|
|
|
| Exhibit 12.2 |
| First BanCorp | |||
| Computation of Ratio of Earnings to Fixed Charges and Preference Dividends | |||
|
|
| Six-Month Period Ended | |
|
|
| June 30, 2015 | |
| Including Interest on Deposits |
|
|
|
| Earnings: |
|
|
|
| Pre-tax loss from continuing operations |
| $ | (10,240) |
| Plus: |
|
|
|
| Fixed Charges (excluding capitalized interest) |
|
| 53,799 |
|
|
|
|
|
| Total earnings |
| $ | 43,559 |
|
|
|
|
|
| Fixed Charges: |
|
|
|
| Interest expensed and capitalized |
| $ | 51,993 |
| An estimate of the interest component within rental expense |
|
| 1,806 |
| Total fixed charges before preferred dividends |
| $ | 53,799 |
|
|
|
|
|
| Preferred dividends |
|
| - |
| Ratio of pre tax income to net income |
|
| 1.21 |
| Preferred dividend factor |
|
| - |
|
|
|
|
|
| Total fixed charges and preferred stock dividends |
| $ | 53,799 |
| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
| (A) | |
|
|
|
|
|
| Excluding Interest on Deposits |
|
|
|
| Earnings: |
|
|
|
| Pre-tax loss from continuing operations |
| $ | (10,240) |
| Plus: |
|
|
|
| Fixed Charges (excluding capitalized interest) |
|
| 19,125 |
|
|
|
|
|
| Total earnings |
| $ | 8,885 |
|
|
|
|
|
| Fixed Charges: |
|
|
|
| Interest expensed and capitalized |
| $ | 17,319 |
| An estimate of the interest component within rental expense |
|
| 1,806 |
|
|
|
|
|
| Total Fixed Charges before preferred dividends |
| $ | 19,125 |
|
|
|
|
|
| Preferred dividends |
|
| - |
| Ratio of pre tax income to net income |
|
| 1.21 |
| Preferred dividend factor |
|
| - |
|
|
|
|
|
| Total fixed charges and preferred stock dividends |
| $ | 19,125 |
| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
| (A) | |
|
|
|
|
|
| (A) For the six-month period ended June 30, 2015, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $10.2 million to achieve a ratio of 1:1 for the six-month period ended June 30, 2015. | |||
|
|
|
|