Exhibit 12

FIRST BANCORP

COMPUTATION OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

(In thousands, except for ratios)

(Unaudited)

	Nine Months Ended September 30,						Years Ended December 31,
	2010			2009			2009			2008			2007			2006			2005
Including Interest on Deposits:
Earnings:
Income before income taxes	$	19,007			89,622			97,877			35,125			34,960			30,725			32,919
Fixed charges		25,188			37,649			49,075			61,483			69,837			54,856			33,006
Total earnings	$	44,195			127,271			146,952			96,608			104,797			85,581			65,925
Fixed charges:
Interest on deposits	$	23,476			34,818			45,518			53,241			59,553			46,032			28,516
Interest on borrowings		1,577			2,696			3,377			7,947			9,886			8,400			4,085
Amortization of debt issuance costs		—			—			—			115			219			239			237
Interest portion of rental expense (1)		135			135			180			180			179			185			168
Total fixed charges	$	25,188			37,649			49,075			61,483			69,837			54,856			33,006
Preferred dividend requirements		2,438			2,356			3,169			—			—			—			—
Total fixed charges and preferred dividends	$	27,626			40,005			52,244			61,483			69,837			54,856			33,006
Ratio of earnings to fixed charges, including interest on deposits		1.75	x		3.38	x		2.99	x		1.57	x		1.50	x		1.56	x		2.00	x
Ratio of earnings to fixed charges and preferred dividends, including interest on deposits		1.60	x		3.18	x		2.81	x		1.57	x		1.50	x		1.56	x		2.00	x
Excluding Interest on Deposits:
Earnings:
Income before income taxes	$	19,007			89,622			97,877			35,125			34,960			30,725			32,919
Fixed charges		1,712			2,831			3,557			8,242			10,284			8,824			4,490
Total earnings	$	20,719			92,453			101,434			43,367			45,244			39,549			37,409
Fixed charges:
Interest on borrowings	$	1,577			2,696			3,377			7,947			9,886			8,400			4,085
Amortization of debt issuance costs		—			—			—			115			219			239			237
Interest portion of rental expense (1)		135			135			180			180			179			185			168
Total fixed charges	$	1,712			2,831			3,557			8,242			10,284			8,824			4,490
Preferred dividend requirements		2,438			2,356			3,169			—			—			—			—
Total fixed charges and preferred dividends	$	4,150			5,187			6,726			8,242			10,284			8,824			4,490
Ratio of earnings to fixed charges, excluding interest on deposits		12.10	x		32.66	x		28.52	x		5.26	x		4.40	x		4.48	x		8.33	x
Ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits		4.99	x		17.82	x		15.08	x		5.26	x		4.40	x		4.48	x		8.33	x

(1) Estimated to be one-third of rental expense.