**Exhibit 12.1**

 

Computation of Earnings toFixed Charges and Ratio of Earnings to Combined Fixed Charges and PreferredStock Dividend Requirements.

 
|                                                                     |   | **Three  months  ended  March 31,** |    | **Year ended  December 31,** |   |
|--------------------------------------------------------------------------|--------|-------------------------------------|---------|------------------------------|--------|
| **(dollars in thousands)**                                               |   | **2003**                            |    | **2002**                     |   | **2001** |   | **2000** |   | **1999** |   | **1998** |   |
| **a.   Ratio of Earnings to Fixed Charges**                         |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
|                                                                     |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| **Including Interest on Deposits**                                       |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| **Earnings:**                                                            |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| Income from operations before income taxes                               |   | $                                   | 7,769   |                         | $      | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   | $ | 490,563 |   |
| Fixed charges                                                            |   | 174,772                             |    | 799,907                      |   | 960,241 |   | 894,923 |   | 459,549 |   | 254,006 |   |
|                                                                     |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                       |   | $                                   | 182,541 |                         | $      | 999,923 |   | $ | 1,193,988 |   | $ | 2,034,915 |   | $ | 1,390,311 |   | $ | 744,569 |   |
|                                                                     |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| **Fixed Charges:**                                                       |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                   |   | $                                   | 10,623  |                         | $      | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   | $ | 42,931 |   |
| Interest on deposits                                                     |   | 161,222                             |    | 729,294                      |   | 872,977 |   | 812,982 |   | 356,736 |   | 204,335 |   |
| Portion of rents representative of the interest factor                   |   | 2,927                               |    | 27,913                       |   | 25,932 |   | 20,144 |   | 11,179 |   | 6,740 |   |
|                                                                     |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| Fixed charges, including interest on deposits, for computation  purposes |   | $                                   | 174,772 |                         | $      | 799,907 |   | $ | 960,241 |   | $ | 894,923 |   | $ | 459,549 |   | $ | 254,006 |   |
|                                                                     |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges, including interest on deposits       |   | 1.04                                |    | 1.25                         |   | 1.24 |   | 2.27 |   | 3.03 |   | 2.93 |   |
|                                                                     |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| **Excluding Interest on Deposits**                                       |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| **Earnings:**                                                            |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| Income from operations before income taxes                               |   | $                                   | 7,769   |                         | $      | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   | $ | 490,563 |   |
| Fixed charges                                                            |   | 13,550                              |    | 70,613                       |   | 87,264 |   | 81,941 |   | 102,813 |   | 49,671 |   |
|                                                                     |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                       |   | $                                   | 21,319  |                         | $      | 270,629 |   | $ | 321,011 |   | $ | 1,221,933 |   | $ | 1,033,575 |   | $ | 540,234 |   |
|                                                                     |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| **Fixed Charges:**                                                       |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                   |   | $                                   | 10,623  |                         | $      | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   | $ | 42,931 |   |
| Portion of rents representative of the interest factor                   |   | 2,927                               |    | 27,913                       |   | 25,932 |   | 20,144 |   | 11,179 |   | 6,740 |   |
|                                                                     |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| Fixed charges, excluding interest on deposits, for computation  purposes |   | $                                   | 13,550  |                         | $      | 70,613 |   | $ | 87,264 |   | $ | 81,941 |   | $ | 102,813 |   | $ | 49,671 |   |
|                                                                     |   |                                |    |                         |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges, excluding interest on deposits       |   | 1.57                                |    | 3.83                         |   | 3.68 |   | 14.91 |   | 10.05 |   | 10.88 |   |

 

