EXHIBIT 12.1

      COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
                        (Excluding Interest on Deposits)


     The Company's ratios of earnings to fixed charges (excluding interest on
deposits) for the periods indicated were as follows:




                                                                     Year Ended June 30,
                                        1998         1997       1996        1995        1994          1993
                                      --------    --------    --------    --------    --------     --------
                                                                   (Dollars in thousands)

                                                                                      
Net income........................    $ 18,729    $ 10,936    $ 11,723    $  9,702    $  8,694     $  6,633

Extraordinary items, net of tax...          --          --          --          --          --           --

Cumulative effect of changes in
   accounting for income taxes....          --          --          --          --      (1,200)          --   

Income tax expense (benefit)......      14,810      10,138       9,946       6,842       5,538        5,243
                                      --------    --------    --------    --------    --------     --------

   Pretax earnings (loss).........      33,539      21,074      21,669      16,544      13,032       11,876

Fixed charges:

Interest on borrowed funds........      23,396      17,514      10,560       6,349       2,233          579
                                      --------    --------    --------    --------    --------     --------
       Total fixed charges........    $ 23,396    $ 17,514    $ 10,560    $  6,349    $  2,233     $    579
                                      --------    --------    --------    --------    --------     --------
Earnings (for ratio calculation)..    $ 56,935    $ 38,588    $ 32,229    $ 22,893    $ 15,265     $ 12,455

Ratio of earnings to fixed charges       2.43x       2.20x       3.05x       3.61x       6.84x       21.51x




     For purposes of computing the consolidated ratio of earnings to fixed
charges, "earnings" represent net income (loss) before extraordinary items and
cumulative effect of changes in accounting principles plus applicable income
taxes and fixed charges. Fixed charges, excluding interest on deposits, include
gross interest expense (other than on deposits). Fixed charges, including gross
interest on deposits, include all interest expense.