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EXHIBIT 12
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MARSHALL & ILSLEY CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($000's)
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Nine Months
Ended Years Ended December 31,
September 30, ---------------------------------------------------------------
2000 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
Earnings:
Earnings before income taxes, extraordinary
items and cumulative effect of changes
in accounting principles $ 344,471 $ 527,939 $ 465,285 $ 388,172 $ 317,949 $ 312,938
Fixed charges, excluding interest on deposits 244,735 222,172 206,546 175,609 126,261 119,412
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Earnings including fixed charges but
excluding interest on deposits 589,206 750,111 671,831 563,781 444,210 432,350
Interest on deposits 560,053 585,864 564,540 460,418 392,473 363,488
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Earnings including fixed charges and
interest on deposits $ 1,149,259 $ 1,335,975 $ 1,236,371 $ 1,024,199 $ 836,683 $ 795,838
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Fixed Charges:
Interest Expense:
Short-term borrowings $ 173,044 $ 142,294 $ 126,624 $ 111,193 $ 63,892 $ 48,390
Long-term borrowings 59,141 63,145 66,810 54,175 53,615 63,701
One-third of rental expense for all operating
leases (the amount deemed representative
of the interest factor) 12,550 16,733 13,112 10,241 8,754 7,321
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Fixed charges excluding interest on deposits 244,735 222,172 206,546 175,609 126,261 119,412
Interest on deposits 560,053 585,864 564,540 460,418 392,473 363,488
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Fixed charges including interest on deposits $ 804,788 $ 808,036 $ 771,086 $ 636,027 $ 518,734 $ 482,900
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Ratio of Earnings to Fixed Charges:
Excluding interest on deposits 2.41 x 3.38 x 3.25 x 3.21 x 3.52 x 3.62 x
Including interest on deposits 1.43 x 1.65 x 1.60 x 1.61 x 1.61 x 1.65 x
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