Attached files
file | filename |
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EX-31.1 - EX-31.1 - FIRST BANCORP /NC/ | ex31-1.htm |
EX-32.2 - EX-32.2 - FIRST BANCORP /NC/ | ex32-2.htm |
EX-32.1 - EX-32.1 - FIRST BANCORP /NC/ | ex32-1.htm |
EX-31.2 - EX-31.2 - FIRST BANCORP /NC/ | ex31-2.htm |
10-Q - 10-Q - FIRST BANCORP /NC/ | form10q-14262_fbnc.htm |
Exhibit 12
FIRST BANCORP
COMPUTATION OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS
($ in thousands, except for ratios)
(Unaudited)
Six Months Ended June 30, | Years Ended December 31, | |||||||||||||||||||||||||||
2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||
Including Interest on Deposits: | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 20,150 | 19,046 | 38,531 | 32,780 | (40,358 | ) | 21,012 | 14,942 | |||||||||||||||||||
Fixed charges | 3,612 | 4,483 | 8,625 | 11,345 | 17,762 | 23,973 | 32,087 | |||||||||||||||||||||
Total earnings (loss) | $ | 23,762 | 23,529 | 47,156 | 44,125 | (22,596 | ) | 44,985 | 47,029 | |||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest on deposits | $ | 2,798 | 3,741 | 7,072 | 9,960 | 15,454 | 21,351 | 29,930 | ||||||||||||||||||||
Interest on borrowings | 612 | 547 | 1,151 | 1,025 | 1,866 | 2,214 | 1,977 | |||||||||||||||||||||
Amortization of debt issuance costs | — | — | — | — | — | — | — | |||||||||||||||||||||
Interest portion of rental expense (1) | 202 | 195 | 402 | 360 | 442 | 408 | 180 | |||||||||||||||||||||
Total fixed charges | $ | 3,612 | 4,483 | 8,625 | 11,345 | 17,762 | 23,973 | 32,087 | ||||||||||||||||||||
Preferred dividend requirements | 429 | 434 | 868 | 895 | 2,809 | 3,234 | 3,249 | |||||||||||||||||||||
Total fixed charges and preferred dividends | $ | 4,041 | 4,917 | 9,493 | 12,240 | 20,571 | 27,207 | 35,336 | ||||||||||||||||||||
Ratio of earnings to fixed charges, including interest on deposits | 6.58x | 5.25x | 5.47x | 3.89x | (1.27x | ) | 1.88x | 1.47x | ||||||||||||||||||||
Ratio of earnings to fixed charges and preferred dividends, including interest on deposits | 5.88x | 4.79x | 4.97x | 3.60x | (1.10x | ) | 1.65x | 1.33x | ||||||||||||||||||||
Excluding Interest on Deposits: | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 20,150 | 19,046 | 38,531 | 32,780 | (40,358 | ) | 21,012 | 14,942 | |||||||||||||||||||
Fixed charges | 814 | 742 | 1,553 | 1,385 | 2,308 | 2,622 | 2,157 | |||||||||||||||||||||
Total earnings (loss) | $ | 20,964 | 19,788 | 40,084 | 34,165 | (38,050 | ) | 23,634 | 17,099 | |||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest on borrowings | $ | 612 | 547 | 1,151 | 1,025 | 1,866 | 2,214 | 1,977 | ||||||||||||||||||||
Amortization of debt issuance costs | — | — | — | — | — | — | — | |||||||||||||||||||||
Interest portion of rental expense (1) | 202 | 195 | 402 | 360 | 442 | 408 | 180 | |||||||||||||||||||||
Total fixed charges | $ | 814 | 742 | 1,553 | 1,385 | 2,308 | 2,622 | 2,157 | ||||||||||||||||||||
Preferred dividend requirements | 429 | 434 | 868 | 895 | 2,809 | 3,234 | 3,249 | |||||||||||||||||||||
Total fixed charges and preferred dividends | $ | 1,243 | 1,176 | 2,421 | 2,280 | 5,117 | 5,856 | 5,406 | ||||||||||||||||||||
Ratio of earnings to fixed charges, excluding interest on deposits | 25.75x | 26.67x | 25.81x | 24.67x | (16.49x | ) | 9.01x | 7.93x | ||||||||||||||||||||
Ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits | 16.87x | 16.83x | 16.56x | 14.98x | (7.44x | ) | 4.04x | 3.16x |
(1) | Estimated to be one-third of rental expense. |