EXHIBIT 12 - RATIO OF EARNINGS TO FIXED CHARGES
OLD KENT FINANCIAL CORPORATION
Ratio of Earnings to Fixed Charges
Years Ended December 31
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1999 1998 1997 1996 1995 1994
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Earnings:
Income before income taxes $389,316 $343,694 $341,843 $287,089 $266,780 $233,551
Fixed charges 130,889 137,875 116,581 84,180 82,541 38,730
-------- -------- -------- -------- -------- --------
$520,205 $481,569 $458,424 $371,269 $349,321 $272,281
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Fixed charges:
Interest expense
(other than interest on deposits) $130,889 $137,875 $116,581 $84,180 $ 82,541 $ 38,730
Interest factor in rent expense -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
$130,889 $137,875 $116,581 $84,180 $ 82,541 $ 38,730
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Ratio of earnings to fixed charges,
excluding interest on deposits 3.97 3.49 3.93 4.41 4.23 7.03
Including Interest On Deposits
Earnings:
Income before income taxes $389,316 $343,694 $341,843 $287,089 $266,780 $233,551
Fixed charges 605,073 639,748 636,330 582,177 555,797 357,750
-------- -------- -------- -------- -------- --------
$994,389 $983,442 $978,173 $869,266 $822,577 $591,301
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Fixed charges:
Interest expense $605,073 $639,748 $636,330 $582,177 $555,797 $357,750
Interest factor in rent expense -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
$605,073 $639,748 $636,330 $582,177 $555,797 $357,750
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Ratio of earnings to fixed charges,
including interest on deposits 1.64 1.54 1.54 1.49 1.48 1.65
The Corporation had no preferred stock outstanding during any period presented.
Accordingly, its ratio of earnings to combined fixed charges and preferred stock
dividends is the same as its ratio of earnings to fixed charges.