EXHIBIT 12.1
NATIONSBANK CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(DOLLARS IN MILLIONS)
NINE MONTHS YEAR ENDED DECEMBER 31,
ENDED ------------------------------------------------
SEPTEMBER 30, 1997 1996 1995 1994 1993 1992
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EXCLUDING INTEREST ON DEPOSITS
Income before taxes............................. $ 3,530 $ 3,634 $ 2,991 $2,555 $1,991 $1,396
Equity in undistributed losses (earnings) of
unconsolidated subsidiaries................... 1 2 (7) (3) (5) (1)
Fixed charges:
Interest expense (including capitalized
interest).................................. 3,394 4,125 4,480 2,896 1,421 916
Amortization of debt discount and appropriate
issuance costs............................. 14 20 12 8 6 3
1/3 of net rent expense....................... 111 126 125 114 96 91
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Total fixed charges........................ 3,519 4,271 4,617 3,018 1,523 1,010
Preferred dividend requirements................. 14 22 13 15 16 29
Earnings (excluding capitalized interest)....... $ 7,050 $ 7,907 $ 7,601 $5,570 $3,509 $2,398
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Fixed charges................................... $ 3,533 $ 4,293 $ 4,630 $3,033 $1,539 $1,039
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Ratio of Earnings to Fixed Charges.............. 2.00 1.84 1.64 1.84 2.28 2.31
INCLUDING INTEREST ON DEPOSITS
Income before taxes............................. $ 3,530 $ 3,634 $ 2,991 $2,555 $1,991 $1,396
Equity in undistributed losses (earnings) of
unconsolidated subsidiaries................... 1 2 (7) (3) (5) (1)
Fixed charges:
Interest expense (including capitalized
interest)..................................... 6,367 7,447 7,761 5,310 3,570 3,688
Amortization of debt discount and appropriate
issuance costs................................ 14 20 12 8 6 3
1/3 of net rent expense......................... 111 126 125 114 96 91
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Total fixed charges........................ 6,492 7,593 7,898 5,432 3,672 3,782
Preferred dividend requirements................. 14 22 13 15 16 29
Earnings (excluding capitalized interest)....... $ 10,023 $11,229 $10,882 $7,984 $5,658 $5,170
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Fixed charges................................... $ 6,506 $ 7,615 $ 7,911 $5,447 $3,688 $3,811
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Ratio of Earnings to Fixed Charges.............. 1.54 1.47 1.38 1.47 1.53 1.36
EXHIBIT 12.1 (CONTINUED)
BARNETT BANKS, INC. -- CONSOLIDATED
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(DOLLARS IN THOUSANDS)
NINE MONTHS YEAR ENDED DECEMBER 31,
ENDED ------------------------------------------------------------
SEPTEMBER 30, 1997 1996 1995 1994 1993 1992
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EXCLUDING INTEREST ON DEPOSITS
Net Income....................... $ 425,290 $ 564,491 $ 533,301 $487,971 $420,994 $207,656
Provision (benefit) for income
taxes.......................... 226,811 339,659 286,293 249,834 207,482 95,310
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Earnings before
provision (benefit)
for income taxes............... 652,101 904,150 819,594 737,805 628,476 302,966
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Fixed charges:
Interest expense (excluding
interest on deposits).......... 216,475 212,439 226,207 159,897 91,005 100,953
Minority interest expense........ 41,247 3,804 -- -- -- --
Capitalized interest............. 486 1,054 1,386 665 1,364 1,498
Interest portion of rentals
(33%).......................... 21,491 30,358 29,993 27,450 32,756 31,115
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Total fixed charges............ 279,699 247,655 257,586 188,012 125,125 133,566
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Earnings before provision
(benefit) for income taxes and
fixed charges.................. $ 931,800 $1,151,805 $1,077,180 $925,817 $753,601 $436,532
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Preferred dividend
requirements................... -- $ 2,168 15,861 18,234 18,238 18,254
Ratio of pre-tax income to net
income......................... 1.53 1.60 1.54 1.51 1.49 1.46
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Preferred dividend factor........ -- 3,473 24,376 27,570 27,226 26,632
Total Fixed Charges.............. 279,699 247,655 257,586 188,012 125,125 133,566
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Combined fixed charges and
preferred dividend
requirements................... $ 279,699 $ 251,128 $ 281,962 $215,582 $152,351 $160,198
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Ratio of earnings to combined
fixed charges and preferred
dividend requirements.......... 3.33 4.59 3.82 4.29 4.95 2.72
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EXHIBIT 12.1 (CONTINUED)
BARNETT BANKS, INC. -- CONSOLIDATED
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(DOLLARS IN THOUSANDS)
NINE MONTHS YEAR ENDED DECEMBER 31,
ENDED ------------------------------------------------------------------
SEPTEMBER 30, 1997 1996 1995 1994 1993 1992
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INCLUDING INTEREST ON
DEPOSITS
Net Income................. $ 425,290 $ 564,491 $ 533,301 $ 487,971 $ 420,994 $ 207,656
Provision (benefit) for
income taxes............. 226,811 339,659 286,293 249,834 207,482 95,310
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Earnings before provision
(benefit) for income
taxes.................... 652,101 904,150 819,594 737,805 628,476 302,966
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Fixed charges:
Interest expense
(including interest on
deposits)............. 906,372 1,136,770 1,219,253 921,408 880,105 1,143,680
Minority interest
expense............... 41,247 3,804 -- -- -- --
Capitalized interest..... 486 1,054 1,386 665 1,364 1,498
Interest portion of
rentals (33%)......... 21,491 30,358 29,993 27,450 32,256 31,115
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Total fixed charges...... 969,596 1,171,986 1,250,632 949,523 913,725 1,176,293
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Earnings before provision
for income taxes and
fixed charges............ $1,621,697 $2,076,136 $2,070,226 $1,687,328 $1,542,201 $1,479,259
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Preferred dividend
requirements............. -- 2,168 15,861 18,234 18,238 18,254
Ratio of pre-tax income to
net income............... 1.53 1.60 1.54 1.51 1.49 1.46
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Preferred dividend
factor................... -- 3,473 24,376 27,570 27,226 26,632
Total Fixed Charges........ 969,596 1,171,986 1,250,632 949,523 913,725 1,176,293
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Combined fixed charges and
preferred dividend
requirements............. $ 969,596 $1,175,459 $1,275,008 $ 977,093 $ 940,951 $1,202,925
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Ratio of earnings to
combined fixed charges
and preferred dividend
requirements............. 1.67 1.77 1.62 1.73 1.64 1.23
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