BANK OF AMERICA CORPORATION AND SUBSIDIARIES EXHIBIT 12(B) Ratio of Earnings to Fixed Charges and Preferred Dividends - ------------------------------------------------------------------------ ---------------------------------------------------------- YEAR ENDED DECEMBER 31 THREE MONTHS ---------------------------------------------------------- ENDED (DOLLARS IN MILLIONS) MARCH 31, 1999 1998 1997 1996 1995 1994 - ------------------------------------------------------- -------------- ---------------------------------------------------------- EXCLUDING INTEREST ON DEPOSITS Income before income taxes $ 2,990 $ 8,048 $ 10,556 $ 9,311 $ 8,377 $ 7,010 Less: Equity in undistributed (earnings) losses of unconsolidated subsidiaries (3) 162 (49) (7) (19) (55) Fixed charges: Interest expense (including capitalized interest) 2,288 9,479 8,219 7,082 6,354 4,572 1/3 of net rent expense 84 335 302 282 275 250 -------------- ---------------------------------------------------------- Total fixed charges 2,372 9,814 8,521 7,364 6,629 4,822 Preferred dividend requirements 3 40 183 332 426 467 -------------- ---------------------------------------------------------- Earnings (excluding capitalized interest) $ 5,359 $ 18,024 $ 19,026 $ 16,668 $ 14,987 $ 11,774 -------------- ---------------------------------------------------------- Fixed charges and preferred dividends $ 2,375 $ 9,854 $ 8,704 $ 7,696 $ 7,055 $ 5,289 -------------- ---------------------------------------------------------- Ratio of earnings to fixed charges and preferred dividends 2.26 1.83 2.19 2.17 2.12 2.23 ============== ==========================================================

YEAR ENDED DECEMBER 31 THREE MONTHS ---------------------------------------------------------- ENDED (DOLLARS IN MILLIONS) MARCH 31, 1999 1998 1997 1996 1995 1994 - ------------------------------------------------------- -------------- ---------------------------------------------------------- INCLUDING INTEREST ON DEPOSITS Income before income taxes $ 2,990 $ 8,048 $ 10,556 $ 9,311 $ 8,377 $ 7,010 Less: Equity in undistributed (earnings) losses of unconsolidated subsidiaries (3) 162 (49) (7) (19) (55) Fixed charges: Interest expense (including capitalized interest) 4,601 20,290 18,903 16,682 16,369 11,083 1/3 of net rent expense 84 335 302 282 275 250 -------------- ---------------------------------------------------------- Total fixed charges 4,685 20,625 19,205 16,964 16,644 11,333 Preferred dividend requirements 3 40 183 332 426 467 -------------- ---------------------------------------------------------- Earnings (excluding capitalized interest) $ 7,672 $ 28,835 $ 29,710 $ 26,268 $ 25,002 $ 18,285 -------------- ---------------------------------------------------------- Fixed charges and preferred dividends $ 4,688 $ 20,665 $ 19,388 $ 17,296 $ 17,070 $ 11,800 -------------- ---------------------------------------------------------- Ratio of earnings to fixed charges and preferred dividends 1.64 1.40 1.53 1.52 1.46 1.55 ============== ==========================================================