Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10Q - FIRST BANCORP /NC/ | form10q-114630_fbnc.htm |
| EX-32.2 - EXHIBIT 32.2 - FIRST BANCORP /NC/ | ex32-2.htm |
| EX-32.1 - EXHIBIT 32.1 - FIRST BANCORP /NC/ | ex32-1.htm |
| EX-31.2 - EXHIBIT 31.2 - FIRST BANCORP /NC/ | ex31-2.htm |
| EX-31.1 - EXHIBIT 31.1 - FIRST BANCORP /NC/ | ex31-1.htm |
Exhibit 12
FIRST BANCORP
COMPUTATION OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS
(In thousands, except for ratios)
(Unaudited)
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Three Months Ended March 31,
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Years Ended December 31,
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2011
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2010
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2010
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2009
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2008
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2007
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2006
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Including Interest on Deposits:
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Earnings:
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Income before income taxes
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$ | 10,121 | 6,968 | 14,942 | 97,877 | 35,125 | 34,960 | 30,725 | ||||||||||||||||||||
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Fixed charges
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6,560 | 9,177 | 32,087 | 49,075 | 61,483 | 69,837 | 54,856 | |||||||||||||||||||||
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Total earnings
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$ | 16,681 | 16,145 | 47,029 | 146,952 | 96,608 | 104,797 | 85,581 | ||||||||||||||||||||
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Fixed charges:
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Interest on deposits
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$ | 6,003 | 8,560 | 29,930 | 45,518 | 53,241 | 59,553 | 46,032 | ||||||||||||||||||||
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Interest on borrowings
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512 | 572 | 1,977 | 3,377 | 7,947 | 9,886 | 8,400 | |||||||||||||||||||||
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Amortization of debt issuance costs
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— | — | — | — | 115 | 219 | 239 | |||||||||||||||||||||
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Interest portion of rental expense (1)
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45 | 45 | 180 | 180 | 180 | 179 | 185 | |||||||||||||||||||||
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Total fixed charges
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$ | 6,560 | 9,177 | 32,087 | 49,075 | 61,483 | 69,837 | 54,856 | ||||||||||||||||||||
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Preferred dividend requirements
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813 | 813 | 3,250 | 3,169 | — | — | — | |||||||||||||||||||||
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Total fixed charges and preferred dividends
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$ | 7,373 | 9,990 | 35,337 | 52,244 | 61,483 | 69,837 | 54,856 | ||||||||||||||||||||
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Ratio of earnings to fixed charges, including interest on deposits
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2.54x | 1.76x | 1.47x | 2.99x | 1.57x | 1.50x | 1.56x | |||||||||||||||||||||
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Ratio of earnings to fixed charges and preferred dividends, including interest on deposits
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2.26x | 1.62x | 1.33x | 2.81x | 1.57x | 1.50x | 1.56x | |||||||||||||||||||||
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Excluding Interest on Deposits:
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Earnings:
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Income before income taxes
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$ | 10,121 | 6,968 | 14,942 | 97,877 | 35,125 | 34,960 | 30,725 | ||||||||||||||||||||
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Fixed charges
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557 | 617 | 2,157 | 3,557 | 8,242 | 10,284 | 8,824 | |||||||||||||||||||||
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Total earnings
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$ | 10,678 | 7,585 | 17,099 | 101,434 | 43,367 | 45,244 | 39,549 | ||||||||||||||||||||
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Fixed charges:
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Interest on borrowings
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$ | 512 | 572 | 1,977 | 3,377 | 7,947 | 9,886 | 8,400 | ||||||||||||||||||||
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Amortization of debt issuance costs
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— | — | — | — | 115 | 219 | 239 | |||||||||||||||||||||
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Interest portion of rental expense (1)
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45 | 45 | 180 | 180 | 180 | 179 | 185 | |||||||||||||||||||||
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Total fixed charges
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$ | 557 | 617 | 2,157 | 3,557 | 8,242 | 10,284 | 8,824 | ||||||||||||||||||||
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Preferred dividend requirements
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813 | 813 | 3,250 | 3,169 | — | — | — | |||||||||||||||||||||
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Total fixed charges and preferred dividends
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$ | 1,370 | 1,430 | 5,407 | 6,726 | 8,242 | 10,284 | 8,824 | ||||||||||||||||||||
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Ratio of earnings to fixed charges, excluding interest on deposits
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19.17x | 12.29x | 7.93x | 28.52x | 5.26x | 4.40x | 4.48x | |||||||||||||||||||||
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Ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits
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7.79x | 5.30x | 3.16x | 15.08x | 5.26x | 4.40x | 4.48x | |||||||||||||||||||||
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(1)
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Estimated to be one-third of rental expense.
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