Exhibit 12.2
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
	Nine-Month Period Ended
	September 30, 2015
Including Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	8,994
Plus:
Fixed Charges (excluding capitalized interest)		79,587
Total earnings	$	88,581
Fixed Charges:
Interest expensed and capitalized	$	76,876
An estimate of the interest component within rental expense		2,711
Total fixed charges before preferred dividends	$	79,587
Preferred dividends		-
Ratio of pre tax income to net income		1.42
Preferred dividend factor		-
Total fixed charges and preferred stock dividends	$	79,587
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	1.11
Excluding Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	8,994
Plus:
Fixed Charges (excluding capitalized interest)		28,062
Total earnings	$	37,056
Fixed Charges:
Interest expensed and capitalized	$	25,351
An estimate of the interest component within rental expense		2,711
Total Fixed Charges before preferred dividends	$	28,062
Preferred dividends		-
Ratio of pre tax income to net income		1.42
Preferred dividend factor		-
Total fixed charges and preferred stock dividends	$	28,062
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	1.32