**Exhibit 12.1**

 

**Computation of Ratio of Earnings to FixedCharges and Ratio of Earnings to Combined Fixed Charges and Preferred StockDividend Requirements**

 
|                                                                     |   | **Six months  ended  June 30,** |       | **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                               |   | $                               | 72,311     |                              | $          | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   | $ | 490,563 |   |
| Fixed charges                                                            |   | 342,099                         |       | 799,907                           |       | 960,241 |   | 894,923 |   | 459,549 |   | 254,006 |   |
|                                                                     |   |                            |       |                              |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                       |   | $                               | 414,410    |                              | $          | 999,923 |   | $ | 1,193,988 |   | $ | 2,034,915 |   | $ | 1,390,311 |   | $ | 744,569 |   |
|                                                                     |   |                            |       |                              |       |   |   |   |   |   |   |   |   |
| **Fixed Charges:**                                                       |   |                            |       |                              |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                   |   | $                               | 21,337     |                              | $          | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   | $ | 42,931 |   |
| Interest on deposits                                                     |   | 314,375                         |       | 729,294                           |       | 872,977 |   | 812,982 |   | 356,736 |   | 204,335 |   |
| Portion of rents representative of the  interest factor                  |   | 6,387                           |       | 27,913                            |       | 25,932 |   | 20,144 |   | 11,179 |   | 6,740 |   |
|                                                                     |   |                            |       |                              |       |   |   |   |   |   |   |   |   |
| Fixed charges, including interest on  deposits, for computation purposes |   | $                               | 342,099    |                              | $          | 799,907 |   | $ | 960,241 |   | $ | 894,923 |   | $ | 459,549 |   | $ | 254,006 |   |
|                                                                     |   |                            |       |                              |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges,  including interest on deposits      |   | 1.21                            |       | 1.25                              |       | 1.24 |   | 2.27 |   | 3.03 |   | 2.93 |   |
|                                                                     |   |                            |       |                              |       |   |   |   |   |   |   |   |   |
| **Excluding Interest on Deposits**                                       |   |                            |       |                              |       |   |   |   |   |   |   |   |   |
| **Earnings:**                                                            |   |                            |       |                              |       |   |   |   |   |   |   |   |   |
| Income from operations before income taxes                               |   | $                               | 72,311     |                              | $          | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   | $ | 490,563 |   |
| Fixed charges                                                            |   | 27,724                          |       | 70,613                            |       | 87,264 |   | 81,941 |   | 102,813 |   | 49,671 |   |
|                                                                     |   |                            |       |                              |       |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                       |   | $                               | 100,035    |                              | $          | 270,629 |   | $ | 321,011 |   | $ | 1,221,933 |   | $ | 1,033,575 |   | $ | 540,234 |   |
|                                                                     |   |                            |       |                              |       |   |   |   |   |   |   |   |   |
| **Fixed Charges:**                                                       |   |                            |       |                              |       |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                   |   | $                               | 21,337     |                              | $          | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   | $ | 42,931 |   |
| Portion of rents representative of the  interest factor                  |   | 6,387                           |       | 27,913                            |       | 25,932 |   | 20,144 |   | 11,179 |   | 6,740 |   |
|                                                                     |   |                            |       |                              |       |   |   |   |   |   |   |   |   |
| Fixed charges, excluding interest on  deposits, for computation purposes |   | $                               | 27,724     |                              | $          | 70,613 |   | $ | 87,264 |   | $ | 81,941 |   | $ | 102,813 |   | $ | 49,671 |   |
|                                                                     |   |                            |       |                              |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges,  excluding interest on deposits      |   | 3.61                            |       | 3.83                              |       | 3.68 |   | 14.91 |   | 10.05 |   | 10.88 |   |

 

