EXHIBIT 12

FIRST REPUBLIC PREFERRED CAPITAL CORPORATION

(A Majority Owned Subsidiary of First Republic Bank)

STATEMENT OF COMPUTATION OF

RATIOS OF EARNINGS TO FIXED CHARGES



|                 |  |                                                   |  |                            |       |   |                           |      |       |   |      |   |       |   |  |   |       |  
|---------------- |  | ------------------------------------------------- |  | -------------------------- | ----- | - | ------------------------- | ---- | ----- | - | ---- | - | ----- | - |  | - | ----- | -
|                 |  |                                                   |  | Three MonthsEnded June 30, |       |   | Six Months Ended June 30, |     
|($ in thousands) |  | 2006                                              |  |                            | 2005  |   |                           | 2006 |       |   | 2005 |  
|I.               |  | Earnings:                                         |  |                            |       |   |                           |      |       |   |      |   |       |   |  |   |       |  
|                 |  | Net income                                        |  | $                          | 4,466 |   |                           | $    | 3,985 |   |      | $ | 8,798 |   |  | $ | 7,932 |  
|                 |  | Fixed charges excluding preferred stock dividends |  |                            |      |   |                           |      |      |   |      |   |      |   |  |   |      |  
|                 |  |                                                   |  |                            |       |   |                           |      |       |   |      |   |       |   |  |   |       |  
|                 |  | Earnings before fixed charges                     |  | $                          | 4,466 |   |                           | $    | 3,985 |   |      | $ | 8,798 |   |  | $ | 7,932 |  
|                 |  |                                                   |  |                            |       |   |                           |      |       |   |      |   |       |   |  |   |       |  
|                 |  |                                                   |  |                            |      
|II.              |  | Fixed charges:                                    |  |                            |       |   |                           |      |       |   |      |   |       |   |  |   |       |  
|                 |  | Preferred stock dividends                         |  | $                          | 3,563 |   |                           | $    | 3,564 |   |      | $ | 7,126 |   |  | $ | 7,126 |  
|                 |  |                                                   |  |                            |       |   |                           |      |       |   |      |   |       |   |  |   |       |  
|                 |  |                                                   |  |                            |      
|III.             |  | Ratios of earnings to fixed charges               |  |                            | 1.25  | x |                           |      | 1.12  | x |      |   | 1.23  | x |  |   | 1.11  | x
|                 |  |                                                   |  |                            |       |   |                           |      |       |   |      |   |       |   |  |   |       |