EXHIBIT 12

FIRST REPUBLIC PREFERRED CAPITAL CORPORATION

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

STATEMENT OF COMPUTATION OF

RATIOS OF EARNINGS TO FIXED CHARGES



|                                                  |  |                   |       |                  |   |              |  |              |       |              |   |          |      |   |        |  |   |        |  |   |        |  |   |        |  |   |       
|------------------------------------------------- |  | ----------------- | ----- | ---------------- | - | ------------ |  | ------------ | ----- | ------------ | - | -------- | ---- | - | ------ |  | - | ------ |  | - | ------ |  | - | ------ |  | - | ------
|                                                  |  | Three MonthsEnded |       | Six Months
Ended |   | Year Ended  
|                                                  |  | June 30,          |       | June 30,         |   | Dec.
31,2009 |  | Dec.
26,2008 |       | Dec.
28,2007 |   | Dec. 31,
|($ in thousands)                                  |  | 2010              |       | 2009             |   | 2010         |  | 2009         |       |              |   |          | 2006 |   | 2005  
|I.       Earnings:                                |  |                   |       |                  |   |              |  |              |       |              |   |          |      |   |        |  |   |        |  |   |        |  |   |        |  |   |       
|Net income                                        |  | $                 | 3,484 |                  | $ | 3,373        |  | $            | 7,073 |              | $ | 7,342    |      | $ | 13,887 |  | $ | 15,881 |  | $ | 19,410 |  | $ | 18,456 |  | $ | 16,176
|Fixed charges excluding preferred stock dividends |  |                   |      |                  |   |             |  |              |      |              |   |         |      |   |       |  |   |       |  |   |       |  |   |       |  |   |      
|                                                  |  |                   |       |                  |   |              |  |              |       |              |   |          |      |   |        |  |   |        |  |   |        |  |   |        |  |   |       
|Earnings before fixed charges                     |  | $                 | 3,484 |                  | $ | 3,373        |  | $            | 7,073 |              | $ | 7,342    |      | $ | 13,887 |  | $ | 15,881 |  | $ | 19,410 |  | $ | 18,456 |  | $ | 16,176
|                                                  |  |                   |       |                  |   |              |  |              |       |              |   |          |      |   |        |  |   |        |  |   |        |  |   |        |  |   |       
|II.     Fixed charges:                            |  |                   |       |                  |   |              |  |              |       |              |   |          |      |   |        |  |   |        |  |   |        |  |   |        |  |   |       
|Preferred stock dividends                         |  | $                 | 2,531 |                  | $ | 2,531        |  | $            | 5,062 |              | $ | 5,119    |      | $ | 10,181 |  | $ | 10,125 |  | $ | 13,540 |  | $ | 14,252 |  | $ | 14,252
|                                                  |  |                   |       |                  |   |              |  |              |       |              |   |          |      |   |        |  |   |        |  |   |        |  |   |        |  |   |       
|III.    Ratios of earnings to fixed charges       |  |                   | 1.38x |                  |   | 1.33x        |  |              | 1.40x |              |   | 1.43x    |      |   | 1.36x  |  |   | 1.57x  |  |   | 1.43x  |  |   | 1.30x  |  |   | 1.13x 
|                                                  |  |                   |       |                  |   |              |  |              |       |              |   |          |      |   |        |  |   |        |  |   |        |  |   |        |  |   |