Bank of America Corporation and Subsidiaries Exhibit 12(b) Ratio of Earnings to Fixed Charges and Preferred Dividends - ----------------------------------------------------------------------------------------------------------------------------------- Six Months Year Ended December 31 Ended -------------------------------------------------------------- (Dollars in millions) June 30, 2001 2000 1999 1998 1997 1996 - ----------------------------------------------------------------------------------------------------------------------------------- Excluding Interest on Deposits Income before income taxes $ 6,065 $11,788 $12,215 $ 8,048 $10,556 $ 9,311 Less: Equity in undistributed earnings of unconsolidated subsidiaries (2) (27) (167) 162 (49) (7) Fixed charges: Interest expense (including capitalized interest) 5,421 13,806 10,084 9,479 8,219 7,082 1/3 of net rent expense 187 368 342 335 302 282 - ----------------------------------------------------------------------------------------------------------------------------------- Total fixed charges 5,608 14,174 10,426 9,814 8,521 7,364 Preferred dividend requirements 3 9 10 40 183 332 - ----------------------------------------------------------------------------------------------------------------------------------- Earnings (excluding capitalized interest) $11,671 $25,935 $22,474 $18,024 $19,028 $16,668 - ----------------------------------------------------------------------------------------------------------------------------------- Fixed charges and preferred dividends $ 5,611 $14,183 $10,436 $ 9,854 $ 8,704 $ 7,696 - ----------------------------------------------------------------------------------------------------------------------------------- Ratio of earnings to fixed charges and preferred dividends 2.08 1.83 2.15 1.83 2.19 2.17 =================================================================================================================================== - ----------------------------------------------------------------------------------------------------------------------------------- Six Months Year Ended December 31 Ended -------------------------------------------------------------- June 30, 2001 2000 1999 1998 1997 1996 (Dollars in millions) - ----------------------------------------------------------------------------------------------------------------------------------- Including Interest on Deposits Income before income taxes $ 6,065 $11,788 $12,215 $ 8,048 $10,556 $ 9,311 Less: Equity in undistributed earnings of unconsolidated subsidiaries (2) (27) (167) 162 (49) (7) Fixed charges: Interest expense (including capitalized interest) 10,497 24,816 19,086 20,290 18,903 16,682 1/3 of net rent expense 187 368 342 335 302 282 - ----------------------------------------------------------------------------------------------------------------------------------- Total fixed charges 10,684 25,184 19,428 20,625 19,205 16,964 Preferred dividend requirements 3 9 10 40 183 332 - ----------------------------------------------------------------------------------------------------------------------------------- Earnings (excluding capitalized interest) $16,747 $36,945 $ 31,476 $ 28,835 $29,712 $26,268 - ----------------------------------------------------------------------------------------------------------------------------------- Fixed charges and preferred dividends $10,687 $25,193 $ 19,438 $ 20,665 $19,388 $17,296 - ----------------------------------------------------------------------------------------------------------------------------------- Ratio of earnings to fixed charges and preferred 1.57 1.47 1.62 1.40 1.53 1.52 dividends ===================================================================================================================================