<PAGE> 1
EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands) (unaudited)
<TABLE>
<CAPTION>
For the Six Months Ended
June 30, For the Year Ended December 31,
------------------------ -----------------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
------------------------ -----------------------------------------------------------
INCLUDING INTEREST ON DEPOSITS
<S> <C> <C> <C> <C> <C> <C> <C>
EARNINGS:
Income before income taxes $ 839,995 $ 667,488 $1,654,964 $1,254,065 $1,022,108 $ 731,294 $ 584,601
Fixed charges 789,736 640,747 1,341,993 1,238,596 1,035,069 755,884 609,742
Interest capitalized during period,
net of amortization of previously
capitalized interest (1,867) (1,224) (2,949) (5,400) (4,967) (2,370) (3,409)
---------------------- -----------------------------------------------------------
Earnings, for computation purposes $1,627,864 $1,307,011 $2,994,008 $2,487,261 $2,052,210 $1,484,808 $1,190,934
====================== ===========================================================
FIXED CHARGES:
Interest on deposits, short-term borrowings,
and long-term debt and bank notes,
expensed or capitalized $ 785,333 $ 635,757 $1,331,860 $1,229,503 $1,023,765 $ 746,008 $ 600,047
Portion of rents representative of the
interest factor 4,403 4,990 10,133 9,093 11,304 9,876 9,695
---------------------- -----------------------------------------------------------
Fixed charges, including interest on
deposits, for computation purposes $ 789,736 $ 640,747 $1,341,993 $1,238,596 $1,035,069 $ 755,884 $ 609,742
====================== ===========================================================
Ratio of earnings to fixed charges,
including interest on deposits 2.06 2.04 2.23 2.01 1.98 1.96 1.95
EXCLUDING INTEREST ON DEPOSITS
EARNINGS:
Income before income taxes $ 839,995 $ 667,488 $1,654,964 $1,254,065 $1,022,108 $ 731,294 $ 584,601
Fixed charges 221,663 205,272 422,567 422,492 341,149 227,999 171,585
Interest capitalized during period,
net of amortization of previously
capitalized interest (1,877) (1,234) (2,970) (5,421) (4,988) (2,391) (3,430)
---------------------- -----------------------------------------------------------
Earnings, for computation purposes $1,059,781 $ 871,526 $2,074,561 $1,671,136 $1,358,269 $ 956,902 $ 752,756
====================== ===========================================================
FIXED CHARGES:
Interest on short-term borrowings
and long-term debt and bank notes,
expensed or capitalized $ 217,260 $ 200,282 $ 412,434 $ 413,399 $ 329,845 $ 218,123 $ 161,890
Portion of rents representative of the
interest factor 4,403 4,990 10,133 9,093 11,304 9,876 9,695
---------------------- -----------------------------------------------------------
Fixed charges, excluding interest
on deposits, for computation purposes $ 221,663 $ 205,272 $ 422,567 $ 422,492 $ 341,149 $ 227,999 $ 171,585
====================== ===========================================================
Ratio of earnings to fixed charges,
excluding interest on deposits 4.78 4.25 4.91 3.96 3.98 4.20 4.39
</TABLE>
The ratio of earnings to fixed charges is computed by dividing (i) income
before income taxes and fixed charges less interest capitalized during such
period, net of amortization of previously capitalized interest, by (ii) fixed
charges. Fixed charges consist of interest, expensed or capitalized, on
borrowings (including or excluding deposits, as applicable) and the portion of
rental expense which is deemed representative of interest.
