EX-12 4 ex12.htm EXHIBIT 12 ex12.htm
Exhibit 12

FIRST BANCORP
COMPUTATION OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS
(In thousands, except for ratios)
(Unaudited)


   
Years Ended December 31,
  
   
2009
    
2008
    
2007
    
2006
    
2005
  
Including Interest on Deposits:
                              
Earnings:
                              
Income before income taxes
   $ 97,877       35,125       34,960       30,725       32,919  
Fixed charges
     49,075       61,483       69,837       54,856       33,006  
Total earnings
   $ 146,952       96,608       104,797       85,581       65,925  
                                         
Fixed charges:
                                        
Interest on deposits
   $ 45,518       53,241       59,553       46,032       28,516  
Interest on borrowings
     3,377       7,947       9,886       8,400       4,085  
Amortization of debt issuance costs
     —       115       219       239       237  
Interest portion of rental expense (1)
     180       180       179       185       168  
Total fixed charges
   $ 49,075       61,483       69,837       54,856       33,006  
Preferred dividend requirements
     3,169       —       —       —       —  
Total fixed charges and preferred dividends
   $ 52,244       61,483       69,837       54,856       33,006  
                                         
Ratio of earnings to fixed charges, including interest on deposits
     2.99 x     1.62 x     1.50 x     1.56 x     2.00 x
Ratio of earnings to fixed charges and preferred dividends, including interest on deposits
     2.81 x     1.62 x     1.50 x     1.56 x     2.00 x
                                         
                                         
Excluding Interest on Deposits:
                                        
Earnings:
                                        
Income before income taxes
   $ 97,877       35,125       34,960       30,725       32,919  
Fixed charges
     3,557       8,242       10,284       8,824       4,490  
Total earnings
   $ 101,434       43,367       45,244       39,549       37,409  
                                         
Fixed charges:
                                        
Interest on borrowings
   $ 3,377       7,947       9,886       8,400       4,085  
Amortization of debt issuance costs
     —       115       219       239       237  
Interest portion of rental expense (1)
     180       180       179       185       168  
Total fixed charges
   $ 3,557       8,242       10,284       8,824       4,490  
Preferred dividend requirements
     3,169       —       —       —       —  
Total fixed charges and preferred dividends
   $ 6,726       8,242       10,284       8,824       4,490  
                                         
Ratio of earnings to fixed charges, excluding interest on deposits
     28.52 x     5.26 x     4.40 x     4.48 x     8.33 x
Ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits
     15.08 x     5.26 x     4.40 x     4.48 x     8.33 x

(1)
Estimated to be one-third of rental expense.