EX-12 2 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,
  
   
2010
    
2009
    
2008
    
2007
    
2006
  
Including Interest on Deposits:
                              
Earnings:
                              
Income before income taxes
   $ 14,942       97,877       35,125       34,960       30,725  
Fixed charges
     32,087       49,075       61,483       69,837       54,856  
Total earnings
   $ 47,029       146,952       96,608       104,797       85,581  
                                         
Fixed charges:
                                        
Interest on deposits
   $ 29,930       45,518       53,241       59,553       46,032  
Interest on borrowings
     1,977       3,377       7,947       9,886       8,400  
Amortization of debt issuance costs
     —       —       115       219       239  
Interest portion of rental expense (1)
     180       180       180       179       185  
Total fixed charges
   $ 32,087       49,075       61,483       69,837       54,856  
Preferred dividend requirements
     3,250       3,169       —       —       —  
Total fixed charges and preferred dividends
   $ 35,337       52,244       61,483       69,837       54,856  
                                         
Ratio of earnings to fixed charges, including interest on deposits
     1.47 x     2.99 x     1.57 x     1.50 x     1.56 x
Ratio of earnings to fixed charges and preferred dividends, including interest on deposits
     1.33 x     2.81 x     1.57 x     1.50 x     1.56 x
                                         
                                         
Excluding Interest on Deposits:
                                        
Earnings:
                                        
Income before income taxes
   $ 14,942       97,877       35,125       34,960       30,725  
Fixed charges
     2,157       3,557       8,242       10,284       8,824  
Total earnings
   $ 17,099       101,434       43,367       45,244       39,549  
                                         
Fixed charges:
                                        
Interest on borrowings
   $ 1,977       3,377       7,947       9,886       8,400  
Amortization of debt issuance costs
     —       —       115       219       239  
Interest portion of rental expense (1)
     180       180       180       179       185  
Total fixed charges
   $ 2,157       3,557       8,242       10,284       8,824  
Preferred dividend requirements
     3,250       3,169       —       —       —  
Total fixed charges and preferred dividends
   $ 5,407       6,726       8,242       10,284       8,824  
                                         
Ratio of earnings to fixed charges, excluding interest on deposits
     7.93 x     28.52 x     5.26 x     4.40 x     4.48 x
Ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits
     3.16 x     15.08 x     5.26 x     4.40 x     4.48 x

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