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Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
At or for the Year Ended December 31,
2002 2001 2000 1999 1998
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Earnings:
Pretax income from operations 93,448 76,019 89,120 87,218 80,326
Less: Income from equity investment (904) (1,249) (727) (1,416) (1,286)
Dividends from equity investment 701 642 814 939 812
Fixed charges 145,931 200,642 211,766 169,060 171,017
Less: Preferred dividend requirements (372) (451) (525) (632) (757)
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Total earnings including interest
expense on deposits 238,804 275,603 300,448 255,169 250,112
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Total earnings excluding interest
expense on deposits 124,700 108,495 126,423 113,362 98,447
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Fixed Charges:
Interest expense:
Deposits 114,104 167,108 174,025 141,807 151,665
Short-term borrowings 10,878 15,026 21,072 14,905 9,800
Long-term debt 20,689 18,166 16,284 12,058 9,192
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Total interest expense 145,671 200,300 211,381 168,770 170,657
Estimate of interest within rental expense 260 342 385 290 360
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Total fixed charges including interest
expense on deposits 145,931 200,642 211,766 169,060 171,017
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Total fixed charges excluding interest
expense on deposits 31,827 33,534 37,741 27,253 19,352
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Ratio of Earnings to Fixed Charges:
Including interest expense on deposits 1.64 1.37 1.42 1.51 1.46
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Excluding interest expense on deposits 3.92 3.24 3.35 4.16 5.08
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interest