EXHIBIT 12
OLD KENT FINANCIAL CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS ENDED
MARCH 31 YEARS ENDED DECEMBER 31
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(dollar amounts in thousands)
1999 1998 1998 1997 1996 1995 1994
---- ---- ---- ---- ---- ---- ----
Earnings:
Income before income taxes $ 88,813 $ 79,042 $ 304,748 $ 304,273 $ 270,030 $241,416 $ 233,551
Fixed charges 25,279 34,660 123,260 100,254 71,047 71,161 38,730
-------- -------- --------- --------- --------- -------- ----------
$114,092 $113,702 $ 428,008 $ 404,527 $ 341,077 $312,577 $ 272,281
======== ======== ========= ========= ========= ======== ==========
Fixed charges:
Interest expense
(other than interest on deposits) $ 25,279 $ 34,660 $ 123,260 $ 100,254 $ 71,047 $ 71,161 $ 38,730
Interest factor in rent expense -- -- -- -- -- -- --
-------- -------- --------- --------- --------- -------- ----------
$ 25,279 $ 34,660 $ 123,260 $ 100,254 $ 71,047 $ 71,161 $ 38,730
======== ======== ========= ========= ========= ======== ==========
Ratio of earnings to fixed charges,
excluding interest on deposits 4.51 3.28 3.47 4.04 4.80 4.39 7.03
INCLUDING INTEREST ON DEPOSITS
Earnings:
Income before income taxes $ 88,813 $ 79,042 $ 304,748 $ 304,273 $ 270,030 $241,416 $ 233,551
Fixed charges 133,982 146,283 568,548 563,838 518,561 496,870 357,750
-------- -------- --------- --------- --------- -------- ----------
$222,795 $225,325 $ 873,296 $ 868,111 $ 788,591 $738,286 $ 591,301
======== ======== ========= ========= ========= ======== ==========
Fixed charges:
Interest expense $133,982 $146,283 $ 568,548 $ 563,838 $ 518,561 $496,870 $ 357,750
Interest factor in rent expense -- -- -- -- -- -- --
-------- -------- --------- --------- --------- -------- ----------
$133,982 $146,283 $ 568,548 $ 563,838 $ 518,561 $496,870 $ 357,750
======== ======== ========= ========= ========= ======== ==========
Ratio of earnings to fixed charges,
including interest on deposits 1.66 1.54 1.54 1.54 1.52 1.49 1.65
The Corporation had no preferred stock outstanding during any period presented.
Accordingly, its ratio of earnings to combined fixed charges and preferred
stock dividends in the same as its ratio of earnings to fixed charges.