EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
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1996 1995 1994 1993 1992
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(Dollars in millions)
(A) Excluding interest on deposits:
Earnings:
Income before income taxes $ 453 $ 370 $ 343 $ 292 $ 271
Fixed charges 477 495 267 184 190
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Earnings as adjusted $ 930 $ 865 $ 610 $ 476 $ 461
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Income before income taxes
Pretax income from continuing operations
as reported $ 447 $ 366 $ 340 $ 291 $ 271
Share of pretax income (loss) of 50% owned
subsidiary not included in above 6 4 3 1
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Net income as adjusted $ 453 $ 370 $ 343 $ 292 $ 271
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Fixed charges:
Interest on other borrowings $ 452 $ 482 $ 254 $ 170 $ 173
Interest on long-term debt including
amortization of debt issue costs 15 9 9 10 13
Portion of rents representative of the
interest factor in long term lease 10 4 4 4 4
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Fixed charges $ 477 $ 495 $ 267 $ 184 $ 190
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Ratio of earnings to fixed charges 1.95x 1.75x 2.29x 2.59x 2.43x
(B) Including interest on deposits:
Adjusted earnings from (A) above $ 930 $ 865 $ 610 $ 476 $ 461
Add interest on deposits 425 416 281 214 263
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Earnings as adjusted $1,355 $1,281 $ 891 $ 690 $ 724
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Fixed Charges:
Fixed charges from (A) above $ 477 $ 495 $ 267 $ 184 $ 190
Interest on deposits 425 416 281 214 263
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Adjusted fixed charges $ 902 $ 911 $ 548 $ 398 $ 453
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Adjusted earnings to adjusted fixed charges 1.50x 1.41x 1.63x 1.74x 1.60x