Exhibit 12

FIRST BANCORP

COMPUTATION OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

($ in thousands, except for ratios)

(Unaudited)

	Years Ended December 31,
	2011			2010			2009			2008			2007
Including Interest on Deposits:
Earnings:
Income before income taxes	$	21,012			14,942			97,877			35,125			34,960
Fixed charges		23,973			32,087			49,075			61,483			69,837
Total earnings	$	44,985			47,029			146,952			96,608			104,797
Fixed charges:
Interest on deposits	$	21,351			29,930			45,518			53,241			59,553
Interest on borrowings		2,214			1,977			3,377			7,947			9,886
Amortization of debt issuance costs		—			—			—			115			219
Interest portion of rental expense (1)		408			180			180			180			179
Total fixed charges	$	23,973			32,087			49,075			61,483			69,837
Preferred dividend requirements		3,234			3,249			3,169			—			—
Total fixed charges and preferred dividends	$	27,207			35,336			52,244			61,483			69,837
Ratio of earnings to fixed charges, including interest on deposits		1.88	x		1.47	x		2.99	x		1.57	x		1.50	x
Ratio of earnings to fixed charges and preferred dividends, including interest on deposits		1.65	x		1.33	x		2.81	x		1.57	x		1.50	x
Excluding Interest on Deposits:
Earnings:
Income before income taxes	$	21,012			14,942			97,877			35,125			34,960
Fixed charges		2,622			2,157			3,557			8,242			10,284
Total earnings	$	23,634			17,099			101,434			43,367			45,244
Fixed charges:
Interest on borrowings	$	2,214			1,977			3,377			7,947			9,886
Amortization of debt issuance costs		—			—			—			115			219
Interest portion of rental expense (1)		408			180			180			180			179
Total fixed charges	$	2,622			2,157			3,557			8,242			10,284
Preferred dividend requirements		3,234			3,249			3,169			—			—
Total fixed charges and preferred dividends	$	5,856			5,406			6,726			8,242			10,284
Ratio of earnings to fixed charges, excluding interest on deposits		9.01	x		7.93	x		28.52	x		5.26	x		4.40	x
Ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits		4.04	x		3.16	x		15.08	x		5.26	x		4.40	x

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