EXHIBIT 12
CENTRAL FIDELITY BANKS, INC.
RATIO OF EARNINGS TO FIXED CHARGES
FOR THE PERIODS INDICATED
Three Months Ended
March 31, Year Ended December 31,
1997 1996 1996 1995 1994 1993 1992
Net Income $30,393 $27,981 $112,702 $105,370 $84,864 $102,917 $78,516
Income tax expenses 14,619 13,058 52,674 49,052 39,056 44,334 30,782
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Pre-tax Income $45,012 $41,039 $165,376 $154,422 $123,920 $147,251 $109,298
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Fixed charges:
Interest on borrowings $20,616 $24,987 $91,166 $122,570 $87,059 $50,553 $33,364
Amortiziation of debt issuance expenses 23 27 134 132 123 125 44
Interest portion of rental expense 1,004 973 3,972 3,735 3,454 3,377 3,253
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Excluding interest on deposits 21,643 25,987 95,272 116,437 90,636 54,055 36,661
Interest on deposits 77,510 81,336 322,187 319,725 243,632 239,178 252,333
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Including interest on deposits $99,153 $107,323 $417,459 $436,162 $334,268 $239,233 $288,994
Ratio of Earnings to Fixed Charges:
Excluding interest on deposits 3.08 2.58 2.74 2.33 2.37 3.72 3.98
Including interest on deposits 1.45 1.38 1.40 1.35 1.37 1.50 1.38