FIRST BANCORP /NC/ - FORM 10-K - EX-12 - March 1, 2018

Attached files

file filename
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
EX-31.1 - EX-31.1 - FIRST BANCORP /NC/ex31-1.htm
EX-23 - EX-23 - FIRST BANCORP /NC/ex23.htm
EX-21 - EX-21 - FIRST BANCORP /NC/ex21.htm
EX-10.S - EX-10.S - FIRST BANCORP /NC/ex10-s.htm
EX-10.R - EX-10.R - FIRST BANCORP /NC/ex10-r.htm
EX-10.Q - EX-10.Q - FIRST BANCORP /NC/ex10-q.htm
10-K - FIRST BANCORP /NC/form10k-19451_fbnc.htm

 

Exhibit 12

 

FIRST BANCORP

COMPUTATION OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

($ in thousands, except for ratios)

(Unaudited)

 

   Years Ended December 31, 
   2017   2016   2015   2014   2013 
Including Interest on Deposits:                         
Earnings:                         
     Income (loss) before income taxes  $67,739    42,133    41,160    38,531    32,780 
     Fixed charges   13,433    8,118    7,304    8,625    11,345 
           Total earnings (loss)  $81,172    50,251    48,464    47,156    44,125 
                          
Fixed charges:                         
     Interest on deposits  $7,544    5,170    5,319    7,072    9,960 
     Interest on borrowings   5,127    2,437    1,589    1,151    1,025 
     Amortization of debt issuance costs   —    —    —    —    — 
     Interest portion of rental expense (1)   762    511    396    402    360 
          Total fixed charges  $13,433    8,118    7,304    8,625    11,345 
Preferred dividend requirements   —    175    603    868    895 
          Total fixed charges and preferred dividends  $13,433    8,293    7,907    9,493    12,240 
                          
Ratio of earnings (loss) to fixed charges, including interest on deposits   6.04x   6.19x   6.64x   5.47x   3.89x
Ratio of earnings (loss) to fixed charges and preferred dividends, including interest on deposits   6.04x   6.06x   6.13x   4.97x   3.60x
                          
                          
Excluding Interest on Deposits:                         
Earnings:                         
     Income (loss) before income taxes  $67,739    42,133    41,160    38,531    32,780 
     Fixed charges   5,889    2,948    1,985    1,553    1,385 
           Total earnings (loss)  $73,628    45,081    43,145    40,084    34,165 
                          
Fixed charges:                         
     Interest on borrowings  $5,127    2,437    1,589    1,151    1,025 
     Amortization of debt issuance costs   —    —    —    —    — 
     Interest portion of rental expense (1)   762    511    396    402    360 
          Total fixed charges  $5,889    2,948    1,985    1,553    1,385 
Preferred dividend requirements   —    175    603    868    895 
          Total fixed charges and preferred dividends  $5,889    3,123    2,588    2,421    2,280 
                          
Ratio of earnings (loss) to fixed charges, excluding interest on deposits   12.50x   15.29x   21.74x   25.81x   24.67x
Ratio of earnings (loss) to fixed charges and preferred dividends, excluding interest on deposits   12.50x   14.44x   16.67x   16.56x   14.98x

 

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

 

 

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