1
Exhibit 12.1
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
The Company's ratios of earnings to fixed charges for the nine-month periods
ended September 30, 1997 and 1996 and for each of the years in the five year
period ended December 31, 1996 were as follows:
Nine Months Ended Year Ended December 31,
September 30, -----------------------------------------------
1997 1996 1996 1995 1994 1993 1992
------- ------- ------- ------- ------- ------- -------
(Unaudited)
Dollars in thousands
Net income $25,897 $19,529 $28,105 $25,286 $19,240 $14,913 $15,959
Extraordinary item, net of tax -- -- -- -- -- -- --
Cumulative effect of changes in accounting -- -- -- -- -- -- 1,387
principles, net of tax
Income tax expense 5,486 4,059 6,634 4,854 3,533 2,360 2,870
------- ------- -----------------------------------------------
Pretax earnings including net realized
capital gains (losses) $31,383 $23,588 $34,739 $30,140 $22,773 $17,273 $17,442
======= ======= ===============================================
Pretax earnings excluding net realized
capital gains (losses) $29,455 $24,160 $33,692 $28,552 $23,228 $15,309 $16,573
======= ======= ===============================================
Fixed charges:
Portion of rental expense (net of sublease
rental income) which approximates the
interest factor -- -- -- -- 177 69 73
Interest on borrowed funds 8,508 3,017 4,277 1,816 1,440 1,383 1,415
------- ------- -----------------------------------------------
Total fixed charges $8,508 $3,017 $4,277 $1,816 $1,617 $1,452 $1,488
======= ======= ===============================================
Earnings including net realized capital
gains (losses) (for ratio calculation) $39,891 $26,605 $39,016 $31,956 $24,390 $18,725 $18,930
======= ======= ===============================================
Earnings excluding net realized capital
gains (losses) (for ratio calculation) $37,961 $27,177 $37,969 $30,368 $24,845 $16,761 $18,061
======= ======= ===============================================
Ratio of earnings including net realized
capital gains (losses) to fixed charges 4.7 8.8 9.1 17.6 15.1 12.9 12.7
======= ======= ===============================================
Ratio of earnings excluding net realized
capital gains (losses) to fixed charges 4.5 9.0 8.9 16.7 15.4 11.5 12.1
======= ======= ===============================================
For purposes of computing the consolidated ratios 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), amortization of financing costs
and that portion of rent expense deemed representative of the interest
factor in such rent expense.