Exhibit (12)
FIRST UNION CORPORATION AND SUBSIDIARIES
COMPUTATIONS OF CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES
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Three
Months
Ended Years Ended December 31,
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Mar. 31,
(In millions) 1998 1997 1996 1995 1994 1993
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EXCLUDING INTEREST
ON DEPOSITS
Pretax income from continuing
operations $ 897 2,710 2,499 2,389 2,088 1,795
Fixed charges, excluding capitalized
interest 621 2,068 1,880 1,426 816 608
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Earnings (A) $ 1,518 4,778 4,379 3,815 2,904 2,403
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Interest, excluding interest on deposits $ 587 1,926 1,805 1,349 747 538
Distributions on guaranteed preferred
beneficial interests 16 66 - - - -
One-third of rents 18 76 74 76 69 70
Capitalized interest - - 5 4 1 -
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Fixed charges (B) $ 621 2,068 1,884 1,429 817 608
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Consolidated ratios of earnings to
fixed charges, excluding interest
on deposits (A)/(B) 2.44 X 2.31 2.32 2.67 3.55 3.95
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INCLUDING INTEREST
ON DEPOSITS
Pretax income from continuing
operations $ 897 2,710 2,499 2,389 2,088 1,795
Fixed charges, excluding capitalized
interest 1,443 5,332 5,070 4,502 2,862 2,552
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Earnings (C) $ 2,340 8,042 7,569 6,891 4,950 4,347
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Interest, including interest on deposits $ 1,409 5,190 4,995 4,425 2,793 2,482
Distributions on guaranteed preferred
beneficial interests 16 66 - - - -
One-third of rents 18 76 74 76 69 70
Capitalized interest - - 5 4 1 -
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Fixed charges (D) $ 1,443 5,332 5,074 4,505 2,863 2,552
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Consolidated ratios of earnings to
fixed charges, including interest
on deposits (C)/(D) 1.62 X 1.51 1.49 1.53 1.73 1.70
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