EXHIBIT 12.1
Calculation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
                                                         
    Nine Months Ended        
    September 30,     Year Ended December 31,  
    2009     2008     2008     2007     2006     2005     2004  
 
                                                        
Excluding interest on Deposits
                                                        
Earnings:
                                                        
Earnings before income taxes
     (89,976 )     (94,885 )     (103,448 )     (36,460 )     105,720       93,945       59,640  
Fixed charges and preferred dividends
     6,936       16,777       21,154       22,158       14,747       9,049       7,423  
Earnings
     (83,040 )     (78,108 )     (82,294 )     (14,302 )     120,467       102,994       67,063  
Fixed Charges:
                                                        
Interest expense
     5,570       15,513       19,429       20,593       13,393       7,919       6,349  
Preference dividends and discount accretion
     —       —       —       —       —       —       —  
Portion of long-term lease expense representative of the interest factor
     1,366       1,264       1,725       1,565       1,354       1,130       1,074  
Total interest expense
     6,936       16,777       21,154       22,158       14,747       9,049       7,423  
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
     —       —       —       —       8.17       11.38       9.03  
 
                                                        
Including interest on Deposits
                                                        
Earnings:
                                                        
Earnings before income taxes
     (89,976 )     (94,885 )     (103,448 )     (36,460 )     105,720       93,945       59,640  
Fixed charges and preferred dividends
     69,722       81,476       105,507       130,675       108,300       63,980       33,726  
Earnings
     (20,204 )     (13,409 )     2,059       94,215       214,020       157,925       93,366  
Fixed Charges:
                                                        
Interest expense
     68,406       80,212       103,782       129,110       106,946       62,850       32,652  
Preference dividends and discount accretion
     —       —       —       —       —       —       —  
Portion of long-term lease expense representative of the interest factor
     1,366       1,264       1,725       1,565       1,354       1,130       1,074  
Total interest expense
     69,772       81,476       105,507       130,675       108,300       63,980       33,726  
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
     —       —       0.02       0.72       1.98       2.47       2.77