Exhibit 12.1
First BanCorp
Computation of Ratio of Earnings to Fixed Charges
	Six-Month Period Ended
	June 30, 2016
Including Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	58,543
Plus:
Fixed Charges (excluding capitalized interest)		54,737
Total earnings	$	113,280
Fixed Charges:
Interest expensed and capitalized	$	52,889
An estimate of the interest component within rental expense		1,848
Total Fixed Charges	$	54,737
Ratio of Earnings to Fixed Charges	2.07
Excluding Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	58,543
Plus:
Fixed Charges (excluding capitalized interest)		20,256
Total earnings	$	78,799
Fixed Charges:
Interest expensed and capitalized	$	18,408
An estimate of the interest component within rental expense		1,848
Total Fixed Charges	$	20,256
Ratio of Earnings to Fixed Charges	3.89