EXHIBIT 12.1 PNC BANK CORP. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Year ended December 31 months ended ----------------------------------------------------------- Dollars in millions June 30, 1999 1998 1997 1996 1995 1994 - ----------------------------------------- ------------ ---------- ----------- ----------- ---------- ---------- EARNINGS Income before taxes and cumulative effect of changes in accounting principles $ 967 $ 1,710 $ 1,618 $ 1,527 $ 627 $ 1,209 Fixed charges excluding interest on deposits 602 1,366 1,171 1,098 1,487 1,104 ------- ------- ------- ------- ------- ------- Subtotal 1,569 3,076 2,789 2,625 2,114 2,313 Interest on deposits 684 1,471 1,457 1,428 1,552 1,160 ------- ------- ------- ------- ------- ------- Total $ 2,253 $ 4,547 $ 4,246 $ 4,053 $ 3,666 $ 3,473 ======= ======= ======= ======= ======= ======= FIXED CHARGES Interest on borrowed funds $ 545 $ 1,267 $ 1,098 $ 1,065 $ 1,454 $ 1,071 Interest component of rentals 25 37 29 31 32 32 Amortization of notes and debentures 2 1 1 1 1 Distributions on Mandatorily Redeemable Capital Securities of Subsidiary Trusts 32 60 43 1 ------- ------- ------- ------- ------- ------- Subtotal 602 1,366 1,171 1,098 1,487 1,104 Interest on deposits 684 1,471 1,457 1,428 1,552 1,160 ------- ------- ------- ------- ------- ------- Total $ 1,286 $ 2,837 $ 2,628 $ 2,526 $ 3,039 $ 2,264 ======= ======= ======= ======= ======= ======= RATIO OF EARNINGS TO FIXED CHARGES Excluding interest on deposits 2.61 x 2.25 x 2.38 x 2.39 x 1.42 x 2.10 x Including interest on deposits 1.75 1.60 1.62 1.60 1.21 1.53 ======================================================================================================================