Exhibit 12.2
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
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| Three |
| Years ended December 31, |
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(Dollars in thousands) |
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| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
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Income before income taxes |
| A |
| $ | 88,018 |
| $ | 331,854 |
| $ | 251,765 |
| $ | 246,431 |
| $ | 224,440 |
| $ | 180,132 |
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Interest expense: |
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Interest on deposits |
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| $ | 16,270 |
| $ | 58,409 |
| $ | 48,863 |
| $ | 48,411 |
| $ | 53,191 |
| $ | 68,305 |
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Interest on other borrowings |
| C |
| 6,909 |
| 31,855 |
| 28,072 |
| 24,281 |
| 26,891 |
| 39,200 |
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Total interest expense |
| B |
| $ | 23,179 |
| $ | 90,264 |
| $ | 76,935 |
| $ | 72,692 |
| $ | 80,082 |
| $ | 107,505 |
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Dividends on preferred shares (1) |
| D |
| $ | 5,977 |
| $ | 23,909 |
| $ | 17,891 |
| $ | 10,498 |
| $ | 13,822 |
| $ | 14,836 |
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Ratio of earnings to fixed charges and preferred stock dividends: |
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Including deposit interest |
| (A+B) / (B+D) |
| 3.81 | x | 3.70 | x | 3.47 | x | 3.84 | x | 3.24 | x | 2.35 | x | ||||||
Excluding deposit interest |
| (A+C) / (C+D) |
| 7.37 | x | 6.52 | x | 6.09 | x | 7.78 | x | 6.17 | x | 4.06 | x |
(1) The dividends on preferred shares were increased to amounts representing the pre-tax earnings that would be required to cover such dividend requirements.