Bank of America (BAC) 10-Q2003 Q3 Quarterly report

Filed: 10 Nov 03, 12:00am

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New words: absence, addressed, advisor, al, albeit, andissuance, arena, array, asGlobal, assurance, assure, asymmetry, attend, Attorney, BACAP, backlog, BAI, beneficial, branch, breach, broaden, Canary, characterized, choice, civil, clause, compliance, conference, contemplated, conversion, cooperating, coordinate, criminal, customary, de, depth, dramatically, duty, emanating, ERISA, expansion, extent, firm, FleetBoston, full, gathering, harmed, improper, indemnification, India, injured, instance, inventory, investor, language, lead, leading, lender, lowest, mail, mandatory, modestly, multicultural, nonrevolving, NYAG, OurGlobal, perspective, played, prescribed, priority, purportedly, recourse, registered, regularly, relief, requesting, resell, resolve, resolved, restitution, revised, risen, rollout, SBA, session, shy, simultaneously, stronger, testimony, threefold, tripled, variance, worth

Removed: Argentine, assessing, context, depressed, drop, franchise, GAAP, media, multinational, opted, overlimit, predominantly, reclassification, remain, viewed, weak

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Exhibit 12

Bank of America Corporation and Subsidiaries

Ratio of Earnings to Fixed Charges

Ratio of Earnings to Fixed Charges and Preferred Dividends

*(Dollars in millions)*	Nine Months Ended September 30, 2003			Year Ended December 31
*(Dollars in millions)*	Nine Months Ended September 30, 2003			2002			2001			2000			1999			1998
*Excluding Interest on Deposits*

Income before income taxes	$	11,958		$	12,991		$	10,117		$	11,788		$	12,215		$	8,048

Equity in undistributed earnings of unconsolidated subsidiaries		(104	)		(6	)		(6	)		(27	)		(167	)		162

Fixed charges:
Interest expense		3,967			5,804			9,117			13,806			10,084			9,479
1/3 of net rent expense⁽¹⁾		295			383			379			368			342			335

Total fixed charges		4,262			6,187			9,496			14,174			10,426			9,814

Preferred dividend requirements		5			6			7			9			10			40

Fixed charges and preferred dividends		4,267			6,193			9,503			14,183			10,436			9,854

Earnings	$	16,116		$	19,172		$	19,607		$	25,935		$	22,474		$	18,024

Ratio of earnings to fixed charges		3.78			3.10			2.06			1.83			2.16			1.84

Ratio of earnings to fixed charges and preferred dividends		3.78			3.10			2.06			1.83			2.15			1.83


*(Dollars in millions)*	Nine Months Ended September 30, 2003			Year Ended December 31
*(Dollars in millions)*	Nine Months Ended September 30, 2003			2002			2001			2000			1999			1998
*Including Interest on Deposits*

Income before income taxes	$	11,958		$	12,991		$	10,117		$	11,788		$	12,215		$	8,048

Equity in undistributed earnings of unconsolidated subsidiaries		(104	)		(6	)		(6	)		(27	)		(167	)		162

Fixed charges:
Interest expense		7,697			11,238			18,003			24,816			19,086			20,290
1/3 of net rent expense⁽¹⁾		295			383			379			368			342			335

Total fixed charges		7,992			11,621			18,382			25,184			19,428			20,625

Preferred dividend requirements		5			6			7			9			10			40

Fixed charges and preferred dividends		7,997			11,627			18,389			25,193			19,438			20,665

Earnings	$	19,846		$	24,606		$	28,493		$	36,945		$	31,476		$	28,835

Ratio of earnings to fixed charges		2.48			2.12			1.55			1.47			1.62			1.40

Ratio of earnings to fixed charges and preferred dividends		2.48			2.12			1.55			1.47			1.62			1.40

(1)

Represents an appropriate interest factor.

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