EXHIBIT 12.2

First BanCorp

Computation of Ratio of Earnings to Fixed Charges and Preference Dividends

	Nine-Month Period Ended September 30, 2011
Including Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(58,310	)
Plus:
Fixed Charges (excluding capitalized interest)		208,177
Total Earnings	$	149,867
Fixed Charges:
Interest expensed and capitalized	$	205,682
Amortized premiums, discounts, and capitalized expenses related to indebtedness		36
An estimate of the interest component within rental expense		2,459
Total Fixed Charges before preferred dividends		208,177
Preferred dividends		21,395
Ratio of pre tax income to net income		1.000
Preferred dividend factor		21,395
Total fixed charges and preferred stock dividends	$	229,572
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A)
Excluding Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(58,310	)
Plus:
Fixed Charges (excluding capitalized interest)		58,453
Total Losses	$	143
Fixed Charges:
Interest expensed and capitalized	$	55,958
Amortized premiums, discounts, and capitalized expenses related to indebtedness		36
An estimate of the interest component within rental expense		2,459
Total Fixed Charges before preferred dividends		58,453
Preferred dividends		21,395
Ratio of pre tax income to net income		1.000
Preferred dividend factor		21,395
Total fixed charges and preferred stock dividends	$	79,848
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A)

(A) For September 30, 2011, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $79.7 million to achieve a ratio of 1:1 for the nine-month period ended September 30, 2011.