Exhibit 12

Bank of America Corporation and Subsidiaries

Ratio of Earnings to Fixed Charges

Ratio of Earnings to Fixed Charges and Preferred Dividends

 

(Dollars in millions)


  

Nine Months
Ended
September 30,

2003


    Year Ended December 31

     2002

    2001

    2000

    1999

    1998

Excluding Interest on Deposits

                                              

Income before income taxes

   $ 11,958     $ 12,991     $ 10,117     $ 11,788     $ 12,215     $ 8,048

Equity in undistributed earnings of unconsolidated subsidiaries

     (104 )     (6 )     (6 )     (27 )     (167 )     162

Fixed charges:

                                              

Interest expense

     3,967       5,804       9,117       13,806       10,084       9,479

1/3 of net rent expense (1)

     295       383       379       368       342       335
    


 


 


 


 


 

Total fixed charges

     4,262       6,187       9,496       14,174       10,426       9,814

Preferred dividend requirements

     5       6       7       9       10       40
    


 


 


 


 


 

Fixed charges and preferred dividends

     4,267       6,193       9,503       14,183       10,436       9,854
    


 


 


 


 


 

Earnings

   $ 16,116     $ 19,172     $ 19,607     $ 25,935     $ 22,474     $ 18,024
    


 


 


 


 


 

Ratio of earnings to fixed charges

     3.78       3.10       2.06       1.83       2.16       1.84
    


 


 


 


 


 

Ratio of earnings to fixed charges and preferred dividends

     3.78       3.10       2.06       1.83       2.15       1.83
    


 


 


 


 


 

(Dollars in millions)


   Nine Months
Ended
September 30,
2003


    Year Ended December 31

     2002

    2001

    2000

    1999

    1998

Including Interest on Deposits

                                              

Income before income taxes

   $ 11,958     $ 12,991     $ 10,117     $ 11,788     $ 12,215     $ 8,048

Equity in undistributed earnings of unconsolidated subsidiaries

     (104 )     (6 )     (6 )     (27 )     (167 )     162

Fixed charges:

                                              

Interest expense

     7,697       11,238       18,003       24,816       19,086       20,290

1/3 of net rent expense (1)

     295       383       379       368       342       335
    


 


 


 


 


 

Total fixed charges

     7,992       11,621       18,382       25,184       19,428       20,625

Preferred dividend requirements

     5       6       7       9       10       40
    


 


 


 


 


 

Fixed charges and preferred dividends

     7,997       11,627       18,389       25,193       19,438       20,665
    


 


 


 


 


 

Earnings

   $ 19,846     $ 24,606     $ 28,493     $ 36,945     $ 31,476     $ 28,835
    


 


 


 


 


 

Ratio of earnings to fixed charges

     2.48       2.12       1.55       1.47       1.62       1.40
    


 


 


 


 


 

Ratio of earnings to fixed charges and preferred dividends

     2.48       2.12       1.55       1.47       1.62       1.40
    


 


 


 


 


 


(1) Represents an appropriate interest factor.