Exhibit 12.1
First BanCorp
Computation of Ratio of Earnings to Fixed Charges
	Quarter Ended
	March 31, 2015
Including Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	33,678
Plus:
Fixed Charges (excluding capitalized interest)		27,727
Total earnings	$	61,405
Fixed Charges:
Interest expensed and capitalized	$	26,838
An estimate of the interest component within rental expense		889
Total Fixed Charges	$	27,727
Ratio of Earnings to Fixed Charges	2.21
Excluding Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	33,678
Plus:
Fixed Charges (excluding capitalized interest)		10,033
Total earnings	$	43,711
Fixed Charges:
Interest expensed and capitalized	$	9,144
An estimate of the interest component within rental expense		889
Total Fixed Charges	$	10,033
Ratio of Earnings to Fixed Charges	4.36