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EXHIBIT (12)
FIRST UNION CORPORATION AND SUBSIDIARIES
COMPUTATIONS OF CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES
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SIX
MONTHS Years Ended December 31,
ENDED -----------------------------------------------------------
JUNE 30,
(In millions) 2000 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C> <C>
EXCLUDING INTEREST
ON DEPOSITS
Pretax income from continuing
operations $ (1,460) 4,831 3,965 3,793 3,534 3,409
Fixed charges, excluding capitalized
interest 2,520 3,751 3,504 2,526 2,224 1,821
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Earnings (A) $ 1,060 8,582 7,469 6,319 5,758 5,230
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Interest, excluding interest on deposits $ 2,454 3,645 3,395 2,420 2,120 1,716
One-third of rents 66 106 109 106 104 105
Capitalized interest -- -- -- -- 5 4
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Fixed charges (B) $ 2,520 3,751 3,504 2,526 2,229 1,825
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Consolidated ratios of earnings to
fixed charges, excluding interest
on deposits (A)/(B) 0.42X 2.29 2.13 2.50 2.58 2.87
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INCLUDING INTEREST
ON DEPOSITS
Pretax income from continuing
operations $ (1,460) 4,831 3,965 3,793 3,534 3,409
Fixed charges, excluding capitalized
interest 5,000 7,805 7,820 6,674 6,255 5,837
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Earnings (C) $ 3,540 12,636 11,785 10,467 9,789 9,246
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Interest, including interest on deposits $ 4,934 7,699 7,711 6,568 6,151 5,732
One-third of rents 66 106 109 106 104 105
Capitalized interest -- -- -- -- 5 4
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Fixed charges (D) $ 5,000 7,805 7,820 6,674 6,260 5,841
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Consolidated ratios of earnings to
fixed charges, including interest
on deposits (C)/(D) 0.71X 1.62 1.51 1.57 1.56 1.58
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