Exhibit 12.1

First BanCorp

Computation of Ratio of Earnings to Fixed Charges

	Nine-Month Period Ended September 30, 2013
Including Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(174,957	)
Plus:
Fixed Charges (excluding capitalized interest)		103,313
Total loss	$	(71,644	)
Fixed Charges:
Interest expensed and capitalized	$	100,812
An estimate of the interest component within rental expense		2,501
Total Fixed Charges	$	103,313
Ratio of Earnings to Fixed Charges		(A	)
Excluding Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(174,957	)
Plus:
Fixed Charges (excluding capitalized interest)		32,398
Total earnings	$	(142,559	)
Fixed Charges:
Interest expensed and capitalized	$	29,897
An estimate of the interest component within rental expense		2,501
Total Fixed Charges	$	32,398
Ratio of Earnings to Fixed Charges		(A	)

(A) For the nine-month period ended September 30, 2013, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $175.0 million to achieve a ratio of 1:1 for the nine-month period ended September 30, 2013.