EXHIBIT 12.1

First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends

	For the Six-Month
	Period Ended
	June 30, 2009
Including Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(169,017	)
Plus:
Fixed Charges (excluding capitalized interest)		262,230
Total Earnings	$	93,213
Fixed Charges:
Interest expensed and capitalized	$	260,214
Amortized premiums, discounts, and capitalized expenses related to indebtedness		68
An estimate of the interest component within rental expense		1,948
Total Fixed Charges before preferred dividends		262,230
Preferred dividends		31,285
Ratio of pre tax income to net income		1.000
Preferred dividend factor		31,285
Total fixed charges and preferred stock dividends	$	293,515
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A	)
Excluding Interest on Deposits
Loss:
Pre-tax income from continuing operations	$	(169,017	)
Plus:
Fixed Charges (excluding capitalized interest)		84,084
Total Loss	$	(84,933	)
Fixed Charges:
Interest expensed and capitalized	$	82,068
Amortized premiums, discounts, and capitalized expenses related to indebtedness		68
An estimate of the interest component within rental expense		1,948
Total Fixed Charges before preferred dividends		84,084
Preferred dividends		31,285
Ratio of pre tax income to net income		1.000
Preferred dividend factor		31,285
Total fixed charges and preferred stock dividends	$	115,369
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A	)

(A) For the six-month period ended June 30, 2009, the ratio coverage was less than 1:1.
The Corporation would have to generate additional earnings of $200.3 million to achieve a ratio of 1:1 during the first half of 2009.