PNC BANK CORP. AND SUBSIDIARIES EXHIBIT 12.2 COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Year ended December 31 Three months ended --------------------------------------------------------------- Dollars in thousands March 31, 1998 1997 1996 1995 1994 1993 - ------------------------------------------------------------------------------------------------------------------------------------ EARNINGS Income before taxes and cumulative effect of changes in accounting principles $405,079 $1,618,599 $1,527,551 $627,012 $1,209,916 $1,140,487 Fixed charges and preferred stock dividends excluding interest on deposits 308,669 1,201,582 1,105,324 1,492,391 1,112,564 712,339 ---------------------------------------------------------------------------- Subtotal 713,748 2,820,181 2,632,875 2,119,403 2,322,480 1,852,826 Interest on deposits 361,522 1,456,587 1,428,771 1,551,816 1,159,242 1,005,658 ---------------------------------------------------------------------------- Total $1,075,270 $4,276,768 $4,061,646 $3,671,219 $3,481,722 $2,858,484 ============================================================================ FIXED CHARGES Interest on borrowed funds $292,362 $1,098,365 $1,064,847 $1,455,069 $1,070,565 $676,319 Interest component of rentals 8,614 29,312 29,839 31,283 32,247 26,491 Amortization of borrowed funds 219 833 816 927 1,761 1,418 Distributions on capital securities 13 43,138 1,391 Preferred stock dividends 7,461 29,934 8,431 5,112 7,991 8,111 ---------------------------------------------------------------------------- Subtotal 308,669 1,201,582 1,105,324 1,492,391 1,112,564 712,339 Interest on deposits 361,522 1,456,587 1,428,771 1,551,816 1,159,242 1,005,658 ---------------------------------------------------------------------------- Total $670,191 $2,658,169 $2,534,095 $3,044,207 $2,271,806 $1,717,997 ============================================================================ RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Excluding interest on deposits 2.31x 2.35x 2.38x 1.42x 2.09x 2.60x Including interest on deposits 1.60 1.61 1.60 1.21 1.53 1.66 ====================================================================================================================================