THE PNC FINANCIAL SERVICES GROUP, INC. EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Year ended December 31 Nine months ended ------------------------------------------------------------- Dollars in millions September 30, 2001 2000 1999 1998 1997 1996 - ------------------------------------------------------------------ ---------- --------- --------- --------- ----------- EARNINGS Income from continuing operations before taxes $1,305 $1,848 $1,788 $1,651 $1,595 $1,526 Fixed charges excluding interest on deposits 628 1,033 980 1,159 1,080 1,014 ---------------- ---------- --------- --------- --------- ----------- Subtotal 1,933 2,881 2,768 2,810 2,675 2,540 Interest on deposits 1,011 1,653 1,369 1,471 1,457 1,428 ---------------- ---------- --------- --------- --------- ----------- Total $2,944 $4,534 $4,137 $4,281 $4,132 $3,968 ================ ========== ========= ========= ========= =========== FIXED CHARGES Interest on borrowed funds $540 $915 $870 $1,065 $1,010 $985 Interest component of rentals 39 50 44 33 26 27 Amortization of notes and debentures 1 1 1 1 1 1 Distributions on Mandatorily Redeemable Capital Securities of Subsidiary Trusts 48 67 65 60 43 1 ---------------- ---------- --------- --------- --------- ----------- Subtotal 628 1,033 980 1,159 1,080 1,014 Interest on deposits 1,011 1,653 1,369 1,471 1,457 1,428 ---------------- ---------- --------- --------- --------- ----------- Total $1,639 $2,686 $2,349 $2,630 $2,537 $2,442 ================ ========== ========= ========= ========= =========== RATIO OF EARNINGS TO FIXED CHARGES Excluding interest on deposits 3.08x 2.79x 2.82x 2.42x 2.48x 2.50x Including interest on deposits 1.80 1.69 1.76 1.63 1.63 1.62 ==================================================================================================================================