EXHIBIT 12
CALCULATION OF RATIOS OF EARNINGS TO
FIXED CHARGES--CONSOLIDATED
Years Ended December 31,
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1996 1995 1994 1993 1992
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Excluding Interest on Deposits
Fixed Charges:
Interest on long-term debt and
short-term borrowings........... $ 588,693 $ 489,697 $499,065 $467,841 $513,322
One-third of rent expense........ 14,495 13,651 14,412 10,859 10,252
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Total fixed charges.......... $ 603,188 $ 503,348 $513,477 $478,700 $523,574
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Earnings:
Income before income............. $ 590,546 $ 398,115 $ 492,366 $451,358 $347,269
Fixed charges................... 603,188 503,348 513,477 478,700 523,574
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Total earnings............... $1,193,734 $ 901,463 $1,005,843 $930,058 $870,843
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Ratio of earnings to fixed charges
excluding interest on deposits.... 1.98x 1.79x 1.96x 1.94x 1.66x
Including Interest on Deposits
Fixed Charges:
Interest on long-term debt, short-
term borrowings and deposits.... $1,870,898 $1,627,772 $1,326,855 $1,157,075 $1,318,228
One-third of rent expense........ 14,495 13,651 14,412 10,859 10,252
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Total fixed charges.......... $1,885,393 $1,641,423 $1,341,267 $1,167,934 $1,328,480
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Earnings:
Income before income taxes....... $ 590,546 $ 398,115 $ 492,366 $ 451,358 $347,269
Fixed charges................... 1,885,393 1,641,423 1,341,267 1,167,934 1,328,480
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Total earnings............... $2,475,939 $2,039,538 $1,833,633 $1,619,292 $1,675,749
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Ratio of earnings to fixed
charges including interest on
deposits......................... 1.31x 1.24x 1.37x 1.39x 1.26x
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.