----

 
|                                                                                                               |   | **Three Months  Ended  March 31** |       | **Year Ended December 31** |       |
|--------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|------------|----------------------------|------------|
| **(dollars  in thousands)**                                                                                        |   | **2003**                          |       | **2002**                   |       | **2001** |   | **2000** |   | **1999** |   | **1998** |   |
| **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                                                                         |   | $                                 | 7,769      |                       | $          | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   | $ | 490,563 |   |
| Fixed charges                                                                                                      |   | 174,772                           |       | 799,907                    |       | 960,241 |   | 894,923 |   | 459,549 |   | 254,006 |   |
|                                                                                                               |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                                                                 |   | $                                 | 182,541    |                       | $          | 999,923 |   | $ | 1,193,988 |   | $ | 2,034,915 |   | $ | 1,390,311 |   | $ | 744,569 |   |
|                                                                                                               |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
| **Fixed Charges and Preferred Stock:**                                                                             |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
| **Dividend Requirements**                                                                                          |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
|                                                                                                               |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                                                             |   | $                                 | 10,623     |                       | $          | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   | $ | 42,931 |   |
| Interest on deposits                                                                                               |   | 161,222                           |       | 729,294                    |       | 872,977 |   | 812,982 |   | 356,736 |   | 204,335 |   |
| Portion of rents representative of the interest factor                                                             |   | 2,927                             |       | 27,913                     |       | 25,932 |   | 20,144 |   | 11,179 |   | 6,740 |   |
| Fixed charges, including interest on deposits, for computation  purposes                                           |   | $                                 | 174,772    |                       | $          | 799,907 |   | $ | 960,241 |   | $ | 894,923 |   | $ | 459,549 |   | $ | 254,006 |   |
| Preferred stock dividend requirements                                                                              |   | —                            |       | —                     |       | — |   | — |   | — |   | — |   |
|                                                                                                               |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
| Fixed charges and preferred stock dividend requirements, including  interest on deposits, for computation purposes |   | $                                 | 174,772    |                       | $          | 799,907 |   | $ | 960,241 |   | $ | 894,923 |   | $ | 459,549 |   | $ | 254,006 |   |
|                                                                                                               |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges and preferred stock dividend  requirements, including interest on deposits      |   | 1.04                              |       | 1.25                       |       | 1.24 |   | 2.27 |   | 3.03 |   | 2.93 |   |
|                                                                                                               |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
| **Excluding Interest On Deposits**                                                                                 |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
| **Earnings:**                                                                                                      |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
| Income from operations before income taxes                                                                         |   | $                                 | 7,769      |                       | $          | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   | $ | 490,563 |   |
| Fixed charges                                                                                                      |   | 13,550                            |       | 70,613                     |       | 87,264 |   | 81,941 |   | 102,813 |   | 49,671 |   |
|                                                                                                               |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                                                                 |   | $                                 | 21,319     |                       | $          | 270,629 |   | $ | 321,011 |   | $ | 1,221,933 |   | $ | 1,033,575 |   | $ | 540,234 |   |
|                                                                                                               |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
| **Fixed Charges and Preferred Stock:**                                                                             |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
| **Dividend Requirements**                                                                                          |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                                                             |   | $                                 | 10,623     |                       | $          | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   | $ | 42,931 |   |
| Portion of rents representative of the interest factor                                                             |   | 2,927                             |       | 27,913                     |       | 25,932 |   | 20,144 |   | 11,179 |   | 6,740 |   |
| Fixed charges, excluding interest on deposits, for computation  purposes                                           |   | $                                 | 13,550     |                       | $          | 70,613 |   | $ | 87,264 |   | $ | 81,941 |   | $ | 102,813 |   | $ | 49,671 |   |
| Preferred stock dividend requirements                                                                              |   | —                            |       | —                     |       | — |   | — |   | — |   | — |   |
|                                                                                                               |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
| Fixed charges and preferred stock dividend requirements, excluding  interest on deposits, for computation purposes |   | $                                 | 13,550     |                       | $          | 70,613 |   | $ | 87,264 |   | $ | 81,941 |   | $ | 102,813 |   | $ | 49,671 |   |
|                                                                                                               |   |                              |       |                       |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges and preferred stock dividend  requirements, excluding interest on deposits      |   | 1.57                              |       | 3.83                       |       | 3.68 |   | 14.91 |   | 10.05 |   | 10.88 |   |

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

 

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