EX-12 3 ex-12.htm EX-12



 

Exhibit 12

FIRST BANCORP

COMPUTATION OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

($ in thousands, except for ratios)

(Unaudited)

 

   Years Ended December 31,
   2011  2010  2009  2008  2007
Including Interest on Deposits:               
Earnings:               
Income before income taxes  $21,012    14,942    97,877    35,125    34,960 
Fixed charges   23,973    32,087    49,075    61,483    69,837 
Total earnings  $44,985    47,029    146,952    96,608    104,797 
                          
Fixed charges:                         
Interest on deposits  $21,351    29,930    45,518    53,241    59,553 
Interest on borrowings   2,214    1,977    3,377    7,947    9,886 
Amortization of debt issuance costs               115    219 
Interest portion of rental expense (1)   408    180    180    180    179 
Total fixed charges  $23,973    32,087    49,075    61,483    69,837 
Preferred dividend requirements   3,234    3,249    3,169         
Total fixed charges and preferred dividends  $27,207    35,336    52,244    61,483    69,837 
                          
Ratio of earnings to fixed charges, including interest on deposits   1.88x   1.47x   2.99x   1.57x   1.50x
Ratio of earnings to fixed charges and preferred dividends, including interest on deposits   1.65x   1.33x   2.81x   1.57x   1.50x
                          
                          
Excluding Interest on Deposits:                         
Earnings:                         
Income before income taxes  $21,012    14,942    97,877    35,125    34,960 
Fixed charges   2,622    2,157    3,557    8,242    10,284 
Total earnings  $23,634    17,099    101,434    43,367    45,244 
                          
Fixed charges:                         
Interest on borrowings  $2,214    1,977    3,377    7,947    9,886 
Amortization of debt issuance costs               115    219 
Interest portion of rental expense (1)   408    180    180    180    179 
Total fixed charges  $2,622    2,157    3,557    8,242    10,284 
Preferred dividend requirements   3,234    3,249    3,169         
Total fixed charges and preferred dividends  $5,856    5,406    6,726    8,242    10,284 
                          
Ratio of earnings to fixed charges, excluding interest on deposits   9.01x   7.93x   28.52x   5.26x   4.40x
Ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits   4.04x   3.16x   15.08x   5.26x   4.40x

 

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