EXHIBIT 12.1
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(Excluding Interest on Deposits)
The Corporation's ratios of earnings to fixed charges (excluding interest on
deposits) for the five years ended December 31, 1998 were as follows:
Years Ended December 31,
---------------------------------------------------------
1998 1997 1996 1995 1994
----------- ----------- -------- -------- ---------
(dollars in thousands)
Income before income taxes, $117,510 $199,724 $123,563 $154,577 $123,490
extraordinary item and cumulative
effect of accounting changes
Income tax expense 61,825 81,840 54,435 65,640 48,926
-------- -------- -------- -------- --------
Income before extraordinary item and 55,685 117,884 69,128 88,937 74,564
cumulative effect of accounting
changes
Extraordinary item, net of tax (10,637) - - - -
Cumulative effect of accounting - - - - 8,648
changes -------- -------- -------- -------- --------
Net income $ 45,048 $117,884 $ 69,128 $ 88,937 $ 83,212
Fixed charges:
Interest on borrowed funds $375,863 $232,048 $154,081 $110,003 $ 44,670
Total fixed charges $375,863 $232,048 $154,081 $110,003 $ 44,670
Earnings (for ratio calculation) $493,373 $431,772 $277,644 $264,580 $168,160
Ratio of earnings to fixed charges 1.31x 1.86x 1.80x 2.41x 3.76x
--------- --------- --------- --------- ---------
For purposes of computing the ratio of earnings to fixed charges, earnings
represent net income before income taxes plus fixed charges. Fixed charges
excluding interest on deposits consist of interest on all debt and borrowings.
Fixed charges including interest on deposits consist of the foregoing items plus
interest on deposits.