EX-12.1 3 l34877aexv12w1.htm EX-12.1

EX-12.1

Exhibit 12.1

		Nine Months
		Ended
		September 30,				Year Ended December 31,
(Dollars in thousands)		2008				2007				2006				2005				2004				2003
Earnings (1):
Income before income tax expense		$	23,852			$	41,966			$	40,425			$	36,636			$	35,806			$	37,777
Fixed charges			34,577				59,769				48,754				36,150				27,211				26,652
Other adjustments (2)			(65	)			(151	)			(25	)			—				(24	)			—
Total earnings (a)		$	58,364			$	101,584			$	89,154			$	72,786			$	62,993			$	64,429
Fixed charges (1):
Interest on deposits		$	22,543			$	38,757			$	33,868			$	24,030			$	18,478			$	19,950
Interest on borrowings			11,679				20,519				14,513				11,850				8,475				6,447
Interest portion of rental expense (3)			290				342				348				270				234				255
Other adjustments (4)			65				151				25				—				24				—
Total fixed charges (b)		$	34,577			$	59,769			$	48,754			$	36,150			$	27,211			$	26,652
Ratio of earnings to fixed charges (a/b)			1.69x				1.70x				1.83x				2.01x				2.31x				2.42x
Earnings, excluding interest on deposits:
Total earnings		$	58,364			$	101,584			$	89,154			$	72,786			$	62,993			$	64,429
Less interest on deposits			22,543				38,757				33,868				24,030				18,478				19,950
Total earnings excluding interest on deposits (c)		$	35,821			$	62,827			$	55,286			$	48,756			$	44,515			$	44,479
Fixed charges, excluding interest on deposits:
Total fixed charges		$	34,577			$	59,769			$	48,754			$	36,150			$	27,211			$	26,652
Less interest on deposits			22,543				38,757				33,868				24,030				18,478				19,950
Total fixed charges, excluding interest on deposits (d)		$	12,034			$	21,012			$	14,886			$	12,120			$	8,733			$	6,702
Ratio of earnings to fixed charges, excluding interest on deposits (c/d) (5)			2.98x				2.99x				3.71x				4.02x				5.10x				6.64x

(1)		As defined in Item 503(d) of Regulation S-K.
(2)		For purposes of the “earnings” computation, other adjustments include subtracting interest capitalized.
(3)		The appropriate portion of rental expense (one-third) deemed representative of the interest factor.
(4)		For purposes of the “fixed charges” computation, other adjustments include capitalized interest costs.
(5)		The ratio of earnings to fixed charges, exluding interest on deposits, is being provided as an additional measure to provide comparability to the ratios disclosed by all other issuers of debt securities.