EXHIBIT 12.2

First BanCorp

Computation of Ratio of Earnings to Fixed Charges and Preference Dividends

	Year Ended December 31, 2011
Including Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(72,910	)
Plus:
Fixed Charges (excluding capitalized interest)		265,275
Total Earnings	$	192,365
Fixed Charges:
Interest expensed and capitalized	$	261,896
Amortized premiums, discounts, and capitalized expenses related to indebtedness		40
An estimate of the interest component within rental expense		3,339
Total Fixed Charges before preferred dividends		265,275
Preferred dividends		22,537
Ratio of pre tax income to net income		1.000
Preferred dividend factor		22,537
Total fixed charges and preferred stock dividends	$	287,812
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A)
Excluding Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(72,910	)
Plus:
Fixed Charges (excluding capitalized interest)		73,548
Total Losses	$	638
Fixed Charges:
Interest expensed and capitalized	$	70,169
Amortized premiums, discounts, and capitalized expenses related to indebtedness		40
An estimate of the interest component within rental expense		3,339
Total Fixed Charges before preferred dividends		73,548
Preferred dividends		22,537
Ratio of pre tax income to net income		1.000
Preferred dividend factor		22,537
Total fixed charges and preferred stock dividends	$	96,085
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A)

(A) For December 31, 2011, the ratio coverage was less than 1:1.

The Corporation would have to generate additional earnings of $95.4 million to achieve a ratio of 1:1 for the year ended December 31, 2011.