EX-12 4 g73391ex12.txt STATEMENT RE: COMPUTATION OF RATIOS EXHIBIT 12 FIRST BANCORP RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS- EXCLUDING INTEREST ON DEPOSITS (In thousands)
9/30/01 2000 1999 1998 1997 1996 EARNINGS: Net Income $ 62,992 $ 67,276 $ 62,075 $ 51,812 $ 47,528 $ 37,634 Income Taxes 15,366 14,761 7,288 4,798 8,125 12,281 ---------- ---------- ---------- ---------- ---------- ---------- Pre-tax income 78,358 82,037 69,363 56,610 55,653 49,915 Plus: Fixed Charges 86,304 120,481 92,760 86,814 58,302 42,701 ---------- ---------- ---------- ---------- ---------- ---------- TOTAL EARNINGS $ 164,662 $ 202,518 $ 162,123 $ 143,424 $ 113,955 $ 92,616 FIXED CHARGES: Interest expense $ 209,892 $ 272,615 $ 183,330 $ 155,130 $ 130,429 $ 113,027 Less: Interest on deposits (124,737) (153,283) (90,489) (70,418) (72,147) (70,964) Interest capitalized -- -- -- -- -- -- Rental expense relating to operating leases (1/3 of rentals) 1,052 1,347 1,130 1,053 978 965 Net amortized premiums/discounts on debt 97 (198) (1,211) -- (958) (327) Net capitalized premiums/discounts on debt -- -- -- 1,049 -- -- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL FIXED CHARGES BEFORE PREFERRED DIVIDENDS 86,304 120,481 92,760 86,814 58,302 42,701
Preferred Dividend Requirements 11,424 7,408 4,275 -- -- -- Ratio of pre-tax income to net income 1.244 1.219 1.117 -- -- -- ---------- ---------- ---------- PREFERRED DIVIDEND FACTOR 14,211 9,033 4,777 -- -- -- ---------- ---------- ---------- TOTAL FIXED CHARGES AND PREFERRED STOCK DIVIDENDS $ 100,515 $ 129,515 $ 97,537 $ 86,814 $ 58,302 $ 42,701 RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 1.64 1.56 1.66 1.65 1.95 2.17
FIRST BANCORP RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS- INCLUDING INTEREST ON DEPOSITS (In thousands)
9/30/01 2000 1999 1998 1997 1996 EARNINGS: Net Income $ 62,992 $ 67,276 $ 62,075 $ 51,812 $ 47,528 $ 37,634 Income Taxes 15,366 14,761 7,288 4,798 8,125 12,281 ---------- ---------- ---------- ---------- ---------- ---------- Pre-tax income 78,358 82,037 69,363 56,610 55,653 49,915 Plus: Fixed Charges 211,041 273,764 183,249 156,183 130,429 113,655 ---------- ---------- ---------- ---------- ---------- ---------- TOTAL EARNINGS $ 289,399 $ 355,801 $ 252,612 $ 212,793 $ 186,102 $ 163,580 FIXED CHARGES: Interest expense $ 209,892 $ 272,615 $ 183,330 $ 155,130 $ 130,429 $ 113,027 Interest capitalized -- -- -- -- -- -- Rental expense relating to operating leases (1/3 of rentals) 1,052 1,347 1,130 1,053 978 965 Net amortized premiums/discounts on debt 97 (198) (1,211) -- (958) (327) Net capitalized premiums/discounts on debt -- -- -- 1,049 -- -- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL FIXED CHARGES BEFORE PREFERRED DIVIDENDS 211,041 273,364 183,249 157,232 130,449 113,665
Preferred Dividend Requirements 11,424 7,408 4,275 -- -- -- Ratio of pre-tax income to net income 1.244 1.219 1.117 -- -- -- ---------- ---------- ---------- PREFERRED DIVIDEND FACTOR 14,211 9,033 4,777 -- -- -- ---------- ---------- ---------- TOTAL FIXED CHARGES AND PREFERRED STOCK DIVIDENDS $ 225,252 $ 282,798 $ 188,026 $ 157,232 $ 130,449 $ 113,665 RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 1.28 1.26 1.34 1.36 1.43 1.44