Exhibit 12.1

First BanCorp.
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends

	For the year ended December 31,
	2008		2007		2006		2005		2004
	(Dollars in thousands)
Including Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	78,205	$	89,719	$	112,076	$	129,620	$	223,825
Plus:
Fixed Charges (excluding capitalized interest)		616,102		739,537		790,247		567,198		308,068
Total Earnings	$	694,307	$	829,256	$	902,323	$	696,818	$	531,893
Fixed Charges:
Interest expensed and capitalized	$	612,086	$	735,583	$	786,670	$	564,045	$	305,674
Amortized premiums, discounts, and capitalized expenses related to indebtedness		144		221		180		203		170
An estimate of the interest component within rental expense		3,872		3,733		3,397		2,950		2,224
Total Fixed Charges before preferred dividends		616,102		739,537		790,247		567,198		308,068
Preferred dividends		40,276		40,276		40,276		40,276		40,276
Ratio of pre tax income to net income		1.000		1.317		1.324		1.131		1.262
Preferred dividend factor		40,276		53,033		53,335		45,553		50,838
Total fixed charges and preferred stock dividends	$	656,378	$	792,570	$	843,582	$	612,751	$	358,906
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		1.06		1.05		1.07		1.14		1.48
Excluding Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	78,205	$	89,719	$	112,076	$	129,620	$	223,825
Plus:
Fixed Charges (excluding capitalized interest)		192,607		215,087		240,170		243,209		174,816
Total Earnings	$	270,812	$	304,806	$	352,246	$	372,829	$	398,641
Fixed Charges:
Interest expensed and capitalized	$	188,591	$	211,133	$	236,593	$	240,056	$	172,422
Amortized premiums, discounts, and capitalized expenses related to indebtedness		144		221		180		203		170
An estimate of the interest component within rental expense		3,872		3,733		3,397		2,950		2,224
Total Fixed Charges before preferred dividends		192,607		215,087		240,170		243,209		174,816
Preferred dividends		40,276		40,276		40,276		40,276		40,276
Ratio of pre tax income to net income		1.000		1.317		1.324		1.131		1.262
Preferred dividend factor		40,276		53,033		53,335		45,553		50,838
Total fixed charges and preferred stock dividends	$	232,883	$	268,120	$	293,505	$	288,762	$	225,654
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		1.16		1.14		1.20		1.29		1.77