EX-12 7 g69519ex12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 1 EXHIBIT 12 FIRST BANCORP RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS- EXCLUDING INTEREST ON DEPOSITS (In thousands)
3/31/01 2000 1999 1998 1997 1996 -------- --------- --------- --------- --------- --------- EARNINGS: Net Income $ 19,801(1) $ 67,276 $ 62,075 $ 51,812 $ 47,528 $ 37,634 Income Taxes 4,338 14,761 7,288 4,798 8,125 12,281 -------- --------- --------- --------- --------- --------- Pre-tax income 24,139 82,037 69,363 56,610 55,653 49,915 Plus: Fixed Charges 32,208 120,481 92,760 86,814 58,302 42,701 -------- --------- --------- --------- --------- --------- TOTAL EARNINGS $ 56,347 $ 202,518 $ 162,123 $ 143,424 $ 113,955 $ 92,616 FIXED CHARGES: Interest expense $ 76,276 $ 272,615 $ 183,330 $ 155,130 $ 130,429 $ 113,027 Less: Interest on deposits (44,265) (153,283) (90,489) (70,418) (72,147) (70,964) Interest capitalized -- -- -- -- -- -- Rental expense relating to operating leases (1/3 of rentals) 337 1,347 1,130 1,053 978 965 Net amortized premiums/discounts on debt (140) (198) (1,211) -- (958) (327) Net capitalized premiums/discounts on debt -- -- -- 1,049 -- -- -------- --------- --------- --------- --------- --------- TOTAL FIXED CHARGES BEFORE PREFERRED DIVIDENDS 32,208 120,481 92,760 86,814 58,302 42,701 -------- --------- --------- --------- --------- ---------
2 Preferred Dividend Requirements 3,169 7,408 4,275 -- -- -- Ratio of pre-tax income to net income 1.219 1.219 1.117 -- -- -- ------- -------- ------- PREFERRED DIVIDEND FACTOR 3,863 9,033 4,775 -- -- -- ------- -------- ------- TOTAL FIXED CHARGES AND PREFERRED STOCK DIVIDENDS $36,071 $129,515 $97,535 $86,814 $58,302 $42,701 ======= ======== ======= ======= ======= ======= RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 1.56 1.56 1.66 1.65 1.95 2.17
(1) Net income before cumulative effect of accounting change. 3 FIRST BANCORP RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS- INCLUDING INTEREST ON DEPOSITS (In thousands)
3/31/01 2000 1999 1998 1997 1996 --------- --------- --------- --------- --------- --------- EARNINGS: Net Income $ 19,801(1) $ 67,276 $ 62,075 $ 51,812 $ 47,528 $ 37,634 Income Taxes 4,338 14,761 7,288 4,798 8,125 12,281 --------- --------- --------- --------- --------- --------- Pre-tax income 24,139 82,037 69,363 56,610 55,653 49,915 Plus: Fixed Charges 76,473 273,764 183,249 157,232 130,449 113,665 --------- --------- --------- --------- --------- --------- TOTAL EARNINGS $ 100,612 $ 355,801 $ 252,612 $ 212,793 $ 186,102 $ 163,580 FIXED CHARGES: Interest expense $ 76,276 $ 272,615 $ 183,330 $ 155,130 $ 130,429 $ 113,027 Interest capitalized -- -- -- -- -- -- Rental expense relating to operating leases (1/3 of rentals) 337 1,347 1,130 1,053 978 965 Net amortized premiums/discounts on debt (140) (198) (1,211) -- (958) (327) Net capitalized premiums/discounts on debt -- -- -- -- -- -- --------- --------- --------- --------- --------- --------- TOTAL FIXED CHARGES BEFORE PREFERRED DIVIDENDS 76,473 273,764 183,249 157,232 130,449 113,665 --------- --------- --------- --------- --------- ---------
4 Preferred Dividend Requirements 3,169 7,408 4,275 -- -- -- Ratio of pre-tax income to net income 1.219 1.219 1.117 -- -- -- ------- -------- -------- PREFERRED DIVIDEND FACTOR 3,863 9,033 4,775 -- -- -- ------- -------- -------- TOTAL FIXED CHARGES AND PREFERRED STOCK DIVIDENDS $80,336 $282,798 $188,024 $157,232 $130,449 $113,665 ======= ======== ======== ======== ======== ======== RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 1.25 1.26 1.34 1.36 1.43 1.44
(1) Net income before cumulative effect of accounting change.