Exhibit 12.2
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
	Quarter Ended
	March 31, 2014
Including Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	17,970
Plus:
Fixed Charges (excluding capitalized interest)		30,218
Total earnings	$	48,188
Fixed Charges:
Interest expensed and capitalized	$	29,251
An estimate of the interest component within rental expense		967
Total fixed charges before preferred dividends	$	30,218
Preferred dividends		-
Ratio of pre tax income to net income		1.050
Preferred dividend factor		-
Total fixed charges and preferred stock dividends	$	30,218
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	1.59
Excluding Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	17,970
Plus:
Fixed Charges (excluding capitalized interest)		9,919
Total earnings	$	27,889
Fixed Charges:
Interest expensed and capitalized	$	8,952
An estimate of the interest component within rental expense		967
Total Fixed Charges before preferred dividends	$	9,919
Preferred dividends		-
Ratio of pre tax income to net income		1.050
Preferred dividend factor		-
Total fixed charges and preferred stock dividends	$	9,919
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	2.81