Exhibit 12.2
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
	Nine-Month Period Ended
	September 30, 2016
Including Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	93,061
Plus:
Fixed Charges (excluding capitalized interest)		81,084
Total earnings	$	174,145
Fixed Charges:
Interest expensed and capitalized	$	78,284
An estimate of the interest component within rental expense		2,800
Total fixed charges before preferred dividends	$	81,084
Preferred dividends		-
Ratio of pre tax income to net income		1.34
Preferred dividend factor		-
Total fixed charges and preferred stock dividends	$	81,084
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	2.15
Excluding Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	93,061
Plus:
Fixed Charges (excluding capitalized interest)		29,859
Total earnings	$	122,920
Fixed Charges:
Interest expensed and capitalized	$	27,061
An estimate of the interest component within rental expense		2,800
Total Fixed Charges before preferred dividends	$	29,861
Preferred dividends		-
Ratio of pre tax income to net income		1.34
Preferred dividend factor		-
Total fixed charges and preferred stock dividends	$	29,861
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	4.12