Section 6: EX-12.2 (EX-12.2)
		Exhibit 12.2
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
	Year Ended
	December 31, 2014
Including Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	91,638
Plus:
Fixed Charges (excluding capitalized interest)		119,423
Total earnings	$	211,061
Fixed Charges:
Interest expensed and capitalized	$	115,876
An estimate of the interest component within rental expense		3,547
Total fixed charges before preferred dividends		119,423
Preferred dividends		-
Ratio of pre tax income to net income		0.23
Preferred dividend factor		-
Total fixed charges and preferred stock dividends	$	119,423
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		1.77
Excluding Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	91,638
Plus:
Fixed Charges (excluding capitalized interest)		41,296
Total earnings	$	132,934
Fixed Charges:
Interest expensed and capitalized	$	37,749
An estimate of the interest component within rental expense		3,547
Total Fixed Charges before preferred dividends		41,296
Preferred dividends		-
Ratio of pre tax income to net income		0.23
Preferred dividend factor		-
Total fixed charges and preferred stock dividends	$	41,296
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		3.22