PNC BANK CORP. AND SUBSIDIARIES EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
Year ended December 31 Dollars in thousands 1997 1996 1995 1994 1993 - ----------------------------------------------------------------------------------------------------------------------------------- EARNINGS Income before taxes and cumulative effect of changes in accounting principles $1,618,599 $1,527,551 $627,012 $1,209,916 $1,140,487 Fixed charges excluding interest on deposits 1,171,648 1,096,893 1,487,279 1,104,573 704,228 ----------------------------------------------------------------- Subtotal 2,790,247 2,624,444 2,114,291 2,314,489 1,844,715 Interest on deposits 1,456,587 1,428,771 1,551,816 1,159,242 1,005,658 ----------------------------------------------------------------- Total $4,246,834 $4,053,215 $3,666,107 $3,473,731 $2,850,373 ================================================================= FIXED CHARGES Interest on borrowed funds $1,098,365 $1,064,847 $1,455,069 $1,070,565 $676,319 Interest component of rentals 29,312 29,839 31,283 32,247 26,491 Amortization of notes and debentures 833 816 927 1,761 1,418 Distributions on Mandatorily Redeemable Capital Securities of Subsidiary Trust 43,138 1,391 ----------------------------------------------------------------- Subtotal 1,171,648 1,096,893 1,487,279 1,104,573 704,228 Interest on deposits 1,456,587 1,428,771 1,551,816 1,159,242 1,005,658 ----------------------------------------------------------------- Total $2,628,235 $2,525,664 $3,039,095 $2,263,815 $1,709,886 ================================================================= RATIO OF EARNINGS TO FIXED CHARGES Excluding interest on deposits 2.38x 2.39x 1.42x 2.10x 2.62x Including interest on deposits 1.62 1.60 1.21 1.53 1.67 ====================================================================================================================================