Exhibit 12 ---------- PRO-FORMA REMAINING BANK ------------------------ QUARTER QUARTER YEAR ENDED YEAR ENDED DECEMBER 31, ENDED ENDED MARCH 31, -------------------------------------- MARCH 31 DECEMBER 31, 1997 1996 1995 1994 1993 1992 1997 1996 ---- ---- ---- ---- ---- ---- ---- ---- (DOLLARS IN THOUSANDS) RATIO OF EARNINGS TO FIXED CHARGES: EXCLUDING INTEREST ON DEPOSITS 7.65X 13.64X 4.87X 2.04X -(1) 3.21X 7.93X 8.20X INCLUDING INTEREST ON DEPOSITS 1.62X 2.04X 1.43X 1.18X -(1) 1.23X 1.62X 1.57X COMPUTATION: NET INCOME BEFORE INCOME TAXES FROM CONTINUING OPERATIONS 13,286 105,580 31,725 10,590 960 23,943 11,814 39,826 LESS UNDISTRIBUTED INCOME FROM ICII 1,461 32,205 5,192 3,489 7,898 - - - TOTAL INTEREST EXPENSE 18,572 68,054 60,154 37,415 36,280 101,683 18,572 68,054 PORTION OF RENT EXPENSE THAT REPRESENTS THE INTEREST FACTOR 561 2,301 2,192 2,581 2,773 2,933 489 2,029 INCOME AS ADJUSTED INCLUDING INTEREST EXPENSE 30,958 143,730 88,879 47,097 32,115 128,559 30,875 109,909 LESS INTEREST ON DEPOSITS 17,355 64,551 55,491 33,184 31,072 93,795 17,355 64,551 INCOME AS ADJUSTED EXCLUDING INTEREST ON DEPOSITS 13,603 79,179 33,388 13,913 1,0433 4,764 13,520 45,358 TOTAL INTEREST EXPENSE 18,572 68,054 60,154 37,415 36,280 101,683 18,572 68,054 PORTION OF RENT EXPENSE THAT REPRESENTS THE INTEREST FACTOR 561 2,301 2,192 2,581 2,773 2,933 489 2,029 TOTAL FIXED CHARGES INCLUDING INTEREST ON DEPOSITS 19,133 70,355 62,346 39,996 39,053 104,616 19,061 70,083 LESS INTEREST ON DEPOSITS 17,355 64,551 55,491 33,184 31,072 93,795 17,355 64,551 TOTAL FIXED CHARGES EXCLUDING INTEREST ON DEPOSITS 1,778 5,804 6,855 6,812 7,981 10,821 1,706 5,532 - ------------------------ (1) EARNINGS WERE INADEQUATE TO COVER FIXED CHARGES IN 1993 BY $6.9 MILLION. NYFS04...:\31\53831\0003\1703\TBL6137D.520