<PAGE> 1
EXHIBIT 12
FIRST BANCORP
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS-
EXCLUDING INTEREST ON DEPOSITS
(In thousands)
<TABLE>
<CAPTION>
6/30/00 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
EARNINGS:
Net Income $ 32,828 $ 62,075 $ 51,812 $ 47,528 $ 37,634 $ 49,101
Income Taxes 7,615 7,288 4,798 8,125 12,281 14,295
--------- --------- --------- --------- --------- ---------
Pre-tax income 40,443 69,363 56,610 55,653 49,915 63,396
Plus:
Fixed Charges 53,243 92,760 86,814 58,302 42,701 40,021
--------- --------- --------- --------- --------- ---------
TOTAL EARNINGS $ 93,686 $ 162,123 $ 143,424 $ 113,955 $ 92,616 $ 103,417
FIXED CHARGES:
Interest expense $ 120,970 $ 183,330 $ 155,130 $ 130,429 $ 113,027 $ 96,838
Less: Interest on deposits (67,279) (90,489) (70,418) (72,147) (70,964) (62,641)
Interest capitalized -- -- -- -- -- --
Rental expense relating to operating
leases (1/3 of rentals) 707 1,130 1,053 978 965 768
Net amortized premiums/discounts
on debt (1,155) (1,211) -- (958) (327) --
Net capitalized premiums/discounts
on debt -- -- 1,049 -- -- 5,056
--------- --------- --------- --------- --------- ---------
TOTAL FIXED CHARGES BEFORE
PREFERRED DIVIDENDS 53,243 92,760 86,814 58,302 42,701 40,021
</TABLE>
<PAGE> 2
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Preferred Dividend Requirements
3,206 4,275 -- -- -- --
Ratio of pre-tax income to net
income 1.232 1.117 -- -- -- --
-------- --------
PREFERRED DIVIDEND FACTOR 3,950 4,775 -- -- -- --
-------- --------
TOTAL FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS $ 57,193 $ 97,535 $ 86,814 $ 58,302 $ 42,701 $ 40,021
RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 1.64 1.66 1.65 1.95 2.17 2.58
</TABLE>
<PAGE> 3
FIRST BANCORP
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS-
INCLUDING INTEREST ON DEPOSITS
(In thousands)
<TABLE>
<CAPTION>
6/30/00 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
EARNINGS:
Net Income $ 32,828 $ 62,075 $ 51,812 $ 47,528 $ 37,634 $ 49,101
Income Taxes 7,615 7,288 4,798 8,125 12,281 14,295
--------- --------- --------- --------- --------- ---------
Pre-tax income 40,443 69,363 56,610 55,653 49,915 63,396
Plus:
Fixed Charges 120,522 183,249 156,183 130,429 113,655 97,606
--------- --------- --------- --------- --------- ---------
TOTAL EARNINGS $ 160,955 $ 252,612 $ 212,793 $ 186,102 $ 163,580 $ 161,002
FIXED CHARGES:
Interest expense $ 120,970 $ 183,330 $ 155,130 $ 130,429 $ 113,027 $ 96,838
Interest capitalized -- -- -- -- -- --
Rental expense relating to operating
leases (1/3 of rentals) 707 1,130 1,053 978 965 768
Net amortized premiums/discounts
on debt (1,155) (1,211) -- (958) (327) --
Net capitalized premiums/discounts
on debt -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
TOTAL FIXED CHARGES BEFORE
PREFERRED DIVIDENDS 120,522 183,249 156,183 130,449 113,665 97,606
</TABLE>
<PAGE> 4
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Preferred Dividend Requirements 3,206 4,275 -- -- -- --
Ratio of pre-tax income to net 1.232 1.117 -- -- -- --
income
---------- ----------
PREFERRED DIVIDEND FACTOR 3,950 4,775 -- -- -- --
---------- ----------
TOTAL FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS $ 124,472 $ 188,024 $ 156,183 $ 130,449 $ 113,665 $ 97,606
RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 1.29 1.34 1.36 1.43 1.44 1.65
</TABLE>