Exhibit 12.1
First Citizens BancShares, Inc.
Statement Re Computation of Ratios of Earnings to Fixed Charges
Six Months
Ended June 30,
--------------------------------
1998 1997
---- ----
RATIO OF EARNINGS TO FIXED CHARGES
EXCLUDING INTEREST ON DEPOSITS:
Net income $ 33,205 34,176
Income taxes 18,153 19,376
--------------------------------
Income before income taxes (a) 51,358 53,552
--------------------------------
Interest expense 145,090 126,248
Less: interest on deposits 128,189 116,715
--------------------------------
Fixed charges, excluding interest on deposits (b) $16,901 9,533
--------------------------------
Ratio of earnings to fixed charges
excluding interest on deposits [(a)+(b)]/(b) 4.04x 6.62x
====== ======
Year Ended December 31,
------------------------------------------------------------
1997 1996 1995 1994 1993
---- ---- ---- ---- ----
RATIO OF EARNINGS TO FIXED CHARGES
EXCLUDING INTEREST ON DEPOSITS:
Net income 70,558 65,467 56,906 50,969 55,585
Income taxes 39,492 36,207 30,423 26,867 28,641
------------------------------------------------------------
Income before income taxes (a) 110,050 101,674 87,329 77,836 84,226
------------------------------------------------------------
Interest expense 268,013 248,250 224,664 148,126 137,934
Less: interest on deposits 243,749 230,905 207,234 137,292 130,354
------------------------------------------------------------
Fixed charges, excluding interest on deposits (b) 24,264 17,345 17,430 10,834 7,580
------------------------------------------------------------
Ratio of earnings to fixed charges
excluding interest on deposits [(a)+(b)]/(b) 5.54x 6.86x 6.01x 8.18x 12.11x
====== ====== ====== ====== ======
Six Months
Ended June 30,
--------------------------------
1998 1997
---- ----
RATIO OF EARNINGS TO FIXED CHARGES
INCLUDING INTEREST ON DEPOSITS:
Net income $ 33,205 34,176
Income taxes 18,153 19,376
---------------------------------
Income before income taxes (a) 51,358 53,552
---------------------------------
Fixed charges (interest expense) (b) 145,090 126,248
---------------------------------
Ratio of earnings to fixed charges
including interest on deposits [(a)+(b)]/(b) 1.35x 1.42x
====== ======
Year Ended December 31,
------------------------------------------------------------
1997 1996 1995 1994 1993
---- ---- ---- ---- ----
RATIO OF EARNINGS TO FIXED CHARGES
INCLUDING INTEREST ON DEPOSITS:
Net income 70,558 65,467 56,906 50,969 55,585
Income taxes 39,492 36,207 30,423 26,867 28,641
-----------------------------------------------------------
Income before income taxes (a) 110,050 101,674 87,329 77,836 84,226
-----------------------------------------------------------
Fixed charges (interest expense) (b) 268,013 248,250 224,664 148,126 137,934
-----------------------------------------------------------
Ratio of earnings to fixed charges
including interest on deposits [(a)+(b)]/(b) 1.41x 1.41x 1.39x 1.53x 1.61x
====== ====== ====== ====== =====