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NATIONAL CITY CORPORATION EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
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<CAPTION>
Six Months Ended
June 30 Year Ended December 31
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(Dollars in Thousands) 2000 1999 1999 1998 1997
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<S> <C> <C> <C> <C> <C>
COMPUTATION EXCLUDING PREFERRED STOCK DIVIDENDS:
Income before income tax expense $ 1,004,378 $ 1,096,500 $ 2,148,613 $ 1,647,277 $ 1,640,033
Interest on non-deposit interest
bearing liabilities 843,202 583,508 1,277,054 998,753 738,923
Portion of rental expense deemed
representative of interest 17,520 15,280 30,567 30,397 27,597
-------------------------------- ---------------------------------------------------
Total income for computation
excluding interest on deposits 1,865,100 1,695,288 3,456,234 2,676,427 2,406,553
Interest on deposits 910,180 812,168 1,635,533 1,846,276 1,813,251
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Total income for computation
including interest on deposits $ 2,775,280 $ 2,507,456 $ 5,091,767 $ 4,522,703 $ 4,219,804
================================ ===================================================
Fixed charges excluding interest
on deposits $ 860,722 $ 598,788 $ 1,307,621 $ 1,029,150 $ 766,520
================================ ===================================================
Fixed charges including interest
on deposits $ 1,770,902 $ 1,410,956 $ 2,943,154 $ 2,875,426 $ 2,579,771
================================ ===================================================
Ratio excluding interest on
deposits 2.17x 2.83x 2.64x 2.60x 3.14x
Ratio including interest on
deposits 1.57x 1.78x 1.73x 1.57x 1.64x
COMPUTATION INCLUDING PREFERRED STOCK DIVIDENDS:
Total income for computation
excluding interest on deposits $ 1,865,100 $ 1,695,288 $ 3,456,234 $ 2,676,427 $ 2,406,553
================================ ===================================================
Total income for computation
including interest on deposits $ 2,775,280 $ 2,507,456 $ 5,091,767 $ 4,522,703 $ 4,219,804
================================ ===================================================
Fixed charges excluding interest
on deposits and dividends on
preferred stock $ 860,722 $ 598,788 $ 1,307,621 $ 1,029,150 $ 766,520
Pre-tax preferred stock dividends 1,385 1,269 2,691 3,357 -
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Fixed charges including preferred
stock dividends, excluding
interest on deposits 862,107 600,057 1,310,312 1,032,507 766,520
Interest on deposits 910,180 812,168 1,635,533 1,846,276 1,813,251
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Fixed charges including interest
on deposits and dividends on
preferred stock $ 1,772,287 $ 1,412,225 $ 2,945,845 $ 2,878,783 $ 2,579,771
================================ ===================================================
Ratio excluding interest on
deposits 2.16x 2.83x 2.64x 2.59x 3.14x
Ratio including interest on
deposits 1.57x 1.78x 1.73x 1.57x 1.64x
COMPONENTS OF FIXED CHARGES:
Interest:
Interest on deposits $ 910,180 $ 812,168 $ 1,635,533 $ 1,846,276 $ 1,813,251
Interest on non-deposit interest
bearing liabilities 843,202 583,508 1,277,054 998,753 738,923
-------------------------------- ---------------------------------------------------
Total interest charges $ 1,753,382 $ 1,395,676 $ 2,912,587 $ 2,845,029 $ 2,552,174
================================ ===================================================
Rental Expense:
Building rental expense $ 53,091 $ 46,304 $ 92,626 $ 92,112 $ 83,627
Portion of rental expense deemed
representative of interest 17,520 15,280 30,567 30,397 27,597
Preferred Stock Charge:
Preferred stock dividends 900 825 1,749 2,182 -
Pre-tax preferred dividends 1,385 1,269 2,691 3,357 -
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<TABLE>
<CAPTION>
Year Ended December 31
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(Dollars in Thousands) 1996 1995
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<S> <C> <C>
COMPUTATION EXCLUDING PREFERRED STOCK DIVIDENDS:
Income before income tax expense $ 1,441,787 $ 1,208,000
Interest on non-deposit interest
bearing liabilities 611,741 673,000
Portion of rental expense deemed
representative of interest 25,053 23,563
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Total income for computation
excluding interest on deposits 2,078,581 1,904,563
Interest on deposits 1,862,084 1,975,000
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Total income for computation
including interest on deposits $ 3,940,665 $ 3,879,563
========================================
Fixed charges excluding interest
on deposits $ 636,794 $ 696,563
========================================
Fixed charges including interest
on deposits $ 2,498,878 $ 2,671,563
========================================
Ratio excluding interest on
deposits 3.26x 2.73x
Ratio including interest on
deposits 1.58x 1.45x
COMPUTATION INCLUDING PREFERRED STOCK DIVIDENDS:
Total income for computation
excluding interest on deposits $ 2,078,581 $ 1,904,563
========================================
Total income for computation
including interest on deposits $ 3,940,665 $ 3,879,563
========================================
Fixed charges excluding interest
on deposits and dividends on
preferred stock $ 636,794 $ 696,563
Pre-tax preferred stock dividends 6,197 22,815
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Fixed charges including preferred
stock dividends, excluding
interest on deposits 642,991 719,378
Interest on deposits 1,862,084 1,975,000
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Fixed charges including interest
on deposits and dividends on
preferred stock $ 2,505,075 $ 2,694,378
========================================
Ratio excluding interest on
deposits 3.23x 2.65x
Ratio including interest on
deposits 1.57x 1.44x
COMPONENTS OF FIXED CHARGES:
Interest:
Interest on deposits $ 1,862,084 $ 1,975,000
Interest on non-deposit interest
bearing liabilities 611,741 673,000
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Total interest charges $ 2,473,825 $ 2,648,000
========================================
Rental Expense:
Building rental expense $ 75,918 $ 71,403
Portion of rental expense deemed
representative of interest 25,053 23,563
Preferred Stock Charge:
Preferred stock dividends 4,028 14,830
Pre-tax preferred dividends 6,197 22,815
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