EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)
SIX MONTHS ENDED JUNE
30, 1996 YEAR ENDED DECEMBER 31,
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1997 1996 1995 1994 1993 1992
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(DOLLARS IN THOUSANDS)
Earnings
1. Net income from operations before tax.......... 13,094 10,270 21,243 17,337 15,734 15,448 13,860
2. Applicable income taxes........................ 8,080 6,414 13,351 10,844 9,861 9,321 8,179
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3. Income before taxes (1 + 2).................... 21,174 16,684 34,594 28,181 25,595 24,769 22,039
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4. Fixed charges:
a.Interest expense excluding interest on
deposits....................................... 4,092 989 3,389 2,488 1,391 835 1,145
b.Portion of rents representative of interest.... 237 247 492 829 866 -- --
c.Preferred stock dividends including pre-tax
effect......................................... 1,169 -- 589 -- -- -- --
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d.Fixed charges excluding interest on deposits
(4a + 4b + 4c)................................. 5,498 1,236 4,470 3,317 2,257 835 1,145
e. Interest on deposits.......................... 30,281 21,562 46,630 39,458 27,060 26,243 30,844
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f.Fixed charges including interest on deposits
(4d + 4e)...................................... 35,779 22,798 51,100 42,775 29,317 27,078 31,989
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5. Earnings excluding interest on deposits (3 +
4d).............................................. 26,672 17,920 39,064 31,498 27,852 25,604 23,184
6. Earnings including interest on deposits (3 +
4f).............................................. 56,953 39,482 85,694 70,956 54,912 51,847 54,028
7. Fixed charges excluding interest on deposits
(4d)............................................. 5,498 1,236 4,470 3,317 2,257 835 1,145
8. Fixed charges including interest on deposits
(4f)............................................. 35,779 22,798 51,100 42,775 29,817 27,078 31,989
Ratio of Earnings to Fixed Charges:
9. Excluding interest on deposits
(line 5/line7)................................... 4.85x 14.50x 8.74x 9.50x 12.34x 30.66x 20.25x
10. Including interest on deposits
(line 6/line 8).................................. 1.59x 1.73x 1.68x 1.66x 1.87x 1.91x 1.69x
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(1) For purposes of computing the ratio of earnings to fixed charges, earnings
represents income before income taxes and fixed charges. Fixed charges
represent interest expense and preferred stock dividends, which dividends
commenced in October 1996. Deposits include interest-bearing deposits and
repurchase agreements. Without including preferred stock dividends in fixed
charges and excluding interest on deposits, the ratio of earnings to fixed
charges for the six months ended June 30, 1997 and the year ended December
31, 1996 were 5.89x and 9.91x, respectively. Without including preferred
stock dividends in fixed charges and including interest on deposits, the
ratio of earnings to fixed charges for the six months ended June 30, 1997
and the year ended December 31, 1996 were 1.61x and 1.68x, respectively.