Exhibit 12
Exhibit 12: Computation of Ratio of Earnings to Combined Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||
| (in thousands) |
2009(1) | 2008(1) | 2007(1) | 2006(1) | 2005 | |||||||||||||||
| Including Interest on Deposits |
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| Earnings: |
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| Income from continuing operations before income taxes |
$ | 1,336,102 | $ | 581,619 | $ | 3,869,556 | $ | 3,672,341 | $ | 2,829,002 | ||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
60,095 | 55,226 | 43,324 | 15,169 | 18,637 | |||||||||||||||
| Fixed Charges: |
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| Interest expense on deposits, senior and subordinated, and other borrowings |
2,967,470 | 3,963,284 | 4,548,311 | 3,073,289 | 2,046,639 | |||||||||||||||
| Portion of rent expense representative of interest |
7,858 | 21,894 | 35,367 | 13,734 | 11,460 | |||||||||||||||
| Total fixed charges |
$ | 2,975,328 | $ | 3,985,178 | $ | 4,583,678 | $ | 3,087,023 | $ | 2,058,099 | ||||||||||
| Preferred dividend requirements |
$ | 187,980 | $ | 16,092 | $ | — | $ | — | $ | — | ||||||||||
| Fixed charges and preferred dividends |
$ | 3,163,308 | $ | 4,001,270 | $ | 4,583,678 | $ | 3,087,023 | $ | 2,058,099 | ||||||||||
| Earnings |
$ | 4,371,525 | $ | 4,622,023 | $ | 8,496,558 | $ | 6,774,533 | $ | 4,905,738 | ||||||||||
| Ratio of earnings to fixed charges |
1.47 | % | 1.16 | % | 1.85 | % | 2.19 | % | 2.38 | % | ||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
1.38 | % | 1.16 | % | 1.85 | % | 2.19 | % | 2.38 | % | ||||||||||
| Excluding Interest on Deposits |
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| Earnings: |
||||||||||||||||||||
| Income from continuing operations before income taxes |
$ | 1,336,102 | $ | 581,619 | $ | 3,869,556 | $ | 3,672,341 | $ | 2,829,002 | ||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
60,095 | 55,226 | 43,324 | 15,169 | 18,637 | |||||||||||||||
| Fixed Charges: |
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| Interest expense on deposits, senior and subordinated, and other borrowings |
2,967,470 | 3,963,284 | 4,548,311 | 3,073,289 | 2,046,639 | |||||||||||||||
| Portion of rent expense representative of interest |
7,858 | 21,894 | 35,367 | 13,734 | 11,460 | |||||||||||||||
| Interest expense on deposits |
(2,093,019 | ) | (2,512,040 | ) | (2,906,351 | ) | (1,814,797 | ) | (1,173,137 | ) | ||||||||||
| Total fixed charges |
$ | 882,309 | $ | 1,473,138 | $ | 1,677,327 | $ | 1,272,226 | $ | 884,962 | ||||||||||
| Preferred dividend requirements |
187,980 | 16,092 | — | — | — | |||||||||||||||
| Fixed charges and preferred dividends |
1,070,289 | 1,489,230 | 1,677,327 | 1,272,226 | 884,962 | |||||||||||||||
| Earnings |
2,278,506 | 2,109,983 | 5,590,207 | 4,959,736 | 3,732,601 | |||||||||||||||
| Ratio of earnings to fixed charges |
2.58 | % | 1.43 | % | 3.33 | % | 3.90 | % | 4.22 | % | ||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
2.13 | % | 1.42 | % | 3.33 | % | 3.90 | % | 4.22 | % | ||||||||||
| (1) | Based on continuing operations. |