EX-12 3 ex12.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, 
   2016   2015   2014   2013   2012 
Including Interest on Deposits:                         
Earnings:                         
     Income (loss) before income taxes  $42,133    41,160    38,531    32,780    (40,358)
     Fixed charges   8,118    7,304    8,625    11,345    17,762 
           Total earnings (loss)  $50,251    48,464    47,156    44,125    (22,596)
                          
Fixed charges:                         
     Interest on deposits  $5,170    5,319    7,072    9,960    15,454 
     Interest on borrowings   2,437    1,589    1,151    1,025    1,866 
     Amortization of debt issuance costs                    
     Interest portion of rental expense (1)   511    396    402    360    442 
          Total fixed charges  $8,118    7,304    8,625    11,345    17,762 
Preferred dividend requirements   175    603    868    895    2,809 
          Total fixed charges and preferred dividends  $8,293    7,907    9,493    12,240    20,571 
                          
Ratio of earnings (loss) to fixed charges, including interest on deposits   6.19x   6.64x   5.47x   3.89x   (1.27x)
Ratio of earnings (loss) to fixed charges and preferred dividends,
including interest on deposits
   6.06x   6.13x   4.97x   3.60x   (1.10x)
                          
                          
Excluding Interest on Deposits:                         
Earnings:                         
     Income (loss) before income taxes  $42,133    41,160    38,531    32,780    (40,358)
     Fixed charges   2,948    1,985    1,553    1,385    2,308 
           Total earnings (loss)  $45,081    43,145    40,084    34,165    (38,050)
                          
Fixed charges:                         
     Interest on borrowings  $2,437    1,589    1,151    1,025    1,866 
     Amortization of debt issuance costs                    
     Interest portion of rental expense (1)   511    396    402    360    442 
          Total fixed charges  $2,948    1,985    1,553    1,385    2,308 
Preferred dividend requirements   175    603    868    895    2,809 
          Total fixed charges and preferred dividends  $3,123    2,588    2,421    2,280    5,117 
                          
Ratio of earnings (loss) to fixed charges, excluding interest on deposits   15.29x   21.74x   25.81x   24.67x   (16.49x)
Ratio of earnings (loss) to fixed charges and preferred dividends,
excluding interest on deposits
   14.44x   16.67x   16.56x   14.98x   (7.44x)

 

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