Exhibit 12.2

First BanCorp

Computation of Ratio of Earnings to Fixed Charges and Preference Dividends

	Year Ended December 31, 2012
Including Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	35,714
Plus:
Fixed Charges (excluding capitalized interest)		179,788
Total earnings	$	215,502
Fixed Charges:
Interest expensed and capitalized	$	176,560
Amortized premiums, discounts, and capitalized expenses related to indebtedness		3
An estimate of the interest component within rental expense		3,225
Total fixed charges before preferred dividends		179,788
Ratio of pre tax income to net income		1.20
Total fixed charges and preferred stock dividends	$	179,788
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		1.20
Excluding Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	35,714
Plus:
Fixed Charges (excluding capitalized interest)		51,529
Total earnings	$	87,243
Fixed Charges:
Interest expensed and capitalized	$	48,301
Amortized premiums, discounts, and capitalized expenses related to indebtedness		3
An estimate of the interest component within rental expense		3,225
Total Fixed Charges before preferred dividends		51,529
Ratio of pre tax income to net income		1.200
Total fixed charges and preferred stock dividends	$	51,529
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		1.69