Bank of America Corporation and Subsidiaries

 
 
 
 
 
 
 

Exhibit 12

 

Ratio of Earnings to Fixed Charges

 
 
 
 
 
 
 
 
 
 

Ratio of Earnings to Fixed Charges and Preferred Dividends

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31
(Dollars in millions)
Nine Months Ended September 30, 2018
 
2017
 
2016
 
2015
 
2014
 
2013
Excluding Interest on Deposits
 

 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
25,886

 
$
29,213

 
$
25,021

 
$
22,187

 
$
7,963

 
$
14,733

Equity in undistributed earnings (loss) of unconsolidated subsidiaries
(282
)
 
(245
)
 
(262
)
 
(152
)
 
(222
)
 
(66
)
Fixed charges:
 

 
 
 
 
 
 
 
 
 
 
Interest expense
10,872

 
10,981

 
8,946

 
9,688

 
9,855

 
11,359

   1/3 of net rent expense (1)
626

 
831

 
883

 
945

 
1,023

 
1,091

Total fixed charges
11,498

 
11,812


9,829


10,633


10,878


12,450

Preferred dividend requirements
1,503

 
2,528

 
2,361

 
2,068

 
1,506

 
1,746

      Fixed charges and preferred dividends
13,001

 
14,340


12,190


12,701


12,384


14,196

      Earnings
$
37,102


$
40,780

 
$
34,588

 
$
32,668

 
$
18,619

 
$
27,117

Ratio of earnings to fixed charges
3.23


3.45

 
3.52

 
3.07

 
1.71

 
2.18

Ratio of earnings to fixed charges and preferred dividends
2.85


2.84

 
2.84

 
2.57

 
1.50

 
1.91

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31
(Dollars in millions)
Nine Months Ended September 30, 2018
 
2017
 
2016
 
2015
 
2014
 
2013
Including Interest on Deposits
 

 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
25,886

 
$
29,213

 
$
25,021

 
$
22,187

 
$
7,963

 
$
14,733

Equity in undistributed earnings (loss) of unconsolidated subsidiaries
(282
)
 
(245
)
 
(262
)
 
(152
)
 
(222
)
 
(66
)
Fixed charges:
 

 
 
 
 
 
 
 
 
 
 
Interest expense
13,805

 
12,912

 
9,961

 
10,549

 
10,935

 
12,755

   1/3 of net rent expense (1)
626

 
831

 
883

 
945

 
1,023

 
1,091

Total fixed charges
14,431

 
13,743


10,844


11,494


11,958


13,846

Preferred dividend requirements
1,503

 
2,528

 
2,361

 
2,068

 
1,506

 
1,746

      Fixed charges and preferred dividends
15,934

 
16,271


13,205


13,562


13,464


15,592

      Earnings
$
40,035


$
42,711

 
$
35,603

 
$
33,529

 
$
19,699

 
$
28,513

Ratio of earnings to fixed charges
2.77


3.11

 
3.28

 
2.92

 
1.65

 
2.06

Ratio of earnings to fixed charges and preferred dividends
2.51


2.62

 
2.70

 
2.47

 
1.46

 
1.83

(1) 
Represents an appropriate interest factor.