First Republic Preferred Capital (FRCCO) 10-Q 2008 Q1 Quarterly report

EXHIBIT 12

FIRST REPUBLIC PREFERRED CAPITAL CORPORATION

(A Wholly Owned Subsidiary of Merrill Lynch Bank & Trust Co., FSB)

STATEMENT OF COMPUTATION OF

RATIOS OF EARNINGS TO FIXED CHARGES

	Three Months Ended March 31,
($ in thousands)	2008			2007
I.    Earnings:
Net income	$	4,575		$	4,917
Fixed charges excluding preferred stock dividends		—			—
Earnings before fixed charges	$	4,575		$	4,917
II.    Fixed charges:
Preferred stock dividends	$	2,555		$	3,563
III.  Ratios of earnings to fixed charges		1.79	x		1.38	x