EXHIBIT 12
RATIOS OF EARNINGS TO FIXED CHARGES
The following unaudited table presents the consolidated ratios of earnings
to fixed charges. The ratio of earnings to fixed charges has been computed by
dividing income before income taxes and fixed charges by fixed charges. Fixed
charges represent all interest expense (ratios are presented both excluding
and including interest on deposits) and the portion of net rental expense
which is deemed to be equivalent to interest on debt. Interest expense (other
than on deposits) includes interest on notes and debentures, Federal Home Loan
Bank borrowings, federal funds purchased and securities sold under agreements
to repurchase, mortgages, and other funds borrowed. The pro forma ratio of
earnings to fixed charges to combined fixed charges has been presented to
reflect the interest expense of the Senior Notes issued as part of the Private
Placement.
Year Ended December 31,
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2000 1999 1998(A) 1997 1996
---- ---- ------- ---- ----
Earnings to Fixed Charges--Company:
Excluding interest on deposits.....................
Actual............................................. 1.63 1.72 1.53 -- --
Pro Forma.......................................... 1.34 -- --
Including interest on deposits.....................
Actual............................................. 1.26 1.30 1.13 -- --
Pro Forma.......................................... 1.09 -- --
Earnings to Fixed Charges--Bank:
Excluding interest on deposits.....................
Actual............................................. 2.15 2.35 2.83 3.83 2.73
Pro Forma.......................................... 2.77 4.25 --
Including interest on deposits.....................
Actual............................................. 1.40 1.47 1.28 1.44 1.26
Pro Forma.......................................... 1.28 1.46 --
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(A) The twelve months ended December 31, 1998, include a $7.7 million
provision for loan losses--See Allowance for Loan Losses beginning on page
19. This should be considered in comparing the results of the twelve
months ended December 31, 1998.