Bank of America Corporation and Subsidiaries Exhibit 12(b) Ratio of Earnings to Fixed Charges and Preferred Dividends - ---------------------------------------------------------------------------------------------------------------------------------- Nine Months Year Ended December 31 Ended ------------------------------------------------------------------ (Dollars in millions) September 30, 2000 1999 1998 1997 1996 1995 - ---------------------------------------------------------------------------------------------------------------------------------- Excluding Interest on Deposits Income before income taxes $9,641 $12,215 $ 8,048 $10,556 $ 9,311 $ 8,377 Less: Equity in undistributed earnings of unconsolidated subsidiaries (28) (167) 162 (49) (7) (19) Fixed charges: Interest expense (including capitalized interest) 10,257 10,084 9,479 8,219 7,082 6,354 1/3 of net rent expense 274 342 335 302 282 275 - ---------------------------------------------------------------------------------------------------------------------------------- Total fixed charges 10,531 10,426 9,814 8,521 7,364 6,629 Preferred dividend requirements 7 10 40 183 332 426 - ---------------------------------------------------------------------------------------------------------------------------------- Earnings (excluding capitalized interest) $20,144 $22,474 $18,024 $19,028 $16,668 $14,987 - ---------------------------------------------------------------------------------------------------------------------------------- Fixed charges and preferred dividends $10,538 $10,436 $9,854 $8,704 $7,696 $7,055 - ---------------------------------------------------------------------------------------------------------------------------------- Ratio of earnings to fixed charges and preferred dividends 1.91 2.15 1.83 2.19 2.17 2.12 - ---------------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- Nine Months Year Ended December 31 Ended ------------------------------------------------------------------ (Dollars in millions) September 30, 2000 1999 1998 1997 1996 1995 - ---------------------------------------------------------------------------------------------------------------------------------- Including Interest on Deposits Income before income taxes $9,641 $12,215 $ 8,048 $10,556 $ 9,311 $ 8,377 Less: Equity in undistributed earnings of unconsolidated subsidiaries (28) (167) 162 (49) (7) (19) Fixed charges: Interest expense (including capitalized interest) 18,340 19,086 20,290 18,903 16,682 16,369 1/3 of net rent expense 274 342 335 302 282 275 - ---------------------------------------------------------------------------------------------------------------------------------- Total fixed charges 18,614 19,428 20,625 19,205 16,964 16,644 Preferred dividend requirements 7 10 40 183 332 426 - ---------------------------------------------------------------------------------------------------------------------------------- Earnings (excluding capitalized interest) $28,227 $31,476 $28,835 $29,712 $26,268 $25,002 - ---------------------------------------------------------------------------------------------------------------------------------- Fixed charges and preferred dividends $18,621 $19,438 $20,665 $19,388 $17,296 $17,070 - ---------------------------------------------------------------------------------------------------------------------------------- Ratio of earnings to fixed charges and preferred dividends 1.52 1.62 1.40 1.53 1.52 1.46 - ---------------------------------------------------------------------------------------------------------------------------------- 67