Bank of America Corporation and Subsidiaries Exhibit 12(a)
Ratio of Earnings to Fixed Charges
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Year Ended December 31
Six Months ---------------------------------------------------------
Ended
(Dollars in Millions) June 30, 1999 1998 1997 1996 1995 1994
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Excluding Interest on Deposits
Income before income taxes $6,009 $8,048 $10,556 $9,311 $8,377 $7,010
Less: Equity in undistributed (earnings) losses
of unconsolidated subsidiaries (73) 162 (49) (7) (19) (55)
Fixed charges:
Interest expense (including capitalized interest) 4,715 9,479 8,219 7,082 6,354 4,572
1/3 of net rent expense 166 335 302 282 275 250
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Total fixed charges 4,881 9,814 8,521 7,364 6,629 4,822
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Earnings (excluding capitalized interest) $10,817 $18,024 $19,026 $16,668 $14,987 $11,774
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Fixed charges $4,881 $9,814 $8,521 $7,364 $6,629 $4,822
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Ratio of earnings to fixed charges 2.22 1.84 2.23 2.26 2.26 2.44
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Year Ended December 31
Six Months ---------------------------------------------------------
Ended
(Dollars in Millions) June 30, 1999 1998 1997 1996 1995 1994
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Including Interest on Deposits
Income before income taxes $6,009 $8,048 $10,556 $9,311 $8,377 $7,010
Less: Equity in undistributed (earnings) losses
of unconsolidated subsidiaries (73) 162 (49) (7) (19) (55)
Fixed charges:
Interest expense (including capitalized interest) 9,195 20,290 18,903 16,682 16,369 11,083
1/3 of net rent expense 166 335 302 282 275 250
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Total fixed charges 9,361 20,625 19,205 16,964 16,644 11,333
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Earnings (excluding capitalized interest) $15,297 $28,835 $29,710 $26,268 $25,002 $18,285
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Fixed charges $9,361 $20,625 $19,205 $16,964 $16,644 $11,333
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Ratio of earnings to fixed charges 1.63 1.40 1.55 1.55 1.50 1.61
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