Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
At or For At or For At or For
Year Ended Six Months Ended Year Ended
December 31, December 31, June 30,
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2000 1999 1998 1997 1998 1997 1996
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(Dollars in thousands)
Earnings:
1. Income before income taxes $23,662 $20,695 $11,216 $10,538 $21,368 $15,091 $18,405
2. Plus interest expense 48,861 35,463 16,530 15,601 31,992 28,822 28,132
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3. Earnings including interest
on deposits 72,523 56,158 27,746 26,139 53,360 43,913 46,537
4. Less interest on deposits 32,244 24,966 12,255 10,395 20,951 17,951 17,003
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5. Earnings excluding interest
on deposits $40,279 $31,192 $15,491 $15,744 $32,409 $25,962 $29,534
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Fixed Charges:
6. Including interest on
deposits and capitalized interest $48,861 $35,463 $16,530 $15,601 $31,992 $28,822 $28,132
7. Less interest on deposits
(Line 4) 32,244 24,966 12,255 10,395 20,951 17,951 17,003
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8. Excluding interest on
deposits $16,617 $10,497 $4,275 $5,206 $11,041 $10,871 $11,129
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Ratio of earnings to fixed
charges:
Including interest on deposits
(Line 3 divided by Line 6) 1.48 1.58 1.68 1.68 1.67 1.52 1.65
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Excluding interest on deposits
(Line 5 divided by Line 8) 2.42 2.97 3.62 3.02 2.94 2.39 2.65
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