----

 
|                                                                                                                   |   | **Six months  ended  June 30,** |    | **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                                                                             |   | $                               | 72,311  |                         | $      | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   | $ | 490,563 |   |
| Fixed charges                                                                                                          |   | 342,099                         |    | 799,907                      |   | 960,241 |   | 894,923 |   | 459,549 |   | 254,006 |   |
|                                                                                                                   |   |                            |    |                         |   |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                                                                     |   | $                               | 414,410 |                         | $      | 999,923 |   | $ | 1,193,988 |   | $ | 2,034,915 |   | $ | 1,390,311 |   | $ | 744,569 |   |
|                                                                                                                   |   |                            |    |                         |   |   |   |   |   |   |   |   |   |
| **Fixed Charges and Preferred Stock  Dividend Requirements:**                                                          |   |                            |    |                         |   |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                                                                 |   | $                               | 21,337  |                         | $      | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   | $ | 42,931 |   |
| Interest on deposits                                                                                                   |   | 314,375                         |    | 729,294                      |   | 872,977 |   | 812,982 |   | 356,736 |   | 204,335 |   |
| Portion of rents representative of the  interest factor                                                                |   | 6,387                           |    | 27,913                       |   | 25,932 |   | 20,144 |   | 11,179 |   | 6,740 |   |
|                                                                                                                   |   |                            |    |                         |   |   |   |   |   |   |   |   |   |
| Fixed charges, including interest on  deposits, for computation purposes                                               |   | $                               | 342,099 |                         | $      | 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     |   | $                               | 342,099 |                         | $      | 799,907 |   | $ | 960,241 |   | $ | 894,923 |   | $ | 459,549 |   | $ | 254,006 |   |
|                                                                                                                   |   |                            |    |                         |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges  and preferred stock dividend requirements, including interest on deposits |   | 1.21                            |    | 1.25                         |   | 1.24 |   | 2.27 |   | 3.03 |   | 2.93 |   |
|                                                                                                                   |   |                            |    |                         |   |   |   |   |   |   |   |   |   |
| **Excluding Interest on Deposits**                                                                                     |   |                            |    |                         |   |   |   |   |   |   |   |   |   |
| **Earnings:**                                                                                                          |   |                            |    |                         |   |   |   |   |   |   |   |   |   |
| Income from operations before income taxes                                                                             |   | $                               | 72,311  |                         | $      | 200,016 |   | $ | 233,747 |   | $ | 1,139,992 |   | $ | 930,762 |   | $ | 490,563 |   |
| Fixed charges                                                                                                          |   | 27,724                          |    | 70,613                       |   | 87,264 |   | 81,941 |   | 102,813 |   | 49,671 |   |
|                                                                                                                   |   |                            |    |                         |   |   |   |   |   |   |   |   |   |
| Earnings, for computation purposes                                                                                     |   | $                               | 100,035 |                         | $      | 270,629 |   | $ | 321,011 |   | $ | 1,221,933 |   | $ | 1,033,575 |   | $ | 540,234 |   |
|                                                                                                                   |   |                            |    |                         |   |   |   |   |   |   |   |   |   |
| **Fixed Charges and  Preferred Stock  Dividend Requirements:**                                                         |   |                            |    |                         |   |   |   |   |   |   |   |   |   |
| Interest on borrowings                                                                                                 |   | $                               | 21,337  |                         | $      | 42,700 |   | $ | 61,332 |   | $ | 61,797 |   | $ | 91,634 |   | $ | 42,931 |   |
| Portion of rents representative of the  interest factor                                                                |   | 6,387                           |    | 27,913                       |   | 25,932 |   | 20,144 |   | 11,179 |   | 6,740 |   |
|                                                                                                                   |   |                            |    |                         |   |   |   |   |   |   |   |   |   |
| Fixed charges, excluding interest on  deposits, for computation purposes                                               |   | $                               | 27,724  |                         | $      | 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     |   | $                               | 27,724  |                         | $      | 70,613 |   | $ | 87,264 |   | $ | 81,941 |   | $ | 102,813 |   | $ | 49,671 |   |
|                                                                                                                   |   |                            |    |                         |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges  and preferred stock dividend requirements, excluding interest on deposits |   | 3.61                            |    | 3.83                         |   | 3.68 |   | 14.91 |   | 10.05 |   | 10.88 |   |

 

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(1) Preferred stock dividendrequirements are adjusted to represent a pretax earnings equivalent.

 

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