Bank of America Corporation and Subsidiaries Exhibit 12(b) Ratio of Earnings to Fixed Charges and Preferred Dividends - -------------------------------------------------------------------------------------------------------------------------------- Year Ended December 31 Six Months ------------------------------------------------ Ended (Dollars in millions) June 30, 2000 1999 1998 1997 1996 1995 - -------------------------------------------------------------------------------------------------------------------------------- Excluding Interest on Deposits Income before income taxes $6,787 $12,215 $ 8,048 $10,556 $ 9,311 $ 8,377 Less: Equity in undistributed earnings of unconsolidated subsidiaries (13) (167) 162 (49) (7) (19) Fixed charges: Interest expense (including capitalized interest) 6,453 10,084 9,479 8,219 7,082 6,354 1/3 of net rent expense 181 342 335 302 282 275 - -------------------------------------------------------------------------------------------------------------------------------- Total fixed charges 6,634 10,426 9,814 8,521 7,364 6,629 Preferred dividend requirements 5 10 40 183 332 426 - -------------------------------------------------------------------------------------------------------------------------------- Earnings (excluding capitalized interest) $13,408 $22,474 $18,024 $19,028 $16,668 $14,987 - -------------------------------------------------------------------------------------------------------------------------------- Fixed charges and preferred dividends $6,639 $10,436 $9,854 $8,704 $7,696 $7,055 - -------------------------------------------------------------------------------------------------------------------------------- Ratio of earnings to fixed charges and preferred dividends 2.02 2.15 1.83 2.19 2.17 2.12 - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- Year Ended December 31 Six Months -------------------------------------------------- Ended (Dollars in millions) June 30, 2000 1999 1998 1997 1996 1995 - -------------------------------------------------------------------------------------------------------------------------------- Including Interest on Deposits Income before income taxes $6,787 $12,215 $ 8,048 $10,556 $ 9,311 $ 8,377 Less: Equity in undistributed earnings of unconsolidated subsidiaries (13) (167) 162 (49) (7) (19) Fixed charges: Interest expense (including capitalized interest) 11,668 19,086 20,290 18,903 16,682 16,369 1/3 of net rent expense 181 342 335 302 282 275 - -------------------------------------------------------------------------------------------------------------------------------- Total fixed charges 11,849 19,428 20,625 19,205 16,964 16,644 Preferred dividend requirements 5 10 40 183 332 426 - -------------------------------------------------------------------------------------------------------------------------------- Earnings (excluding capitalized interest) $18,623 $31,476 $28,835 $29,712 $26,268 $25,002 - -------------------------------------------------------------------------------------------------------------------------------- Fixed charges and preferred dividends $11,854 $19,438 $20,665 $19,388 $17,296 $17,070 - -------------------------------------------------------------------------------------------------------------------------------- Ratio of earnings to fixed charges and preferred dividends 1.57 1.62 1.40 1.53 1.52 1.46 - --------------------------------------------------------------------------------------------------------------------------------