**Exhibit12.1**

 

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

 
|                                                                     |   | **Three  months  ended  March 31,** |    | **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                         |   | $                                        | 156,514 |                              | $      | 324,273 |   | $ | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   |
| Fixed charges                                                            |   | 136,331                                  |    | 646,595                           |   | 799,907 |   | 960,241 |   | 894,923 |   | 459,549 |   |
|                                                                     |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                       |   | $                                        | 292,845 |                              | $      | 970,868 |   | $ | 999,923 |   | $ | 1,193,988 |   | $ | 2,034,915 |   | $ | 1,390,311 |   |
|                                                                     |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| **Fixed Charges:**                                                       |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                   |   | $                                        | 18,816  |                              | $      | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   |
| Interest on deposits                                                     |   | 114,896                                  |    | 581,551                           |   | 729,294 |   | 872,977 |   | 812,982 |   | 356,736 |   |
| Portion of rents representative of the  interest factor                  |   | 2,619                                    |    | 12,805                            |   | 27,913 |   | 25,932 |   | 20,144 |   | 11,179 |   |
|                                                                     |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Fixed charges, including interest on  deposits, for computation purposes |   | $                                        | 136,331 |                              | $      | 646,595 |   | $ | 799,907 |   | $ | 960,241 |   | $ | 894,923 |   | $ | 459,549 |   |
|                                                                     |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges,  including interest on deposits      |   | 2.15                                     |    | 1.50                              |   | 1.25 |   | 1.24 |   | 2.27 |   | 3.03 |   |
|                                                                     |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| **Excluding Interest  on Deposits**                                      |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
|                                                                     |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| **Earnings:**                                                            |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Income from operations before income taxes                               |   | $                                        | 156,514 |                              | $      | 324,273 |   | $ | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   |
| Fixed charges                                                            |   | 21,435                                   |    | 65,044                            |   | 70,613 |   | 87,264 |   | 81,941 |   | 102,813 |   |
|                                                                     |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                       |   | $                                        | 177,949 |                              | $      | 389,317 |   | $ | 270,629 |   | $ | 321,011 |   | $ | 1,221,933 |   | $ | 1,033,575 |   |
|                                                                     |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| **Fixed Charges:**                                                       |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                   |   | $                                        | 18,816  |                              | $      | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   |
| Portion of rents representative of the  interest factor                  |   | 2,619                                    |    | 12,805                            |   | 27,913 |   | 25,932 |   | 20,144 |   | 11,179 |   |
|                                                                     |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Fixed charges, excluding interest on  deposits, for computation purposes |   | $                                        | 21,435  |                              | $      | 65,044 |   | $ | 70,613 |   | $ | 87,264 |   | $ | 81,941 |   | $ | 102,813 |   |
|                                                                     |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges,  excluding interest on deposits      |   | 8.30                                     |    | 5.99                              |   | 3.83 |   | 3.68 |   | 14.91 |   | 10.05 |   |

 

----

 
|                                                                                                                   |   | **Three  months  ended  March 31,** |    | **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                                                                             |   | $                                        | 156,514 |                              | $      | 324,273 |   | $ | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   |
| Fixed charges                                                                                                          |   | 136,331                                  |    | 646,595                           |   | 799,907 |   | 960,241 |   | 894,923 |   | 459,549 |   |
|                                                                                                                   |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                                                                     |   | $                                        | 292,845 |                              | $      | 970,868 |   | $ | 999,923 |   | $ | 1,193,988 |   | $ | 2,034,915 |   | $ | 1,390,311 |   |
|                                                                                                                   |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| **Fixed Charges and  Preferred Stock Dividend Requirements:**                                                          |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                                                                 |   | $                                        | 18,816  |                              | $      | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   |
| Interest on deposits                                                                                                   |   | 114,896                                  |    | 581,551                           |   | 729,294 |   | 872,977 |   | 812,982 |   | 356,736 |   |
| Portion of rents representative of the  interest factor                                                                |   | 2,619                                    |    | 12,805                            |   | 27,913 |   | 25,932 |   | 20,144 |   | 11,179 |   |
|                                                                                                                   |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Fixed charges, including interest on  deposits, for computation purposes                                               |   | $                                        | 136,331 |                              | $      | 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     |   | $                                        | 136,331 |                              | $      | 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 |   | 2.15                                     |    | 1.50                              |   | 1.25 |   | 1.24 |   | 2.27 |   | 3.03 |   |
|                                                                                                                   |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| **Excluding Interest  on Deposits**                                                                                    |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
|                                                                                                                   |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| **Earnings:**                                                                                                          |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Income from operations before income taxes                                                                             |   | $                                        | 156,514 |                              | $      | 324,273 |   | $ | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   |
| Fixed charges                                                                                                          |   | 21,435                                   |    | 65,044                            |   | 70,613 |   | 87,264 |   | 81,941 |   | 102,813 |   |
|                                                                                                                   |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                                                                     |   | $                                        | 177,949 |                              | $      | 389,317 |   | $ | 270,629 |   | $ | 321,011 |   | $ | 1,221,933 |   | $ | 1,033,575 |   |
|                                                                                                                   |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| **Fixed Charges and  Preferred Stock Dividend Requirements:**                                                          |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                                                                 |   | $                                        | 18,816  |                              | $      | 52,239 |   | $ | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   |
| Portion of rents representative of the  interest factor                                                                |   | 2,619                                    |    | 12,805                            |   | 27,913 |   | 25,932 |   | 20,144 |   | 11,179 |   |
|                                                                                                                   |   |                                     |    |                              |   |   |   |   |   |   |   |   |   |
| Fixed charges, excluding interest on  deposits, for computation purposes                                               |   | $                                        | 21,435  |                              | $      | 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     |   | $                                        | 21,435  |                              | $      | 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 |   | 8.30                                     |    | 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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