Attached files
| file | filename |
|---|---|
| EX-31.2 - EXHIBIT 31.2 - FIRST BANCORP /NC/ | ex31_2.htm |
| EX-32.1 - EXHIBIT 32.1 - FIRST BANCORP /NC/ | ex32_1.htm |
| EX-32.2 - EXHIBIT 32.2 - FIRST BANCORP /NC/ | ex32_2.htm |
| EX-31.1 - EXHIBIT 31.1 - FIRST BANCORP /NC/ | ex31_1.htm |
| 10-Q - FORM 10Q - FIRST BANCORP /NC/ | form10q-117428_fnbc.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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Six Months Ended
June 30,
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Years Ended December 31,
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|||||||||||||||||||||||||||
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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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$ | 15,868 | 13,081 | 14,942 | 97,877 | 35,125 | 34,960 | 30,725 | ||||||||||||||||||||
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Fixed charges
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12,654 | 17,404 | 32,087 | 49,075 | 61,483 | 69,837 | 54,856 | |||||||||||||||||||||
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Total earnings
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$ | 28,522 | 30,485 | 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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$ | 11,534 | 16,231 | 29,930 | 45,518 | 53,241 | 59,553 | 46,032 | ||||||||||||||||||||
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Interest on borrowings
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1,030 | 1,083 | 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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90 | 90 | 180 | 180 | 180 | 179 | 185 | |||||||||||||||||||||
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Total fixed charges
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$ | 12,654 | 17,404 | 32,087 | 49,075 | 61,483 | 69,837 | 54,856 | ||||||||||||||||||||
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Preferred dividend requirements
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1,625 | 1,625 | 3,250 | 3,169 | — | — | — | |||||||||||||||||||||
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Total fixed charges and preferred
dividends
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$ | 14,279 | 19,029 | 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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2.25 | x | 1.75 | x | 1.47 | x | 2.99 | x | 1.57 | x | 1.50 | x | 1.56 | x | ||||||||||||||
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Ratio of earnings to fixed charges and
preferred dividends, including
interest on deposits
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2.00 | x | 1.60 | x | 1.33 | x | 2.81 | x | 1.57 | x | 1.50 | x | 1.56 | x | ||||||||||||||
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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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$ | 15,868 | 13,081 | 14,942 | 97,877 | 35,125 | 34,960 | 30,725 | ||||||||||||||||||||
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Fixed charges
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1,120 | 1,173 | 2,157 | 3,557 | 8,242 | 10,284 | 8,824 | |||||||||||||||||||||
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Total earnings
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$ | 16,988 | 14,254 | 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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$ | 1,030 | 1,083 | 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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90 | 90 | 180 | 180 | 180 | 179 | 185 | |||||||||||||||||||||
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Total fixed charges
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$ | 1,120 | 1,173 | 2,157 | 3,557 | 8,242 | 10,284 | 8,824 | ||||||||||||||||||||
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Preferred dividend requirements
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1,625 | 1,625 | 3,250 | 3,169 | — | — | — | |||||||||||||||||||||
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Total fixed charges and preferred
dividends
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$ | 2,745 | 2,798 | 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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15.17 | x | 12.15 | x | 7.93 | x | 28.52 | x | 5.26 | x | 4.40 | x | 4.48 | x | ||||||||||||||
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Ratio of earnings to fixed charges and
preferred dividends, excluding
interest on deposits
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6.19 | x | 5.09 | x | 3.16 | x | 15.08 | x | 5.26 | x | 4.40 | x | 4.48 | x | ||||||||||||||
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(1)
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Estimated to be one-third of rental expense.
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