Exhibit 12.1
First BanCorp.
Computation of Ratio of Earnings to Fixed Charges
	Year Ended
	December 31, 2015
Including Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	27,716
Plus:
Fixed Charges (excluding capitalized interest)		106,934
Total earnings	$	134,650
Fixed Charges:
Interest expensed and capitalized	$	103,303
An estimate of the interest component within rental expense		3,631
Total Fixed Charges	$	106,934
Ratio of Earnings to Fixed Charges		1.26
Excluding Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	27,716
Plus:
Fixed Charges (excluding capitalized interest)		37,684
Total earnings	$	65,400
Fixed Charges:
Interest expensed and capitalized	$	34,053
An estimate of the interest component within rental expense		3,631
Total Fixed Charges	$	37,684
Ratio of Earnings to Fixed Charges		1.74