Bank of America Corporation and Subsidiaries Exhibit 12(a)
Ratio of Earnings to Fixed Charges
- ----------------------------------------------------------------------------------------------------------------------------
Year Ended December 31
Nine Months ---------------------------------------------------
Ended
(Dollars in Millions) September 30, 1999 1998 1997 1996 1995 1994
- ----------------------------------------------------------------------------------------------------------------------------
Excluding Interest on Deposits
Income before income taxes $ 9,355 $ 8,048 $10,556 $ 9,311 $ 8,377 $ 7,010
Less: Equity in undistributed (earnings) losses
of unconsolidated subsidiaries (113) 162 (49) (7) (19) (55)
Fixed charges:
Interest expense (including capitalized interest) 7,260 9,479 8,219 7,082 6,354 4,572
1/3 of net rent expense 251 335 302 282 275 250
- ----------------------------------------------------------------------------------------------------------------------------
Total fixed charges 7,511 9,814 8,521 7,364 6,629 4,822
- ----------------------------------------------------------------------------------------------------------------------------
Earnings (excluding capitalized interest) $16,753 $18,024 $19,026 $16,668 $14,987 $11,774
- ----------------------------------------------------------------------------------------------------------------------------
Fixed charges $ 7,511 $9,814 $8,521 $7,364 $ 6,629 $4,822
- ----------------------------------------------------------------------------------------------------------------------------
Ratio of earnings to fixed charges 2.23 1.84 2.23 2.26 2.26 2.44
============================================================================================================================
- ----------------------------------------------------------------------------------------------------------------------------
Year Ended December 31
Nine Months ---------------------------------------------------
Ended
(Dollars in Millions) September 30, 1999 1998 1997 1996 1995 1994
- ----------------------------------------------------------------------------------------------------------------------------
Including Interest on Deposits
Income before income taxes $ 9,355 $ 8,048 $10,556 $ 9,311 $ 8,377 $ 7,010
Less: Equity in undistributed (earnings) losses
of unconsolidated subsidiaries (113) 162 (49) (7) (19) (55)
Fixed charges:
Interest expense (including capitalized interest) 13,939 20,290 18,903 16,682 16,369 11,083
1/3 of net rent expense 251 335 302 282 275 250
- ----------------------------------------------------------------------------------------------------------------------------
Total fixed charges 14,190 20,625 19,205 16,964 16,644 11,333
- ----------------------------------------------------------------------------------------------------------------------------
Earnings (excluding capitalized interest) $23,432 $28,835 $29,710 $26,268 $25,002 $18,285
- ----------------------------------------------------------------------------------------------------------------------------
Fixed charges $14,190 $20,625 $19,205 $16,964 $16,644 $11,333
- ----------------------------------------------------------------------------------------------------------------------------
Ratio of earnings to fixed charges 1.65 1.40 1.55 1.55 1.50 1.61
===========================================================================================================================
56