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CALCULATION OF RATIOS OF EARNINGS TO EXHIBIT 12
FIXED CHARGES-CONSOLIDATED
YEARS ENDED DECEMBER 31,
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1998 1997 1996 1995 1994
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($ IN THOUSANDS)
EXCLUDING INTEREST ON DEPOSITS
Fixed Charges:
Interest on long-term debt and short-term
borrowings $ 729,716 $ 731,003 $ 588,693 $ 489,697 $ 499,065
One-third of rent expense 13,787 14,137 14,495 13,651 14,412
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Total fixed charges $ 743,503 $ 745,140 $ 603,188 $ 503,348 $ 513,477
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Earnings:
Income before income taxes $ 336,296 $ 636,330 $ 590,546 $ 398,115 $ 492,366
Fixed charges 743,503 745,140 603,188 503,348 513,477
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Total earnings $1,079,799 $1,381,470 $1,193,734 $ 901,463 $1,005,843
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Ratio of earnings to fixed charges excluding
interest on deposits 1.45x 1.85x 1.98x 1.79x 1.96x
INCLUDING INTEREST ON DEPOSITS
Fixed Charges:
Interest on long-term debt, short-term
borrowings and deposits $2,199,701 $2,182,026 $1,870,898 $1,627,772 $1,326,855
One-third of rent expense 13,787 14,137 14,495 13,651 14,412
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Total fixed charges $2,213,488 $2,196,163 $1,885,393 $1,641,423 $1,341,267
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Earnings:
Income before income taxes $ 336,296 $ 636,330 $ 590,546 $ 398,115 $ 492,366
Fixed charges 2,213,488 2,196,163 1,885,393 1,641,423 1,341,267
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Total earnings $2,549,784 $2,832,493 $2,475,939 $2,039,538 $1,833,633
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Ratio of earnings to fixed charges including
interest on deposits 1.15x 1.29x 1.31x 1.24x 1.37x
For the purpose of computing the consolidated ratio of earnings to fixed
charges, earnings represent consolidated income before income taxes plus fixed
charges. Fixed charges excluding interest on deposits consist of interest on
long-term debt and short-term borrowings and one-third of rental expense (which
is deemed representative of the interest factor). Fixed charges including
interest on deposits consist of the foregoing items plus interest on deposits.