WACHOVIA CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12
Three Months Year
Ended Ended
March 31, December 31,
(A) EXCLUDING INTEREST ON DEPOSITS 1998 1997
Earnings: --------- ----------
Income before income taxes $287,648 $869,119
Less capitalized interest (202) (167)
Fixed charges 240,017 884,806
--------- ----------
Earnings as adjusted $527,463 $1,753,758
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Fixed charges:
Interest on purchased and other
short term borrowed funds $138,893 $478,162
Interest on long-term debt 95,553 387,107
Portion of rents representative of the
interest factor (1/3) of rental expense 5,571 19,537
--------- ----------
Fixed charges $240,017 $884,806
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Ratio of earnings to fixed charges 2.20 X 1.98 X
(B) INCLUDING INTEREST ON DEPOSITS:
Adjusted earnings from (A) above $527,463 $1,753,758
Add interest on deposits 344,240 1,303,549
--------- ----------
Earnings as adjusted $871,703 $3,057,307
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Fixed charges:
Fixed charges from (A) above $240,017 $884,806
Interest on deposits 344,240 1,303,549
--------- ----------
Adjusted fixed charges $584,257 $2,188,355
========= ==========
Adjusted earnings to adjusted fixed 1.49 X 1.40 X
charges