Exhibit 12
WACHOVIA CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
Six Months Year
Ended Ended
June 30, December 31,
1999 1998
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(A) EXCLUDING INTEREST ON DEPOSITS
Earnings:
Income before income taxes $745,602 $1,303,781
Less capitalized interest (101) (593)
Fixed charges 448,056 976,201
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Earnings as adjusted $1,193,557 $2,279,389
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Fixed charges:
Interest on purchased and other
short term borrowed funds $215,471 $563,846
Interest on long-term debt 220,650 390,662
Portion of rents representative of the
interest factor (1/3) of rental expense 11,935 21,693
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Fixed charges $448,056 $976,201
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Ratio of earnings to fixed charges 2.66 X 2.33 X
(B) INCLUDING INTEREST ON DEPOSITS:
Adjusted earnings from (A) above $1,193,557 $2,279,389
Add interest on deposits 615,792 1,359,705
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Earnings as adjusted $1,809,349 $3,639,094
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Fixed charges:
Fixed charges from (A) above $448,056 $976,201
Interest on deposits 615,792 1,359,705
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Adjusted fixed charges $1,063,848 $2,335,906
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Adjusted earnings to adjusted fixed 1.70 X 1.56 X
charges