EXHIBIT 12

FIRST REPUBLIC PREFERRED CAPITAL CORPORATION

(A
Wholly Owned Subsidiary of Bank of America, N.A.)

STATEMENT OF COMPUTATION OF

RATIOS OF EARNINGS TO FIXED CHARGES



|                 |  |                                                   |  |                    |        |                  |      |                  |  |              |        |  |   |        |  |   |       
|---------------- |  | ------------------------------------------------- |  | ------------------ | ------ | ---------------- | ---- | ---------------- |  | ------------ | ------ |  | - | ------ |  | - | ------
|                 |  |                                                   |  | For the Year Ended
|                 |  |                                                   |  | December 31,2009   |        | December 26,2008 |      | December 28,2007 |  | December 31,
|($ in thousands) |  |                                                   |  |                    | 2006   |                  | 2005
|I.               |  | Earnings:                                         |  |                    |        |                  |      |                  |  |              |        |  |   |        |  |   |       
|                 |  | Net income                                        |  | $                  | 13,887 |                  | $    | 15,881           |  | $            | 19,410 |  | $ | 18,456 |  | $ | 16,176
|                 |  | Fixed charges excluding preferred stock dividends |  |                    |       |                  |      |                 |  |              |       |  |   |       |  |   |      
|                 |  |                                                   |  |                    |        |                  |      |                  |  |              |        |  |   |        |  |   |       
|                 |  | Earnings before fixed charges                     |  | $                  | 13,887 |                  | $    | 15,881           |  | $            | 19,410 |  | $ | 18,456 |  | $ | 16,176
|                 |  |                                                   |  |                    |        |                  |      |                  |  |              |        |  |   |        |  |   |       
|II.              |  | Fixed charges:                                    |  |                    |        |                  |      |                  |  |              |        |  |   |        |  |   |       
|                 |  | Preferred stock dividends                         |  | $                  | 10,181 |                  | $    | 10,125           |  | $            | 13,540 |  | $ | 14,252 |  | $ | 14,252
|                 |  |                                                   |  |                    |        |                  |      |                  |  |              |        |  |   |        |  |   |       
|III.             |  | Ratios of earnings to fixed charges               |  |                    | 1.36x  |                  |      | 1.57x            |  |              | 1.43x  |  |   | 1.30x  |  |   | 1.13x 
|                 |  |                                                   |  |                    |        |                  |      |                  |  |              |        |  |   |        |  |   |