Attached files
| file | filename |
|---|---|
| EX-99.2 - EX-99.2 - FIRST BANCORP /PR/ | g22320exv99w2.htm |
| EX-31.1 - EX-31.1 - FIRST BANCORP /PR/ | g22320exv31w1.htm |
| EX-10.9 - EX-10.9 - FIRST BANCORP /PR/ | g22320exv10w9.htm |
| EX-32.1 - EX-32.1 - FIRST BANCORP /PR/ | g22320exv32w1.htm |
| EX-31.2 - EX-31.2 - FIRST BANCORP /PR/ | g22320exv31w2.htm |
| EX-32.2 - EX-32.2 - FIRST BANCORP /PR/ | g22320exv32w2.htm |
| EX-21.1 - EX-21.1 - FIRST BANCORP /PR/ | g22320exv21w1.htm |
| EX-99.1 - EX-99.1 - FIRST BANCORP /PR/ | g22320exv99w1.htm |
| EX-10.6 - EX-10.6 - FIRST BANCORP /PR/ | g22320exv10w6.htm |
| EX-10.13 - EX-10.13 - FIRST BANCORP /PR/ | g22320exv10w13.htm |
| EX-10.17 - EX-10.17 - FIRST BANCORP /PR/ | g22320exv10w17.htm |
| 10-K - FORM 10-K - FIRST BANCORP /PR/ | g22320e10vk.htm |
EXHIBIT 12.1
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
| For the years ended December 31, | ||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
Including Interest on Deposits |
||||||||||||||||||||
Earnings: |
||||||||||||||||||||
Pre-tax (loss) income from continuing operations |
$ | (270,653 | ) | $ | 78,205 | $ | 89,719 | $ | 112,076 | $ | 129,620 | |||||||||
Plus: |
||||||||||||||||||||
Fixed Charges (excluding capitalized interest) |
481,431 | 616,102 | 739,537 | 790,247 | 567,198 | |||||||||||||||
Total Earnings |
$ | 210,778 | $ | 694,307 | $ | 829,256 | $ | 902,323 | $ | 696,818 | ||||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expensed and capitalized |
$ | 477,397 | $ | 612,086 | $ | 735,583 | $ | 786,670 | $ | 564,045 | ||||||||||
Amortized premiums, discounts, and capitalized
expenses related to indebtedness |
90 | 144 | 221 | 180 | 203 | |||||||||||||||
An estimate of the interest component within rental expense |
3,944 | 3,872 | 3,733 | 3,397 | 2,950 | |||||||||||||||
Total Fixed Charges before preferred dividends |
481,431 | 616,102 | 739,537 | 790,247 | 567,198 | |||||||||||||||
Preferred dividends |
46,888 | 40,276 | 40,276 | 40,276 | 40,276 | |||||||||||||||
Ratio of pre tax income to net income |
1.000 | 1.000 | 1.317 | 1.324 | 1.131 | |||||||||||||||
Preferred dividend factor |
46,888 | 40,276 | 53,033 | 53,335 | 45,553 | |||||||||||||||
Total fixed charges and preferred stock dividends |
$ | 528,319 | $ | 656,378 | $ | 792,570 | $ | 843,582 | $ | 612,751 | ||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
(A | ) | 1.06 | 1.05 | 1.07 | 1.14 | ||||||||||||||
Excluding Interest on Deposits |
||||||||||||||||||||
Earnings: |
||||||||||||||||||||
Pre-tax (loss) income from continuing operations |
$ | (270,653 | ) | $ | 78,205 | $ | 89,719 | $ | 112,076 | $ | 129,620 | |||||||||
Plus: |
||||||||||||||||||||
Fixed Charges (excluding capitalized interest) |
163,569 | 192,607 | 215,087 | 240,170 | 243,209 | |||||||||||||||
Total (Loss) Earnings |
$ | (107,084 | ) | $ | 270,812 | $ | 304,806 | $ | 352,246 | $ | 372,829 | |||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expensed and capitalized |
$ | 159,535 | $ | 188,591 | $ | 211,133 | $ | 236,593 | $ | 240,056 | ||||||||||
Amortized premiums, discounts, and capitalized
expenses related to indebtedness |
90 | 144 | 221 | 180 | 203 | |||||||||||||||
An estimate of the interest component within rental expense |
3,944 | 3,872 | 3,733 | 3,397 | 2,950 | |||||||||||||||
Total Fixed Charges before preferred dividends |
163,569 | 192,607 | 215,087 | 240,170 | 243,209 | |||||||||||||||
Preferred dividends |
46,888 | 40,276 | 40,276 | 40,276 | 40,276 | |||||||||||||||
Ratio of pre tax income to net income |
1.000 | 1.000 | 1.317 | 1.324 | 1.131 | |||||||||||||||
Preferred dividend factor |
46,888 | 40,276 | 53,033 | 53,335 | 45,553 | |||||||||||||||
Total fixed charges and preferred stock dividends |
$ | 210,457 | $ | 232,883 | $ | 268,120 | $ | 293,505 | $ | 288,762 | ||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
(A | ) | 1.16 | 1.14 | 1.20 | 1.29 | ||||||||||||||
| (A) | For the year ended December 31, 2009, the ratio coverage was less than 1:1. |
The Corporation would have to generate additional earnings of $317.5 million to achieve a
ratio of 1:1 for 2009.