**Exhibit 12.1**

 

**Computation of Ratio of Earnings to Fixed Charges and Ratio of Earningsto Combined Fixed Charges and Preferred Stock Dividend Requirements**

 
| ** **                                                               | ** ** | **Three months  ended  March 31,** | ** ** | **Year ended December 31,** | ** ** |
|--------------------------------------------------------------------------|------------|------------------------------------|------------|-----------------------------|------------|
| **(dollars in thousands)**                                               | ** ** | **2005**                           | ** ** | **2004**                    | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** | **2000** | ** ** |
| **a.   Ratio of Earnings to Fixed Charges**                         | ** ** | ** **                         | ** ** | ** **                  | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|                                                                     |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| **Including Interest on Deposits**                                       |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
|                                                                     |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| **Earnings:**                                                            |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Income from operations before income taxes                               |       | $                                  | 203,311    |                        | $          | 540,727 |   | $ | 361,533 |   | $ | 138,086 |   | $ | 106,385 |   | $ | 1,165,120 |   |
| Fixed charges                                                            |       | 113,105                            |       | 500,590                     |       | 646,595 |   | 799,907 |   | 960,241 |   | 894,923 |   |
|                                                                     |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                       |       | $                                  | 316,416    |                        | $          | 1,041,317 |   | $ | 1,008,128 |   | $ | 937,993 |   | $ | 1,066,626 |   | $ | 2,060,043 |   |
|                                                                     |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| **Fixed Charges:**                                                       |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                   |       | $                                  | 16,480     |                        | $          | 67,834 |   | $ | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   |
| Interest on deposits                                                     |       | 95,889                             |       | 427,822                     |       | 581,551 |   | 729,294 |   | 872,977 |   | 812,982 |   |
| Portion of rents representative of the  interest factor                  |       | 736                                |       | 4,934                       |       | 12,805 |   | 27,913 |   | 25,932 |   | 20,144 |   |
|                                                                     |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Fixed charges, including interest on  deposits, for computation purposes |       | $                                  | 113,105    |                        | $          | 500,590 |   | $ | 646,595 |   | $ | 799,907 |   | $ | 960,241 |   | $ | 894,923 |   |
|                                                                     |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges,  including interest on deposits      |       | 2.80                               |       | 2.08                        |       | 1.56 |   | 1.17 |   | 1.11 |   | 2.30 |   |
|                                                                     |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| **Excluding Interest on Deposits**                                       |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
|                                                                     |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| **Earnings:**                                                            |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Income from operations before income taxes                               |       | $                                  | 203,311    |                        | $          | 540,727 |   | $ | 361,533 |   | $ | 138,086 |   | $ | 106,385 |   | $ | 1,165,120 |   |
| Fixed charges                                                            |       | 17,216                             |       | 72,768                      |       | 65,044 |   | 70,613 |   | 87,264 |   | 81,941 |   |
|                                                                     |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                       |       | $                                  | 220,527    |                        | $          | 613,495 |   | $ | 426,577 |   | $ | 208,699 |   | $ | 193,649 |   | $ | 1,247,061 |   |
|                                                                     |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| **Fixed Charges:**                                                       |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                   |       | $                                  | 16,480     |                        | $          | 67,834 |   | $ | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   |
| Portion of rents representative of the  interest factor                  |       | 736                                |       | 4,934                       |       | 12,805 |   | 27,913 |   | 25,932 |   | 20,144 |   |
|                                                                     |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Fixed charges, excluding interest on  deposits, for computation purposes |       | $                                  | 17,216     |                        | $          | 72,768 |   | $ | 65,044 |   | $ | 70,613 |   | $ | 87,264 |   | $ | 81,941 |   |
|                                                                     |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges,  excluding interest on deposits      |       | 12.81                              |       | 8.43                        |       | 6.56 |   | 2.96 |   | 2.22 |   | 15.22 |   |

 

