1 EXHIBIT 12.1 PNC BANK CORP. AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Year ended December 31 Three months ended ------------------------------------------------------------------ Dollars in thousands March 31, 1995 1994 1993 1992 1991 1990 - -------------------------------------------------------------------------------------------------------------------------------- EARNINGS Income before taxes and cumulative effect of changes in accounting principles................ $183,708 $ 902,389 $1,116,612 $ 778,122 $ 548,201 $ 29,425 Fixed charges excluding interest on deposits.......................... 353,761 1,043,195 649,898 517,424 513,370 918,698 -------------------------------------------------------------------------------------- Subtotal............................ 537,469 1,945,584 1,766,510 1,295,546 1,061,571 948,123 Interest on deposits.................. 292,334 935,876 742,772 1,063,422 1,727,765 1,973,087 -------------------------------------------------------------------------------------- Total............................... $829,803 $2,881,460 $2,509,282 $2,358,968 $2,789,336 $2,921,210 ====================================================================================== FIXED CHARGES Interest on notes and debentures...... $143,447 $ 515,732 $ 265,353 $ 145,125 $ 95,207 $ 84,045 Interest on borrowed funds............ 204,122 499,252 362,995 352,162 398,779 816,448 Amortization of notes and debentures.. 206 1,346 967 970 584 538 Interest component of rentals ........ 5,986 26,865 20,583 19,167 18,800 17,667 -------------------------------------------------------------------------------------- Subtotal............................ 353,761 1,043,195 649,898 517,424 513,370 918,698 Interest on deposits.................. 292,334 935,876 742,772 1,063,422 1,727,765 1,973,087 -------------------------------------------------------------------------------------- Total............................... $646,095 $1,979,071 $1,392,670 $1,580,846 $2,241,135 $2,891,785 ====================================================================================== RATIO OF EARNINGS TO FIXED CHARGES Excluding interest on deposits...... 1.52x 1.87x 2.72x 2.50x 2.07x 1.03x Including interest on deposits...... 1.28 1.46 1.80 1.49 1.24 1.01 - ---------------------------------------------------------------------------------------------------------------------------------