**Exhibit 12.1**

 

**Computation of Ratio of Earnings to Fixed Chargesand Ratio of Earnings to Combined Fixed Charges and Preferred Stock DividendRequirements**

 
| ** **                                                               | ** ** | **Six months  ended  June 30,** | ** ** | **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                               |       | $                                    | 492,970    |                             | $          | 540,727 |   | $ | 361,533 |   | $ | 138,086 |   | $ | 106,385 |   | $ | 1,165,120 |   |
| Fixed charges                                                            |       | 226,492                              |       | 500,590                          |       | 646,595 |   | 799,907 |   | 960,241 |   | 894,923 |   |
|                                                                     |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                       |       | $                                    | 719,462    |                             | $          | 1,041,317 |   | $ | 1,008,128 |   | $ | 937,993 |   | $ | 1,066,626 |   | $ | 2,060,043 |   |
|                                                                     |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| **Fixed Charges:**                                                       |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                   |       | $                                    | 32,887     |                             | $          | 67,834 |   | $ | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   |
| Interest on deposits                                                     |       | 192,304                              |       | 427,822                          |       | 581,551 |   | 729,294 |   | 872,977 |   | 812,982 |   |
| Portion of rents representative of the interest factor                   |       | 1,301                                |       | 4,934                            |       | 12,805 |   | 27,913 |   | 25,932 |   | 20,144 |   |
|                                                                     |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Fixed charges, including interest on deposits, for computation  purposes |       | $                                    | 226,492    |                             | $          | 500,590 |   | $ | 646,595 |   | $ | 799,907 |   | $ | 960,241 |   | $ | 894,923 |   |
|                                                                     |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges, including interest on deposits       |       | 3.18                                 |       | 2.08                             |       | 1.56 |   | 1.17 |   | 1.11 |   | 2.30 |   |
|                                                                     |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| **Excluding Interest on Deposits**                                       |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
|                                                                     |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| **Earnings:**                                                            |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Income from operations before income taxes                               |       | $                                    | 492,970    |                             | $          | 540,727 |   | $ | 361,533 |   | $ | 138,086 |   | $ | 106,385 |   | $ | 1,165,120 |   |
| Fixed charges                                                            |       | 34,188                               |       | 72,768                           |       | 65,044 |   | 70,613 |   | 87,264 |   | 81,941 |   |
|                                                                     |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                       |       | $                                    | 527,158    |                             | $          | 613,495 |   | $ | 426,577 |   | $ | 208,699 |   | $ | 193,649 |   | $ | 1,247,061 |   |
|                                                                     |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| **Fixed Charges:**                                                       |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                   |       | $                                    | 32,887     |                             | $          | 67,834 |   | $ | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   |
| Portion of rents representative of the interest factor                   |       | 1,301                                |       | 4,934                            |       | 12,805 |   | 27,913 |   | 25,932 |   | 20,144 |   |
|                                                                     |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Fixed charges, excluding interest on deposits, for computation  purposes |       | $                                    | 34,188     |                             | $          | 72,768 |   | $ | 65,044 |   | $ | 70,613 |   | $ | 87,264 |   | $ | 81,941 |   |
|                                                                     |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges, excluding interest on deposits       |       | 15.42                                |       | 8.43                             |       | 6.56 |   | 2.96 |   | 2.22 |   | 15.22 |   |
|                                                                          |            |                                      |            |                                  |            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

1

----

 
| ** **                                                                                                             | ** ** | **Six months  ended  June 30,** | ** ** | **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                                                                             |       | $                                    | 492,970    |                             | $          | 540,727 |   | $ | 361,533 |   | $ | 138,086 |   | $ | 106,385 |   | $ | 1,165,120 |   |
| Fixed charges                                                                                                          |       | 226,492                              |       | 500,590                          |       | 646,595 |   | 799,907 |   | 960,241 |   | 894,923 |   |
|                                                                                                                   |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                                                                     |       | $                                    | 719,462    |                             | $          | 1,041,317 |   | $ | 1,008,128 |   | $ | 937,993 |   | $ | 1,066,626 |   | $ | 2,060,043 |   |
|                                                                                                                   |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| **Fixed Charges and Preferred Stock Dividend  Requirements:**                                                          |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                                                                 |       | $                                    | 32,887     |                             | $          | 67,834 |   | $ | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   |
| Interest on deposits                                                                                                   |       | 192,304                              |       | 427,822                          |       | 581,551 |   | 729,294 |   | 872,977 |   | 812,982 |   |
| Portion of rents representative of the interest factor                                                                 |       | 1,301                                |       | 4,934                            |       | 12,805 |   | 27,913 |   | 25,932 |   | 20,144 |   |
|                                                                                                                   |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Fixed charges, including interest on deposits, for computation  purposes                                               |       | $                                    | 226,492    |                             | $          | 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     |       | $                                    | 226,492    |                             | $          | 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 |       | 3.18                                 |       | 2.08                             |       | 1.56 |   | 1.17 |   | 1.11 |   | 2.30 |   |
|                                                                                                                   |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| **Excluding Interest on Deposits**                                                                                     |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
|                                                                                                                   |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| **Earnings:**                                                                                                          |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Income from operations before income taxes                                                                             |       | $                                    | 492,970    |                             | $          | 540,727 |   | $ | 361,533 |   | $ | 138,086 |   | $ | 106,385 |   | $ | 1,165,120 |   |
| Fixed charges                                                                                                          |       | 34,188                               |       | 72,768                           |       | 65,044 |   | 70,613 |   | 87,264 |   | 81,941 |   |
|                                                                                                                   |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                                                                     |       | $                                    | 527,158    |                             | $          | 613,495 |   | $ | 426,577 |   | $ | 208,699 |   | $ | 193,649 |   | $ | 1,247,061 |   |
|                                                                                                                   |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| **Fixed Charges and Preferred Stock Dividend  Requirements:**                                                          |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                                                                 |       | $                                    | 32,887     |                             | $          | 67,834 |   | $ | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   |
| Portion of rents representative of the interest factor                                                                 |       | 1,301                                |       | 4,934                            |       | 12,805 |   | 27,913 |   | 25,932 |   | 20,144 |   |
|                                                                                                                   |       |                                 |       |                             |       |   |   |   |   |   |   |   |   |
| Fixed charges, excluding interest on deposits, for computation  purposes                                               |       | $                                    | 34,188     |                             | $          | 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    |       | $                                    | 34,188     |                             | $          | 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 |       | 15.42                                |       | 8.43                             |       | 6.56 |   | 2.96 |   | 2.22 |   | 15.22 |   |
|                                                                                                                        |            |                                      |            |                                  |            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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(1)           Preferred stockdividend requirements are adjusted to represent a pretax earnings equivalent.

 

2

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