Exhibit 12.2

First BanCorp

Computation of Ratio of Earnings to Fixed Charges and Preference Dividends

	Six-Month Period Ended June  30, 2013
Including Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(194,573	)
Plus:
Fixed Charges (excluding capitalized interest)		71,193
Total loss	$	(123,380	)
Fixed Charges:
Interest expensed and capitalized	$	69,514
An estimate of the interest component within rental expense		1,679
Total fixed charges before preferred dividends	$	71,193
Preferred dividends		—
Ratio of pre tax income to net income		1.000
Preferred dividend factor		—
Total fixed charges and preferred stock dividends	$	71,193
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A)
Excluding Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(194,573	)
Plus:
Fixed Charges (excluding capitalized interest)		21,731
Total earnings	$	(172,842	)
Fixed Charges:
Interest expensed and capitalized	$	20,052
An estimate of the interest component within rental expense		1,679
Total Fixed Charges before preferred dividends	$	21,731
Preferred dividends		—
Ratio of pre tax income to net income		1.000
Preferred dividend factor		—
Total fixed charges and preferred stock dividends	$	21,731
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A)

(A) For the six-month period ended June 30, 2013, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $194.6 million to achieve a ratio of 1:1 for the six-month period ended June 30, 2013.