Exhibit 12.1
First BanCorp
Computation of Ratio of Earnings to Fixed Charges
	Year Ended
	December 31, 2014
Including Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	91,638
Plus:
Fixed Charges (excluding capitalized interest)		119,423
Total earnings	$	211,061
Fixed Charges:
Interest expensed and capitalized	$	115,876
An estimate of the interest component within rental expense		3,547
Total Fixed Charges	$	119,423
Ratio of Earnings to Fixed Charges		1.77
Excluding Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	91,638
Plus:
Fixed Charges (excluding capitalized interest)		41,296
Total earnings	$	132,934
Fixed Charges:
Interest expensed and capitalized	$	37,749
An estimate of the interest component within rental expense		3,547
Total Fixed Charges	$	41,296
Ratio of Earnings to Fixed Charges		3.22