EXHIBIT 12.1 SunTrust Banks, Inc. Ratio of Earnings to Fixed Charges (in thousands) Three Months Ended March 31 Year Ended December 31 ------------------------ -------------------------------------------- 2004 2003 2003 2002 2001 --------- --------- ----------- ----------- ----------- RATIO 1 - INCLUDING DEPOSIT INTEREST Earnings: Income before income taxes and extraordinary gain $ 497,598 $ 471,097 $ 1,909,138 $ 1,823,324 $ 2,029,440 Fixed charges 332,890 406,103 1,490,092 1,932,209 3,065,973 --------- --------- ----------- ----------- ----------- Total $ 830,488 $ 877,200 $ 3,399,230 $ 3,755,533 $ 5,095,413 ========= ========= =========== =========== =========== Fixed charges: Interest on deposits $ 160,662 $ 220,157 $ 771,631 $ 1,117,296 $ 1,812,385 Interest on funds purchased and securities sold under agreements to repurchase 19,776 32,461 106,174 140,463 412,218 Interest on other short-term borrowings 11,023 2,117 33,511 14,062 63,359 Interest on long-term debt 130,755 140,916 537,223 619,667 739,012 Portion of rents representative of the interest factor (1/3) of rental expense 10,674 10,452 41,553 40,721 38,999 --------- --------- ----------- ----------- ----------- Total $ 332,890 $ 406,103 $ 1,490,092 $ 1,932,209 $ 3,065,973 ========= ========= =========== =========== =========== Earnings to fixed charges 2.49 x 2.16 x 2.28 x 1.94 x 1.66 x RATIO 2 - EXCLUDING DEPOSIT INTEREST Earnings: Income before income taxes and extraordinary gain $ 497,598 $ 471,097 $ 1,909,138 $ 1,823,324 $ 2,029,440 Fixed charges 172,228 185,946 718,461 814,913 1,253,588 --------- --------- ----------- ----------- ----------- Total $ 669,826 $ 657,043 $ 2,627,599 $ 2,638,237 $ 3,283,028 ========= ========= =========== =========== =========== Fixed charges: Interest on funds purchased and securities sold under agreements to repurchase $ 19,776 $ 32,461 $ 106,174 $ 140,463 $ 412,218 Interest on other short-term borrowings 11,023 2,117 33,511 14,062 63,359 Interest on long-term debt 130,755 140,916 537,223 619,667 739,012 Portion of rents representative of the interest factor (1/3) of rental expense 10,674 10,452 41,553 40,721 38,999 --------- --------- ----------- ----------- ----------- Total $ 172,228 $ 185,946 $ 718,461 $ 814,913 $ 1,253,588 ========= ========= =========== =========== =========== Earnings to fixed charges 3.89 x 3.53 x 3.66 x 3.24 x 2.62 x Year Ended December 31 ------------------------------- 2000 1999 ----------- ------------ RATIO 1 - INCLUDING DEPOSIT INTEREST Earnings: Income before income taxes and extraordinary gain $ 1,919,556 $ 1,695,657 Fixed charges 3,775,173 2,852,180 ----------- ------------ Total $ 5,694,729 $ 4,547,837 =========== ============ Fixed charges: Interest on deposits $ 2,452,919 $ 1,626,132 Interest on funds purchased and securities sold under agreements to repurchase 651,235 749,561 Interest on other short-term borrowings 97,903 79,521 Interest on long-term debt 534,924 359,538 Portion of rents representative of the interest factor (1/3) of rental expense 38,192 37,428 ----------- ------------ Total $ 3,775,173 $ 2,852,180 =========== ============ Earnings to fixed charges 1.51 x 1.59 x RATIO 2 - EXCLUDING DEPOSIT INTEREST Earnings: Income before income taxes and extraordinary gain $ 1,919,556 $ 1,695,657 Fixed charges 1,322,254 1,226,048 ----------- ------------ Total $ 3,241,810 $ 2,921,705 =========== ============ Fixed charges: Interest on funds purchased and securities sold under agreements to repurchase $ 651,235 $ 749,561 Interest on other short-term borrowings 97,903 79,521 Interest on long-term debt 534,924 359,538 Portion of rents representative of the interest factor (1/3) of rental expense 38,192 37,428 ----------- ------------ Total $ 1,322,254 $ 1,226,048 =========== ============ Earnings to fixed charges 2.45 x 2.38 x
