**Exhibit 12.1**

 

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

 
| ** **                                                               | ** ** | **Six months  ended  June 30,** | ** ** | **Year  ended December 31,** | ** ** |
|--------------------------------------------------------------------------|------------|--------------------------------------|------------|----------------------------------------|------------|
| **(dollars  in thousands)**                                              | ** ** | **2004**                             | ** ** | **2003**                               | ** ** | **2002** | ** ** | **2001** | ** ** | **2000** | ** ** | **1999** | ** ** |
| **a.  Ratio of Earnings to Fixed Charges**                          |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
|                                                                     |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| **Including Interest  on Deposits**                                      |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
|                                                                     |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| **Earnings:**                                                            |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Income from operations before  income taxes                         |       | $                                    | 263,751    |                                   | $          | 324,273 |   | $ | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   |
| Fixed charges                                                            |       | 258,670                              |       | 646,595                                |       | 799,907 |   | 960,241 |   | 894,923 |   | 459,549 |   |
|                                                                     |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                       |       | $                                    | 522,421    |                                   | $          | 970,868 |   | $ | 999,923 |   | $ | 1,193,988 |   | $ | 2,034,915 |   | $ | 1,390,311 |   |
|                                                                     |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| **Fixed Charges:**                                                       |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                   |       | $                                    | 35,073     |                                   | $          | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   |
| Interest on deposits                                                     |       | 221,642                              |       | 581,551                                |       | 729,294 |   | 872,977 |   | 812,982 |   | 356,736 |   |
| Portion of rents representative of the  interest factor                  |       | 1,955                                |       | 12,805                                 |       | 27,913 |   | 25,932 |   | 20,144 |   | 11,179 |   |
|                                                                     |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Fixed charges, including interest on  deposits, for computation purposes |       | $                                    | 258,670    |                                   | $          | 646,595 |   | $ | 799,907 |   | $ | 960,241 |   | $ | 894,923 |   | $ | 459,549 |   |
|                                                                     |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges,  including interest on deposits      |       | 2.02                                 |       | 1.50                                   |       | 1.25 |   | 1.24 |   | 2.27 |   | 3.03 |   |
|                                                                     |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| **Excluding Interest  on Deposits**                                      |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
|                                                                     |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| **Earnings:**                                                            |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Income from operations before income taxes                               |       | $                                    | 263,751    |                                   | $          | 324,273 |   | $ | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   |
| Fixed charges                                                            |       | 37,028                               |       | 65,044                                 |       | 70,613 |   | 87,264 |   | 81,941 |   | 102,813 |   |
|                                                                     |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                       |       | $                                    | 300,779    |                                   | $          | 389,317 |   | $ | 270,629 |   | $ | 321,011 |   | $ | 1,221,933 |   | $ | 1,033,575 |   |
|                                                                     |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| **Fixed Charges:**                                                       |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                   |       | $                                    | 35,073     |                                   | $          | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   |
| Portion of rents representative of the  interest factor                  |       | 1,955                                |       | 12,805                                 |       | 27,913 |   | 25,932 |   | 20,144 |   | 11,179 |   |
|                                                                     |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Fixed charges, excluding interest on  deposits, for computation purposes |       | $                                    | 37,028     |                                   | $          | 65,044 |   | $ | 70,613 |   | $ | 87,264 |   | $ | 81,941 |   | $ | 102,813 |   |
|                                                                     |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges,  excluding interest on deposits      |       | 8.12                                 |       | 5.99                                   |       | 3.83 |   | 3.68 |   | 14.91 |   | 10.05 |   |

 

