Exhibit 12.1
First BanCorp
Computation of Ratio of Earnings to Fixed Charges
	Nine-Month Period Ended
	September 30, 2014
Including Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	62,184
Plus:
Fixed Charges (excluding capitalized interest)		89,430
Total earnings	$	151,614
Fixed Charges:
Interest expensed and capitalized	$	86,735
An estimate of the interest component within rental expense		2,695
Total Fixed Charges	$	89,430
Ratio of Earnings to Fixed Charges	1.70
Excluding Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	62,184
Plus:
Fixed Charges (excluding capitalized interest)		30,321
Total earnings	$	92,505
Fixed Charges:
Interest expensed and capitalized	$	27,626
An estimate of the interest component within rental expense		2,695
Total Fixed Charges	$	30,321
Ratio of Earnings to Fixed Charges	3.05