest on deposits (B).................... $ 12,881 $ 9,041 $ 22,823 $(21,451) $ (96,580) $ (44,007) $ 64,007
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Fixed Charges:
Interest on deposits........................... $ 29,140 $31,033 $120,265 $128,242 $ 108,310 $ 131,721 $175,077
Interest on borrowings......................... 9,210 7,181 32,358 46,594 47,518 56,773 65,047
One-third of rents............................. 203 289 990 930 870 900 840
Dividend on preferred stock of
subsidiary.................................... 2,678 2,696 10,707 -- -- -- --
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Fixed charges (C)............................. $ 41,231 $41,199 $164,320 $175,766 $ 156,698 $ 189,394 $240,964
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Fixed charges excluding interest
on deposits (D).............................. $ 12,091 $10,166 $ 44,055 $ 47,524 $ 48,388 $ 57,673 $ 65,887
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Ratio of earnings to fixed charges (A)/(C)....... 1.02 0.97 0.87 0.61 0.07 0.46 0.99
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Ratio of earnings (loss) to fixed charges
excluding interest on deposits (B)/(D)......... 1.07 0.89 0.52 (0.45) (2.00) (0.76) 0.97
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Amount of coverage deficiency.................... $ N/A $(1,125) $(21,232) $(68,975) $(144,968) $(101,680) $ (1,880)
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