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(dollars in thousands) (unaudited)
  
   
For the Three Months
Ended March 31,
 
   
2005
  
2004
  
Including Interest on Deposits
              
Earnings:
              
Income before income taxes
  
$
34,519
  
$
803,258
  
Fixed charges
    
405,428
    
371,274
  
Interest capitalized during period, net of amortization of previously capitalized interest    
(1,287
)
  
(4,722
 )
Earnings, for computation purposes
  
$
438,660
  
$
1,169,810
  
               
Fixed Charges and Preferred Stock Dividend Requirements:
              
Interest on deposits, short-term borrowings, and long-term debt and bank notes,
  expensed or capitalized
   $
404,533
   $
370,337
  
Portion of rents representative of the interest factor
    
895
    
937
  
Fixed charges
    
405,428
    
371,274
  
Preferred stock dividend requirements
    
5,599
    
5,434
  
Fixed charges and preferred stock dividend requirements, including interest on deposits,
  for computation purposes
   $
411,027
   $
376,708
  
               
Ratio of earnings to combined fixed charges and preferred stock dividend requirements,
  including interest on deposits
    
1.07
    
3.11
  
               
Excluding Interest on Deposits
              
Earnings:
              
Income before income taxes
  
$
34,519
  
$
803,258
  
Fixed charges
    
160,065
    
125,275
  
Interest capitalized during period, net of amortization of previously capitalized interest    
(1,292
)
  
(4,727
 )
Earnings, for computation purposes
  
$
193,292
  
$
923,806
  
               
Fixed Charges and Preferred Stock Dividend Requirements:
              
Interest on short-term borrowings and long-term debt and bank notes, expensed or
  capitalized
   $
159,170
   $
124,338
  
Portion of rents representative of the interest factor
    
895
    
937
  
Fixed charges
    
160,065
    
125,275
  
Preferred stock dividend requirements
    
5,599
    
5,434
  
Fixed charges and preferred stock dividend requirements, excluding interest on deposits,
  for computation purposes
   $
165,664
   $
130,709
  
               
Ratio of earnings to combined fixed charges and preferred stock dividend requirements,
  excluding interest on deposits
    
1.18
    
7.07
  
 
 
The ratio of earnings to combined fixed charges and preferred stock dividend requirements is computed by dividing (i) income before income taxes and fixed charges less interest capitalized during such period, net of amortization of previously capitalized interest, by (ii) fixed charges and preferred stock dividend requirements. Fixed charges consist of interest, expensed or capitalized, on borrowings (including or excluding deposits, as applicable), and the portion of rental expense which is deemed representative of interest. The preferred stock dividend requirements represent the pre-tax earnings which would have been required to cover such dividend requirements on the Corporation's Preferred Stock outstanding.