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, 
   2014   2013   2012   2011   2010 
Including Interest on Deposits:                         
Earnings:                         
     Income (loss) before income taxes  $38,531    32,780    (40,358)   21,012    14,942 
     Fixed charges   8,625    11,345    17,762    23,973    32,087 
           Total earnings (loss)  $47,156    44,125    (22,596)   44,985    47,029 
                          
Fixed charges:                         
     Interest on deposits  $7,072    9,960    15,454    21,351    29,930 
     Interest on borrowings   1,151    1,025    1,866    2,214    1,977 
     Amortization of debt issuance costs   —    —    —    —    — 
     Interest portion of rental expense (1)   402    360    442    408    180 
          Total fixed charges  $8,625    11,345    17,762    23,973    32,087 
Preferred dividend requirements   868    895    2,809    3,234    3,249 
          Total fixed charges and preferred dividends  $9,493    12,240    20,571    27,207    35,336 
                          
Ratio of earnings (loss) to fixed charges, including interest on deposits   5.47x   3.89x   (1.27x)   1.88x   1.47x
Ratio of earnings (loss) to fixed charges and preferred dividends, including interest on deposits   4.97x   3.60x   (1.10x)   1.65x   1.33x
                          
                          
Excluding Interest on Deposits:                         
Earnings:                         
     Income (loss) before income taxes  $38,531    32,780    (40,358)   21,012    14,942 
     Fixed charges   1,553    1,385    2,308    2,622    2,157 
           Total earnings (loss)  $40,084    34,165    (38,050)   23,634    17,099 
                          
Fixed charges:                         
     Interest on borrowings  $1,151    1,025    1,866    2,214    1,977 
     Amortization of debt issuance costs   —    —    —    —    — 
     Interest portion of rental expense (1)   402    360    442    408    180 
          Total fixed charges  $1,553    1,385    2,308    2,622    2,157 
Preferred dividend requirements   868    895    2,809    3,234    3,249 
          Total fixed charges and preferred dividends  $2,421    2,280    5,117    5,856    5,406 
                          
Ratio of earnings (loss) to fixed charges, excluding interest on deposits   25.81x   24.67x   (16.49x)   9.01x   7.93x
Ratio of earnings (loss) to fixed charges and preferred dividends, excluding interest on deposits   16.56x   14.98x   (7.44x)   4.04x   3.16x

 

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