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,
	2012			2011			2011			2010			2009			2008			2007
Including Interest on Deposits:
Earnings:
Income (loss) before income taxes	$	2,862			19,739			21,012			14,942			97,877			35,125			34,960
Fixed charges		13,796			18,438			23,973			32,087			49,075			61,483			69,837
Total earnings	$	16,658			38,177			44,985			47,029			146,952			96,608			104,797
Fixed charges:
Interest on deposits	$	12,075			16,684			21,351			29,930			45,518			53,241			59,553
Interest on borrowings		1,485			1,619			2,214			1,977			3,377			7,947			9,886
Amortization of debt issuance costs		—			—			—			—			—			115			219
Interest portion of rental expense (1)		236			135			408			180			180			180			179
Total fixed charges	$	13,796			18,438			23,973			32,087			49,075			61,483			69,837
Preferred dividend requirements		2,277			2,440			3,234			3,250			3,169			—			—
Total fixed charges and preferred dividends	$	16,073			20,878			27,207			35,337			52,244			61,483			69,837
Ratio of earnings to fixed charges, including interest on deposits		1.21	x		2.07	x		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		1.04	x		1.83	x		1.65	x		1.33	x		2.81	x		1.57	x		1.50	x
Excluding Interest on Deposits:
Earnings:
Income (loss) before income taxes	$	2,862			19,739			21,012			14,942			97,877			35,125			34,960
Fixed charges		1,721			1,754			2,622			2,157			3,557			8,242			10,284
Total earnings (loss)	$	4,583			21,493			23,634			17,099			101,434			43,367			45,244
Fixed charges:
Interest on borrowings	$	1,485			1,619			2,214			1,977			3,377			7,947			9,886
Amortization of debt issuance costs		—			—			—			—			—			115			219
Interest portion of rental expense (1)		236			135			408			180			180			180			179
Total fixed charges	$	1,721			1,754			2,622			2,157			3,557			8,242			10,284
Preferred dividend requirements		2,277			2,440			3,234			3,250			3,169			—			—
Total fixed charges and preferred dividends	$	3,998			4,194			5,856			5,407			6,726			8,242			10,284
Ratio of earnings to fixed charges, excluding interest on deposits		2.66	x		12.25	x		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		1.15	x		5.12	x		4.04	x		3.16	x		15.08	x		5.26	x		4.40	x

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