1

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| ** **                                                                                                             | ** ** | **Three months  ended  March 31,** | ** ** | **Year ended December 31,** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|------------------------------------|------------|-----------------------------|------------|
| **(dollars in thousands)**                                                                                             | ** ** | **2005**                           | ** ** | **2004**                    | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** | **2000** | ** ** |
| **b. Ratio of Earnings to Combined Fixed  Charges and Preferred Stock Dividend Requirements(1)**                       |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| **Including Interest on Deposits**                                                                                     |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| **Earnings:**                                                                                                          |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Income from operations before income taxes                                                                             |       | $                                  | 203,311    |                        | $          | 540,727 |   | $ | 361,533 |   | $ | 138,086 |   | $ | 106,385 |   | $ | 1,165,120 |   |
| Fixed charges                                                                                                          |       | 113,105                            |       | 500,590                     |       | 646,595 |   | 799,907 |   | 960,241 |   | 894,923 |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                                                                     |       | $                                  | 316,416    |                        | $          | 1,041,317 |   | $ | 1,008,128 |   | $ | 937,993 |   | $ | 1,066,626 |   | $ | 2,060,043 |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| **Fixed Charges and Preferred Stock Dividend  Requirements:**                                                          |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                                                                 |       | $                                  | 16,480     |                        | $          | 67,834 |   | $ | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   |
| Interest on deposits                                                                                                   |       | 95,889                             |       | 427,822                     |       | 581,551 |   | 729,294 |   | 872,977 |   | 812,982 |   |
| Portion of rents representative of the  interest factor                                                                |       | 736                                |       | 4,934                       |       | 12,805 |   | 27,913 |   | 25,932 |   | 20,144 |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Fixed charges, including interest on  deposits, for computation purposes                                               |       | $                                  | 113,105    |                        | $          | 500,590 |   | $ | 646,595 |   | $ | 799,907 |   | $ | 960,241 |   | $ | 894,923 |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Preferred stock dividend requirements                                                                                  |       | —                             |       | —                      |       | — |   | — |   | — |   | — |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Fixed charges and preferred stock dividend  requirements, including interest on deposits, for computation purposes     |       | $                                  | 113,105    |                        | $          | 500,590 |   | $ | 646,595 |   | $ | 799,907 |   | $ | 960,241 |   | $ | 894,923 |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges  and preferred stock dividend requirements, including interest on deposits |       | 2.80                               |       | 2.08                        |       | 1.56 |   | 1.17 |   | 1.11 |   | 2.30 |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| **Excluding Interest on Deposits**                                                                                     |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| **Earnings:**                                                                                                          |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Income from operations before income taxes                                                                             |       | $                                  | 203,311    |                        | $          | 540,727 |   | $ | 361,533 |   | $ | 138,086 |   | $ | 106,385 |   | $ | 1,165,120 |   |
| Fixed charges                                                                                                          |       | 17,216                             |       | 72,768                      |       | 65,044 |   | 70,613 |   | 87,264 |   | 81,941 |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                                                                     |       | $                                  | 220,527    |                        | $          | 613,495 |   | $ | 426,577 |   | $ | 208,699 |   | $ | 193,649 |   | $ | 1,247,061 |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| **Fixed Charges and Preferred Stock Dividend  Requirements:**                                                          |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                                                                 |       | $                                  | 16,480     |                        | $          | 67,834 |   | $ | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   |
| Portion of rents representative of the  interest factor                                                                |       | 736                                |       | 4,934                       |       | 12,805 |   | 27,913 |   | 25,932 |   | 20,144 |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Fixed charges, excluding interest on  deposits, for computation purposes                                               |       | $                                  | 17,216     |                        | $          | 72,768 |   | $ | 65,044 |   | $ | 70,613 |   | $ | 87,264 |   | $ | 81,941 |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Preferred stock dividend requirements                                                                                  |       | —                             |       | —                      |       | — |   | — |   | — |   | — |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Fixed charges and preferred stock dividend  requirements, excluding interest on deposits, for computation purposes     |       | $                                  | 17,216     |                        | $          | 72,768 |   | $ | 65,044 |   | $ | 70,613 |   | $ | 87,264 |   | $ | 81,941 |   |
|                                                                                                                   |       |                               |       |                        |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges  and preferred stock dividend requirements, excluding interest on deposits |       | 12.81                              |       | 8.43                        |       | 6.56 |   | 2.96 |   | 2.22 |   | 15.22 |   |

 

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(1)   Preferredstock dividend requirements are adjusted to represent a pretax earningsequivalent.

 

2

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