EXHIBIT 12.2

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

	Six-Month Period Ended
	June 30, 2010
Including Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(186,955	)
Plus:
Fixed Charges (excluding capitalized interest)		204,699
Total Earnings	$	17,744
Fixed Charges:
Interest expensed and capitalized	$	202,812
Amortized premiums, discounts, and capitalized expenses related to indebtedness		22
An estimate of the interest component within rental expense		1,865
Total Fixed Charges before preferred dividends		204,699
Preferred dividends		12,322
Ratio of pre tax income to net income		1.000
Preferred dividend factor		12,322
Total fixed charges and preferred stock dividends	$	217,021
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A	)
Excluding Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(186,955	)
Plus:
Fixed Charges (excluding capitalized interest)		74,968
Total Losses	$	(111,987	)
Fixed Charges:
Interest expensed and capitalized	$	73,081
Amortized premiums, discounts, and capitalized expenses related to indebtedness		22
An estimate of the interest component within rental expense		1,865
Total Fixed Charges before preferred dividends		74,968
Preferred dividends		12,322
Ratio of pre tax income to net income		1.000
Preferred dividend factor		12,322
Total fixed charges and preferred stock dividends	$	87,290
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A	)

(A)	For June 30, 2010, the ratio coverage was less than 1:1.
	The Corporation would have to generate additional earnings of $199.3 million to achieve a ratio of 1:1 for the six-month period ended June 30, 2010.