EXHIBIT 12
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RATIO OF EARNINGS TO FIXED CHARGES Pro-forma
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Year Ended December 31, Bank
(Dollars in thousands)
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1996 1995 1994 1993 1992 1996
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Ratio of Earnings to Fixed Charges:
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Excluding interest on deposits 13.64x 4.87x 2.04x --(1) 3.21x 7.96x
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Including interest on deposits 2.04x 1.43x 1.18x --(1) 1.23x 1.55x
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COMPUTATION:
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Net income before income taxes from continuing
operations 105,580 31,725 10,590 960 23,943 38,493
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Less undistributed income from ICII 32,205 5,192 3,489 7,898 -- --
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Total interest expense 68,054 60,154 37,415 36,280 101,683 68,054
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Portion of rent expense that represents the
interest factor 2,301 2,192 2,581 2,773 2,933 2,029
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Income as adjusted including interest expense 143,730 88,879 47,097 32,115 128,559 108,576
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Less interest on deposits 64,551 55,491 33,184 31,072 93,795 64,551
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Income as adjusted excluding interest on deposits 79,179 33,388 13,913 1,043 34,764 44,025
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Total interest expense 68,054 60,154 37,415 36,280 101,683 68,054
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Portion of rent expense that represents the
interest factor 2,301 2,192 2,581 2,773 2,933 2,029
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Total fixed charges including interest on deposits 70,355 62,346 39,996 39,053 104,616 70,083
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Less interest on deposits 64,551 55,491 33,184 31,072 93,795 64,551
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Total fixed charges excluding interest on deposits 5,804 6,855 6,812 7,981 10,821 5,532
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1. Earnings were inadequate to cover fixed charges in 1993 by $6.9 milion.