EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
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(Dollars in millions) 1997 1996 1995 1994 1993
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(A) Excluding interest on deposits:
Earnings:
Income before income taxes $ 568 $ 453 $ 370 $ 343 $ 292
Fixed charges 613 477 495 267 184
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Earnings as adjusted $1,181 $ 930 $ 865 $ 610 $ 476
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Income before income taxes
Pretax income from continuing operations
as reported $ 564 $ 447 $ 366 $ 340 $ 291
Share of pretax income (loss) of 50% owned
subsidiaries not included in above 4 6 4 3 1
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Net income as adjusted $ 568 $ 453 $ 370 $ 343 $ 292
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Fixed charges:
Interest on other borrowings $ 548 $ 452 $ 482 $ 254 $ 170
Interest on long-term debt including
amortization of debt issue costs 55 15 9 9 10
Portion of rents representative of the
interest factor in long term lease 10 10 4 4 4
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Fixed charges $ 613 $ 477 $ 495 $ 267 $ 184
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Ratio of earnings to fixed charges 1.93x 1.95x 1.75x 2.29x 2.59x
(B) Including interest on deposits:
Adjusted earnings from (A) above $1,181 $ 930 $ 865 $ 610 $ 476
Add interest on deposits 512 425 416 281 214
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Earnings as adjusted $1,693 $1,355 $1,281 $ 891 $ 690
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Fixed Charges:
Fixed charges from (A) above $ 613 $ 477 $ 495 $ 267 $ 184
Interest on deposits 512 425 416 281 214
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Adjusted fixed charges $1,125 $ 902 $ 911 $ 548 $ 398
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Adjusted earnings to adjusted fixed charges 1.50x 1.50x 1.41x 1.63x 1.74x