PNC BANK CORP. AND SUBSIDIARIES EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year ended December 31 Dollars in thousands 1998 1997 1996 1995 1994 ==================================================================================================================================== EARNINGS Income before taxes and cumulative effect of changes in accounting principles $1,709,778 $1,618,599 $1,527,551 $627,012 $1,209,916 Fixed charges excluding interest on deposits 1,365,605 1,171,648 1,096,893 1,487,279 1,104,573 ----------------------------------------------------------------- Subtotal 3,075,383 2,790,247 2,624,444 2,114,291 2,314,489 Interest on deposits 1,471,108 1,456,587 1,428,771 1,551,816 1,159,242 ----------------------------------------------------------------- Total $4,546,491 $4,246,834 $4,053,215 $3,666,107 $3,473,731 ================================================================= FIXED CHARGES Interest on borrowed funds $1,266,968 $1,098,365 $1,064,847 $1,455,069 $1,070,565 Interest component of rentals 37,374 29,312 29,839 31,283 32,247 Amortization of notes and debentures 1,394 833 816 927 1,761 Distributions on Mandatorily Redeemable Capital Securities of Subsidiary Trusts 59,869 43,138 1,391 ----------------------------------------------------------------- Subtotal 1,365,605 1,171,648 1,096,893 1,487,279 1,104,573 Interest on deposits 1,471,108 1,456,587 1,428,771 1,551,816 1,159,242 ----------------------------------------------------------------- Total $2,836,713 $2,628,235 $2,525,664 $3,039,095 $2,263,815 ================================================================= RATIO OF EARNINGS TO FIXED CHARGES Excluding interest on deposits 2.25x 2.38x 2.39x 1.42x 2.10x Including interest on deposits 1.60 1.62 1.60 1.21 1.53 ====================================================================================================================================