EX-12 2 ex12.htm EX-12

Exhibit 12

FIRST BANCORP

COMPUTATION OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

($ in thousands, except for ratios)

(Unaudited)

		Three Months Ended March 31,								Years Ended December 31,
		2012				2011				2011				2010				2009				2008				2007
Including Interest on Deposits:
Earnings:
Income (loss) before income taxes		$	(8,490	)			10,121				21,012				14,942				97,877				35,125				34,960
Fixed charges			4,920				6,560				23,973				32,087				49,075				61,483				69,837
Total earnings (loss)		$	(3,570	)			16,681				44,985				47,029				146,952				96,608				104,797
Fixed charges:
Interest on deposits		$	4,293				6,003				21,351				29,930				45,518				53,241				59,553
Interest on borrowings			548				512				2,214				1,977				3,377				7,947				9,886
Amortization of debt issuance costs			—				—				—				—				—				115				219
Interest portion of rental expense (1)			79				45				408				180				180				180				179
Total fixed charges		$	4,920				6,560				23,973				32,087				49,075				61,483				69,837
Preferred dividend requirements			760				813				3,234				3,250				3,169				—				—
Total fixed charges and preferred dividends		$	5,680				7,373				27,207				35,337				52,244				61,483				69,837
Ratio of earnings to fixed charges, including interest on deposits			(0.73	x)			2.54	x			1.88	x			1.47	x			2.99	x			1.57	x			1.50	x
Ratio of earnings to fixed charges and preferred dividends, including interest on deposits			(0.63	x)			2.26	x			1.65	x			1.33	x			2.81	x			1.57	x			1.50	x
Excluding Interest on Deposits:
Earnings:
Income (loss) before income taxes		$	(8,490	)			10,121				21,012				14,942				97,877				35,125				34,960
Fixed charges			627				557				2,622				2,157				3,557				8,242				10,284
Total earnings (loss)		$	(7,863	)			10,678				23,634				17,099				101,434				43,367				45,244
Fixed charges:
Interest on borrowings		$	548				512				2,214				1,977				3,377				7,947				9,886
Amortization of debt issuance costs			—				—				—				—				—				115				219
Interest portion of rental expense (1)			79				45				408				180				180				180				179
Total fixed charges		$	627				557				2,622				2,157				3,557				8,242				10,284
Preferred dividend requirements			760				813				3,234				3,250				3,169				—				—
Total fixed charges and preferred dividends		$	1,387				1,370				5,856				5,407				6,726				8,242				10,284
Ratio of earnings to fixed charges, excluding interest on deposits			(12.54	x)			19.17	x			9.01	x			7.93	x			28.52	x			5.26	x			4.40	x
Ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits			(5.67	x)			7.79	x			4.04	x			3.16	x			15.08	x			5.26	x			4.40	x

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