Exhibit 12.2
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
	Quarter Ended
	March 31, 2016
Including Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	29,067
Plus:
Fixed Charges (excluding capitalized interest)		27,141
Total earnings	$	56,208
Fixed Charges:
Interest expensed and capitalized	$	26,183
An estimate of the interest component within rental expense		958
Total fixed charges before preferred dividends	$	27,141
Preferred dividends		-
Ratio of pre tax income to net income		1.25
Preferred dividend factor		-
Total fixed charges and preferred stock dividends	$	27,141
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	2.07
Excluding Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	29,067
Plus:
Fixed Charges (excluding capitalized interest)		9,884
Total earnings	$	38,951
Fixed Charges:
Interest expensed and capitalized	$	8,926
An estimate of the interest component within rental expense		958
Total Fixed Charges before preferred dividends	$	9,884
Preferred dividends		-
Ratio of pre tax income to net income		1.25
Preferred dividend factor		-
Total fixed charges and preferred stock dividends	$	9,884
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	3.94