Exhibit 12.2
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
	Six-Month Period Ended
	June 30, 2015
Including Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(10,240)
Plus:
Fixed Charges (excluding capitalized interest)		53,799
Total earnings	$	43,559
Fixed Charges:
Interest expensed and capitalized	$	51,993
An estimate of the interest component within rental expense		1,806
Total fixed charges before preferred dividends	$	53,799
Preferred dividends		-
Ratio of pre tax income to net income		1.21
Preferred dividend factor		-
Total fixed charges and preferred stock dividends	$	53,799
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	(A)
Excluding Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(10,240)
Plus:
Fixed Charges (excluding capitalized interest)		19,125
Total earnings	$	8,885
Fixed Charges:
Interest expensed and capitalized	$	17,319
An estimate of the interest component within rental expense		1,806
Total Fixed Charges before preferred dividends	$	19,125
Preferred dividends		-
Ratio of pre tax income to net income		1.21
Preferred dividend factor		-
Total fixed charges and preferred stock dividends	$	19,125
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	(A)
(A) For the six-month period ended June 30, 2015, the ratio coverage was less than 1:1.  The Corporation would have to generate additional earnings of $10.2 million to achieve a ratio of 1:1 for the six-month period ended June 30, 2015.