EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ------------------------------------------------- Three Months Ended March 31, Years Ended December 31, ------------------ ------------------------------------------- 2000 1999 1999 1998 1997 1996 1995 -------- ------- ------- ------- ------- ------ ------ (DOLLARS IN THOUSANDS) Inclusive of interest on deposits: - ------------------------------------- Pre-tax income (loss) from operations.......................... $ 4,896 $ 2,804 $14,151 $ 4,709 $ 1,058 $(2,283) $ 1,002 Add: Interest on deposits............ 16,599 12,550 56,026 49,069 37,375 22,760 14,090 Interest on short-term borrowings and notes payable and long-term debt................................ 1,842 912 5,571 2,146 964 1,395 1,682 ------- ------- ------- ------- ------- ------- ------- Total fixed charges............. 18,441 13,462 61,597 51,215 38,339 24,155 15,772 ------- ------- ------- ------- ------- ------- ------- Pre-tax earnings (loss) before fixed charges....................... $23,337 $16,266 $75,748 $55,924 $39,397 $21,872 $16,774 ======= ======= ======= ======= ======= ======= ======= Ratio of earnings to fixed charges, inclusive of interest on deposits............................ 1.27x 1.21x 1.23x 1.09x 1.03x (a) 1.06x ======= ======= ======= ======= ======= ======= Exclusive of interest on deposits: - ------------------------------------- Pre-tax income (loss) from operations.......................... $ 4,896 $ 2,804 $14,151 $ 4,709 $ 1,058 $(2,283) $ 1,002 Add: Total fixed charges - interest on short-term borrowings, notes payable and long-term debt.................. 1,842 912 5,571 2,146 964 1,395 1,682 ------- ------- ------- ------- ------- ------- ------- Pre-tax earnings (loss) before fixed charges....................... $ 6,738 $ 3,716 $19,722 $ 6,855 $ 2,022 $ (888) $ 2,684 ======= ======= ======= ======= ======= ======= ======= Ratio of earnings to fixed charges, exclusive of interest on deposits............................ 3.66x 4.07x 3.54x 3.19x 2.10x (a) 1.60x ======= ======= ======= ======= ======= ======= ____________________ (a) Earnings were inadequate to cover fixed charges in the year ended December 31, 1996 by $2.3 million.