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EXHIBIT 12
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
The Company's ratios of earnings to fixed charges for the five years ended
December 31, 1996 were as follows:
YEARS ENDED DECEMBER 31,
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1996 1995 1994 1993 1992
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(DOLLARS IN THOUSANDS)
Net income................................... $28,105 $25,286 $19,240 $14,913 $15,959
Extraordinary items, net of tax.............. 0 0 0 0 0
Cumulative effect of changes in accounting
principles, net of tax..................... 0 0 0 0 1,387
Income tax expense........................... 6,634 4,854 3,533 2,360 2,870
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Pretax earnings including net realized
capital gains (losses)..................... $34,739 $30,140 $22,773 $17,273 $17,442
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Pretax earnings excluding net realized
capital gains (losses)..................... $33,692 $28,552 $23,228 $15,309 $16,573
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Fixed charges:
Portion of rental expense (net of sublease
rental income) which approximates the
interest factor............................ 0 0 177 69 73
Interest on borrowed funds................... 4,277 1,816 1,440 1,383 1,415
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Total fixed charges........................ $ 4,277 $ 1,816 $ 1,617 $ 1,452 $ 1,488
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Earnings including net realized capital gains
(losses) (for ratio calculation)........... $39,016 $31,956 $24,390 $18,725 $18,930
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Earnings excluding net realized capital gains
(losses) (for ratio calculation)........... $37,969 $30,368 $24,845 $16,761 $18,061
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Ratio of earnings including net realized
capital gains (losses) to fixed charges.... 9.1 17.6 15.1 12.9 12.7
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Ratio of earnings excluding net realized
capital gains (losses) to fixed charges.... 8.9 16.7 15.4 11.5 12.1
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For purposes of computing the consolidated ratio of earnings to fixed
charges, "earnings" represent net income before extraordinary items plus
applicable income taxes and fixed charges. "Fixed charges" include gross
interest expense (other than on deposits) and the proportion deemed
representative of the interest factor of rent expense.