EX-12.1 5 v340675_ex12-1.htm EXHIBIT 12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

		For the Years Ended December 31,
(Dollars in thousands)		2012				2011				2010				2009				2008
Earnings (1)
Income before tax expense		$	42,705			$	29,601			$	29,665			$	(66,850	)		$	(1,533	)
Fixed charges			19,985				22,472				30,126				39,026				45,269
Other adjustments (2)			-				-				-				-				-
Total Earnings (a)			62,690				52,073				59,791				(27,824	)			43,736
Fixed Charges (1)
Deposit Interest			9,973				12,789				19,887				27,796				29,792
Interest on Borrowings			9,628				9,359				9,838				10,886				15,138
Interest portion of Rental Expense (3)			385				324				401				344				338
Other Adjustments (4)			-				-				-				-				-
Total Fixed Charges (b)			19,986				22,472				30,126				39,026				45,268
Preferred Dividends			1,058				703				-				2,162				255
Ratio (Deficiency) of earnings to fixed charges (a/b)			314	%			232	%			198	%		$	(66,850	)		$	(1,532	)
Ratio (Deficiency) of earnings to fixed charges and preferred dividends			303	%			228	%			198	%		$	(66,850	)		$	(1,532	)
Earnings, excluding interest on deposits:
Total earnings		$	62,690			$	52,073			$	59,791			$	(27,824	)		$	43,736
Less interest on deposits			9,973				12,789				19,887				27,796				29,792
Total earnings excluding interest on deposits ©			52,717				39,284				39,904				(55,620	)			13,944
Fixed charges, excluding interest on deposits:
Total Fixed Charges			19,986				22,472				30,126				39,026				45,268
Less Interest on Deposits			9,973				12,789				19,887				27,796				29,792
Total Fixed Charges, excluding interest on deposits (d)			10,013				9,683				10,239				11,230				15,476
Ratio (Deficiency) of earnings to fixed charges (c/d) (5)			526	%			406	%			390	%		$	(66,850	)		$	(1,532	)
Ratio (Deficiency) of earnings to fixed charges and preferred dividends			486	%			385	%			390	%		$	(66,850	)		$	(1,532	)

	(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, excluding interest on deposits, is being provided as an additional measure to provide comparability to the ratios disclosed by all other issuers of debt securities.