EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
YEARS ENDED DECEMBER 31,
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1993 1992 1991 1990 1989
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(A) Excluding interest on
deposits:
Earnings:
Income before income taxes $278,887 $256,903 $225,125 $183,460 $163,480
Fixed charges .......... 182,061 186,877 181,160 236,176 224,488
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Earnings as adjusted ..... $460,948 $443,780 $406,285 $419,636 $387,968
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Income before income taxes:
Pretax income from
continuing operations as
reported ............... $277,455 $256,561 $225,088 $183,460 $163,195
Share of pretax income
(loss) of 50% owned
subsidiary not included
in above ............... 1,432 342 37 -- 285
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Net income as
adjusted .......... $278,887 $256,903 $225,125 $183,460 $163,480
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Fixed charges:
Interest on other
borrowings ............. $168,423 $169,905 $164,244 $222,553 $210,751
Interest on long-term debt
including amortization
of debt issue costs .... 10,022 13,324 13,238 9,918 10,008
Portion of rents
representative of the
interest factor in long
term lease ............. 3,616 3,648 3,678 3,705 3,729
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Fixed charges ...... $182,061 $186,877 $181,160 $236,176 $224,488
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Ratio of earnings to fixed
charges .................. 2.53x 2.37x 2.24x 1.78x 1.73x
(B) Including interest on deposits:
Adjusted earnings from (A)
above .................... $460,948 $443,780 $406,285 $419,636 $387,968
Add interest on deposits ... 202,810 248,851 286,751 314,190 210,590
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Earnings as adjusted ....... $663,758 $692,631 $693,036 $733,826 $598,558
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Fixed charges:
Fixed charges from (A)
above .................. $182,061 $186,877 $181,160 $236,176 $224,488
Interest on deposits ..... 202,810 248,851 286,751 314,190 210,590
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Adjusted fixed charges ..... $384,871 $435,728 $467,911 $550,366 $435,078
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Adjusted earnings to
adjusted fixed charges ... 1.72x 1.59x 1.48x 1.33x 1.38x