Exhibit 12. Statement re:
Computation of Ratio of Earnings to Fixed Charges
Year Ended Year Ended Year Ended Year Ended Six Months Ended
December 31, December 31, December 31, December 31, December 31,
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2000 1999 1998 1997 1996/(1)/
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(Dollars in thousands)
Inclusive of interest on deposits:
Earnings:
Pre-tax income 88,870 82,755 62,495 60,655 28,593
Add: Fixed charges 218,375 169,546 151,728 146,293 68,896
Less: Interest capitalized (256) (536) (267) (308) (271)
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Earnings 306,989 251,765 213,956 206,640 97,218
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Fixed charges:
Interest on deposits 115,509 99,665 95,788 98,581 47,967
Interest on borrowed funds 101,664 68,736 54,787 46,635 20,664
Rent expense 1,202 1,145 1,153 1,077 265
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Fixed charges 218,375 169,546 151,728 146,293 68,896
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Ratio of earnings to fixed charges
inclusive of interest on deposits 1.41 1.48 1.41 1.41 1.41
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Exclusive of interest on deposits:
Earnings:
Pre-tax income 88,870 82,755 62,495 60,655 28,593
Add: Fixed charges 102,866 69,881 55,940 47,712 20,929
Less: Interest capitalized (256) (536) (267) (308) (271)
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Earnings 191,480 152,100 118,168 108,059 49,251
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Fixed charges:
Interest on deposits - - - - -
Interest on borrowed funds 101,664 68,736 54,787 46,635 20,664
Rent expense 1,202 1,145 1,153 1,077 265
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Fixed charges 102,866 69,881 55,940 47,712 20,929
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Ratio of earnings to fixed charges
exclusive of interest on deposits 1.86 2.18 2.11 2.26 2.35
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/(1)/ Excludes the impact of the special SAIF assessment.