EXHIBIT 12.2 COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES (Including Interest on Deposits) The Company's ratios of earnings to fixed charges (including 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 deposits ................ 63,432 54,139 42,425 22,012 17,791 20,743 Interest on borrowed funds .......... 23,396 17,514 10,560 6,349 2,233 579 -------- -------- -------- -------- -------- -------- Total fixed charges $ 86,828 $ 71,653 $ 52,985 $ 28,361 $ 20,024 $ 21,322 -------- -------- -------- -------- -------- -------- Earnings (for ratio calculation) .... $120,367 $ 92,727 $ 74,654 $ 44,905 $ 33,056 $ 33,198 Ratio of earnings to fixed charges .. 1.39x 1.29x 1.41x 1.58x 1.65x 1.56x 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.