<PAGE> 2
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDEND REQUIREMENTS
(dollars in thousands) (unaudited)
<TABLE>
<CAPTION>
For the Six Months Ended
June 30, For the Year Ended December 31,
------------------------ -----------------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
------------------------ -----------------------------------------------------------
INCLUDING INTEREST ON DEPOSITS
<S> <C> <C> <C> <C> <C> <C> <C>
EARNINGS:
Income before income taxes $ 839,995 $ 667,488 $1,654,964 $1,254,065 $1,022,108 $ 731,294 $ 584,601
Fixed charges 789,736 640,747 1,341,993 1,238,596 1,035,069 755,884 609,742
Interest capitalized during period,
net of amortization of previously
capitalized interest (1,867) (1,224) (2,949) (5,400) (4,967) (2,370) (3,409)
------------------------ -----------------------------------------------------------
Earnings, for computation purposes $1,627,864 $1,307,011 $2,994,008 $2,487,261 $2,052,210 $1,484,808 $1,190,934
======================== ===========================================================
FIXED CHARGES AND PREFERRED STOCK DIVIDEND
REQUIREMENTS:
Interest on deposits, short-term borrowings,
and long-term debt and bank notes,
expensed or capitalized $ 785,333 $ 635,757 $1,331,860 $1,229,503 $1,023,765 $ 746,008 $ 600,047
Portion of rents representative of the
interest factor 4,403 4,990 10,133 9,093 11,304 9,876 9,695
------------------------ ----------------------------------------------------------
Fixed charges 789,736 640,747 1,341,993 1,238,596 1,035,069 755,884 609,742
Preferred stock dividend requirements 11,952 11,378 23,123 23,089 32,065 23,269 2,432
------------------------ ----------------------------------------------------------
Fixed charges and preferred stock dividend
requirements, including interest on
deposits, for computation purposes $ 801,688 $ 652,125 $1,365,116 $1,261,685 $1,067,134 $ 779,153 $ 612,174
======================== ===========================================================
Ratio of earnings to combined fixed charges
and preferred stock dividend requirements,
including interest on deposits 2.03 2.00 2.19 1.97 1.92 1.91 1.95
EXCLUDING INTEREST ON DEPOSITS
EARNINGS:
Income before income taxes $ 839,995 $ 667,488 $1,654,964 $1,254,065 $1,022,108 $ 731,294 $ 584,601
Fixed charges 221,663 205,272 422,567 422,492 341,149 227,999 171,585
Interest capitalized during period,
net of amortization of previously
capitalized interest (1,877) (1,234) (2,970) (5,421) (4,988) (2,391) (3,430)
------------------------ ----------------------------------------------------------
Earnings, for computation purposes $1,059,781 $ 871,526 $2,074,561 $1,671,136 $1,358,269 $ 956,902 $ 752,756
======================== ==========================================================
FIXED CHARGES AND PREFERRED STOCK DIVIDEND
REQUIREMENTS:
Interest on short-term borrowings
and long-term debt and bank notes,
expensed or capitalized $ 217,260 $ 200,282 $ 412,434 $ 413,399 $ 329,845 $ 218,123 $ 161,890
Portion of rents representative of the
interest factor 4,403 4,990 10,133 9,093 11,304 9,876 9,695
------------------------ ----------------------------------------------------------
Fixed charges 221,663 205,272 422,567 422,492 341,149 227,999 171,585
Preferred stock dividend requirements 11,952 11,378 23,123 23,089 32,065 23,269 2,432
------------------------ ---------------------------------------------------------
Fixed charges and preferred stock dividend
requirements, excluding interest on
deposits, for computation purposes $ 233,615 $ 216,650 $ 445,690 $ 445,581 $ 373,214 $ 251,268 $ 174,017
======================== ==========================================================
Ratio of earnings to combined fixed charges
and preferred stock dividend requirements,
excluding interest on deposits 4.54 4.02 4.65 3.75 3.64 3.81 4.33
</TABLE>
The ratio of earnings to combined fixed charges and preferred stock dividend
requirements, is computed by dividing (i) income before income taxes and fixed
charges less interest capitalized during such period, net of amortization of
previously capitalized interest, by (ii) fixed charges and preferred stock
dividend requirements. Fixed charges consist of interest, expensed or
capitalized, on borrowings (including or excluding deposits, as applicable) and
the portion of rental expense which is deemed representative of interest. The
preferred stock dividend requirements represent the pretax earnings which would
have been required to cover such dividend requirements on the Company's
Preferred Stock outstanding.
