Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
Years Ended December 31,
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1995 1994 1993 1992 1991
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(Dollars in thousands)
(A) Excluding interest on deposits:
Earnings
Income before income taxes $ 370,242 $ 343,229 $ 292,523 $ 271,163 $ 241,167
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Fixed charges 494,678 266,985 183,814 189,369 184,630
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Earnings as adjusted $ 864,920 $ 610,214 $ 476,337 $ 460,532 $ 425,797
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Income before income taxes:
Pretax income from continuing
operations as reported $ 366,490 $ 340,134 $ 291,091 $ 270,821 $ 241,130
Share of pretax income (loss) of 50%
owned subsidiary not included in
above 3,752 3,095 1,432 342 37
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Net income as adjusted $ 370,242 $ 343,229 $ 292,523 $ 271,163 $ 241,167
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Fixed charges:
Interest on other borrowings $ 482,613 $ 254,780 $ 170,176 $ 172,397 $ 167,714
Interest on long-term debt including
amortization of debt issue costs 8.525 8,625 10,022 13,324 3,540
Portion of rents representative of the interest
factor in long term lease 3.540 3,580 3,616 3,648 3,678
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Fixed charges $ 494,678 $ 266,985 $ 183,814 $ 189,369 $ 184,630
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Ratio of earnings to fixed charges 1.75x 2.29x 2.59x 2.43x 2.31x
(B) Including interest on deposits:
Adjusted earnings from (A) above $ 864,920 $ 610,214 $ 476,337 $ 460,532 $ 425,797
Add interest on deposits 416,047 280,687 213,890 263,927 306,642
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Earnings as adjusted $1,280,967 $ 890,901 $ 690,227 $ 724,459 $ 732,439
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Fixed charges:
Fixed charges from (A) above $ 494,678 $ 266,985 $ 183,814 $ 189,369 $ 184,630
Interest on deposits 416,047 280,687 213,890 263,927 306,642
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Adjusted fixed charges $ 910,725 $ 547,672 $ 397,704 $ 453,296 $ 491,272
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Adjusted earnings to adjusted fixed charges 1.41x 1.63x 1.74x 1.60x 1.49x