Exhibit 12. Statement re:
Computation of Ratio of Earnings to Fixed Charges
Year Ended Six Months Ended
December 31, December 31, Year Ended June 30,
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1997 1996 (1) 1996 1995 1994
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(Dollars in thousands)
Inclusive of interest on deposits:
Earnings:
Pre-tax income 60,655 28,593 28,488 24,359 21,216
Add: Fixed charges 146,293 68,896 93,481 73,593 69,867
Less: Interest capitalized (308) (271) (579) (665) (376)
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Earnings 206,640 97,218 121,390 97,287 90,707
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Fixed charges:
Interest on deposits 98,581 47,967 63,325 55,794 53,004
Interest on borrowed funds 46,635 20,664 29,896 17,573 16,690
Rent expense 1,077 265 260 226 173
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Fixed charges 146,293 68,896 93,481 73,593 69,867
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Ratio of earnings to fixed charges
inclusive of interest on deposits 1.41 1.41 1.30 1.32 1.30
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Exclusive of interest on deposits:
Earnings:
Pre-tax income 60,655 28,593 28,488 24,359 21,216
Add: Fixed charges 47,712 20,929 30,156 17,799 16,863
Loss on equity investments - - - - -
Less: Interest capitalized (308) (271) (579) (665) (376)
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Earnings 108,059 49,251 58,065 41,493 37,703
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Fixed charges:
Interest on deposits - - - - -
Interest on borrowed funds 46,635 20,664 29,896 17,573 16,690
Rent expense 1,077 265 260 226 173
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Fixed charges 47,712 20,929 30,156 17,799 16,863
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Ratio of earnings to fixed charges
exclusive of interest on deposits 2.26 2.35 1.93 2.33 2.24
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(1) Excludes the impact of the special SAIF assessment.