----

 
| ** **                                                                                                             | ** ** | **Six months  ended  June 30,** | ** ** | **Year  ended December 31,** | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------|------------|----------------------------------------|------------|
| **(dollars  in thousands)**                                                                                            | ** ** | **2004**                             | ** ** | **2003**                               | ** ** | **2002** | ** ** | **2001** | ** ** | **2000** | ** ** | **1999** | ** ** |
| **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                                                                             |       | $                                    | 263,751    |                                   | $          | 324,273 |   | $ | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   |
| Fixed charges                                                                                                          |       | 258,670                              |       | 646,595                                |       | 799,907 |   | 960,241 |   | 894,923 |   | 459,549 |   |
|                                                                                                                   |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                                                                     |       | $                                    | 522,421    |                                   | $          | 970,868 |   | $ | 999,923 |   | $ | 1,193,988 |   | $ | 2,034,915 |   | $ | 1,390,311 |   |
|                                                                                                                   |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| **Fixed Charges and  Preferred Stock Dividend Requirements:**                                                          |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                                                                 |       | $                                    | 35,073     |                                   | $          | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   |
| Interest on deposits                                                                                                   |       | 221,642                              |       | 581,551                                |       | 729,294 |   | 872,977 |   | 812,982 |   | 356,736 |   |
| Portion of rents representative of the  interest factor                                                                |       | 1,955                                |       | 12,805                                 |       | 27,913 |   | 25,932 |   | 20,144 |   | 11,179 |   |
|                                                                                                                   |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Fixed charges, including interest on  deposits, for computation purposes                                               |       | $                                    | 258,670    |                                   | $          | 646,595 |   | $ | 799,907 |   | $ | 960,241 |   | $ | 894,923 |   | $ | 459,549 |   |
|                                                                                                                   |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Preferred stock dividend requirements                                                                                  |       | —                               |       | —                                 |       | — |   | — |   | — |   | — |   |
|                                                                                                                   |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Fixed charges and preferred stock dividend  requirements, including interest on deposits, for computation purposes     |       | $                                    | 258,670    |                                   | $          | 646,595 |   | $ | 799,907 |   | $ | 960,241 |   | $ | 894,923 |   | $ | 459,549 |   |
|                                                                                                                   |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges  and preferred stock dividend requirements, including interest on deposits |       | 2.02                                 |       | 1.50                                   |       | 1.25 |   | 1.24 |   | 2.27 |   | 3.03 |   |
|                                                                                                                   |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| **Excluding Interest  on Deposits**                                                                                    |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
|                                                                                                                   |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| **Earnings:**                                                                                                          |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Income from operations before income taxes                                                                             |       | $                                    | 263,751    |                                   | $          | 324,273 |   | $ | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   |
| Fixed charges                                                                                                          |       | 37,028                               |       | 65,044                                 |       | 70,613 |   | 87,264 |   | 81,941 |   | 102,813 |   |
|                                                                                                                   |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                                                                     |       | $                                    | 300,779    |                                   | $          | 389,317 |   | $ | 270,629 |   | $ | 321,011 |   | $ | 1,221,933 |   | $ | 1,033,575 |   |
|                                                                                                                   |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| **Fixed Charges and  Preferred Stock Dividend Requirements:**                                                          |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                                                                 |       | $                                    | 35,073     |                                   | $          | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   |
| Portion of rents representative of the  interest factor                                                                |       | 1,955                                |       | 12,805                                 |       | 27,913 |   | 25,932 |   | 20,144 |   | 11,179 |   |
|                                                                                                                   |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Fixed charges, excluding interest on  deposits, for computation purposes                                               |       | $                                    | 37,028     |                                   | $          | 65,044 |   | $ | 70,613 |   | $ | 87,264 |   | $ | 81,941 |   | $ | 102,813 |   |
|                                                                                                                   |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Preferred stock dividend requirements                                                                                  |       | —                               |       | —                                 |       | — |   | — |   | — |   | — |   |
|                                                                                                                   |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Fixed charges and preferred stock dividend  requirements, excluding interest on deposits, for computation purposes     |       | $                                    | 37,028     |                                   | $          | 65,044 |   | $ | 70,613 |   | $ | 87,264 |   | $ | 81,941 |   | $ | 102,813 |   |
|                                                                                                                   |       |                                 |       |                                   |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges  and preferred stock dividend requirements, excluding interest on deposits |       | 8.12                                 |       | 5.99                                   |       | 3.83 |   | 3.68 |   | 14.91 |   | 10.05 |   |

 

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(1)          Preferred stock dividend requirements areadjusted to represent a pretax earnings equivalent.

 

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