Exhibit 12.2
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
	Six-Month Period Ended
	June 30, 2014
Including Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	38,919
Plus:
Fixed Charges (excluding capitalized interest)		59,621
Total earnings	$	98,540
Fixed Charges:
Interest expensed and capitalized	$	57,767
An estimate of the interest component within rental expense		1,854
Total fixed charges before preferred dividends	$	59,621
Preferred dividends		-
Ratio of pre tax income to net income		1.02
Preferred dividend factor		-
Total fixed charges and preferred stock dividends	$	59,621
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	1.65
Excluding Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	38,919
Plus:
Fixed Charges (excluding capitalized interest)		19,856
Total earnings	$	58,775
Fixed Charges:
Interest expensed and capitalized	$	18,002
An estimate of the interest component within rental expense		1,854
Total Fixed Charges before preferred dividends	$	19,856
Preferred dividends		-
Ratio of pre tax income to net income		1.02
Preferred dividend factor		-
Total fixed charges and preferred stock dividends	$	19,856
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	2.96