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)

		Years Ended December 31,
		2015				2014				2013				2012				2011
Including Interest on Deposits:
Earnings:
Income (loss) before income taxes		$	41,160				38,531				32,780				(40,358	)			21,012
Fixed charges			7,304				8,625				11,345				17,762				23,973
Total earnings (loss)		$	48,464				47,156				44,125				(22,596	)			44,985
Fixed charges:
Interest on deposits		$	5,319				7,072				9,960				15,454				21,351
Interest on borrowings			1,589				1,151				1,025				1,866				2,214
Amortization of debt issuance costs			—				—				—				—				—
Interest portion of rental expense (1)			396				402				360				442				408
Total fixed charges		$	7,304				8,625				11,345				17,762				23,973
Preferred dividend requirements			603				868				895				2,809				3,234
Total fixed charges and preferred dividends		$	7,907				9,493				12,240				20,571				27,207
Ratio of earnings (loss) to fixed charges, including interest on deposits			6.64x				5.47x				3.89x				(1.27x	)			1.88x
Ratio of earnings (loss) to fixed charges and preferred dividends, including interest on deposits			6.13x				4.97x				3.60x				(1.10x	)			1.65x
Excluding Interest on Deposits:
Earnings:
Income (loss) before income taxes		$	41,160				38,531				32,780				(40,358	)			21,012
Fixed charges			1,985				1,553				1,385				2,308				2,622
Total earnings (loss)		$	43,145				40,084				34,165				(38,050	)			23,634
Fixed charges:
Interest on borrowings		$	1,589				1,151				1,025				1,866				2,214
Amortization of debt issuance costs			—				—				—				—				—
Interest portion of rental expense (1)			396				402				360				442				408
Total fixed charges		$	1,985				1,553				1,385				2,308				2,622
Preferred dividend requirements			603				868				895				2,809				3,234
Total fixed charges and preferred dividends		$	2,588				2,421				2,280				5,117				5,856
Ratio of earnings (loss) to fixed charges, excluding interest on deposits			21.74x				25.81x				24.67x				(16.49x	)			9.01x
Ratio of earnings (loss) to fixed charges and preferred dividends, excluding interest on deposits			16.67x				16.56x				14.98x				(7.44x	)			4.04x

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