First Bancorp (FBNC) 10-K2009 FY Annual report

Filed: 16 Mar 10, 12:00am

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New words: AICPA, altered, amid, analogize, appointing, appraised, approach, ASC, ASU, authoritative, Beaufort, benchmarked, beneficiary, bid, Bladen, body, Carteret, choose, chosen, Citing, clarification, closure, Codification, commentary, committed, complicated, conduit, content, contrast, cushion, Dare, deliberation, derecognized, deviation, Devil, distressed, duration, Eastern, elevated, embedded, embodied, exempt, extra, GAAP, gas, gathered, guarantor, heavily, hindsight, history, hit, Horry, imaging, implicit, ineligible, joint, Kill, levied, literature, LLC, Lumina, machine, methodology, mineral, Morningstar, nonaccretable, nonaccural, nonimpaired, nonprofit, nonsufficient, northeast, notably, obligor, occupied, official, Onslow, orderly, OTTI, overdraw, path, percentile, professional, rebalanced, receipt, reclassification, recommendation, referenced, referencing, reliant, reluctantly, research, River, robust, shortly, shredding, SPE, straight, struggle, substance, Subtopic, tangible, technique, TGLP, thought, topic, topical, traditional, trailing, transferor, transferrable, Triad, undue, venture, VIE, Waiver, weak, week, worst

Removed: acted, advanced, affirmed, attestation, attracting, authorize, autonomy, bulletin, calculate, Carthage, civil, closely, compete, complying, contingency, converge, Copy, correlated, criminal, crop, dealing, deductible, deliver, denominator, devoted, discovered, documentation, Dublin, easier, easily, enjoy, expensed, expertise, family, FED, fifty, FIN, flat, FSP, hurt, imbalance, immateriality, inception, introduction, investing, isolated, Jordan, legally, liable, merchant, motivating, ordered, originating, overfunded, oversee, partnership, processor, profit, quantifying, recur, refund, refunded, retaining, revision, rose, SAB, scale, seasoned, SOP, store, successfully, thirteen, typical, unchanged, underfunded, unimproved, Washburn

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Exhibit 12

FIRST BANCORP

COMPUTATION OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

(In thousands, except for ratios)

(Unaudited)

	Years Ended December 31,
	2009			2008			2007			2006			2005
Including Interest on Deposits:
Earnings:
Income before income taxes	$	97,877			35,125			34,960			30,725			32,919
Fixed charges		49,075			61,483			69,837			54,856			33,006
Total earnings	$	146,952			96,608			104,797			85,581			65,925

Fixed charges:
Interest on deposits	$	45,518			53,241			59,553			46,032			28,516
Interest on borrowings		3,377			7,947			9,886			8,400			4,085
Amortization of debt issuance costs		—			115			219			239			237
Interest portion of rental expense (1)		180			180			179			185			168
Total fixed charges	$	49,075			61,483			69,837			54,856			33,006
Preferred dividend requirements		3,169			—			—			—			—
Total fixed charges and preferred dividends	$	52,244			61,483			69,837			54,856			33,006

Ratio of earnings to fixed charges, including interest on deposits		2.99	x		1.62	x		1.50	x		1.56	x		2.00	x
Ratio of earnings to fixed charges and preferred dividends, including interest on deposits		2.81	x		1.62	x		1.50	x		1.56	x		2.00	x


Excluding Interest on Deposits:
Earnings:
Income before income taxes	$	97,877			35,125			34,960			30,725			32,919
Fixed charges		3,557			8,242			10,284			8,824			4,490
Total earnings	$	101,434			43,367			45,244			39,549			37,409

Fixed charges:
Interest on borrowings	$	3,377			7,947			9,886			8,400			4,085
Amortization of debt issuance costs		—			115			219			239			237
Interest portion of rental expense (1)		180			180			179			185			168
Total fixed charges	$	3,557			8,242			10,284			8,824			4,490
Preferred dividend requirements		3,169			—			—			—			—
Total fixed charges and preferred dividends	$	6,726			8,242			10,284			8,824			4,490

Ratio of earnings to fixed charges, excluding interest on deposits		28.52	x		5.26	x		4.40	x		4.48	x		8.33	x
Ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits		15.08	x		5.26	x		4.40	x		4.48	x		8.33	x

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