Exhibit 12

FIRST BANCORP

COMPUTATION OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

($ in thousands, except for ratios)

(Unaudited)

	Years Ended December 31,
	2012			2011		2010		2009		2008
Including Interest on Deposits:
Earnings:
Income (loss) before income taxes	$	(40,358	)		21,012		14,942		97,877		35,125
Fixed charges		17,762			23,973		32,087		49,075		61,483
Total earnings (loss)	$	(22,596	)		44,985		47,029		146,952		96,608
Fixed charges:
Interest on deposits	$	15,454			21,351		29,930		45,518		53,241
Interest on borrowings		1,866			2,214		1,977		3,377		7,947
Amortization of debt issuance costs		—			—		—		—		115
Interest portion of rental expense (1)		442			408		180		180		180
Total fixed charges	$	17,762			23,973		32,087		49,075		61,483
Preferred dividend requirements		2,809			3,234		3,249		3,169		—
Total fixed charges and preferred dividends	$	20,571			27,207		35,336		52,244		61,483
Ratio of earnings (loss) to fixed charges, including interest on deposits		(1.27x	)		1.88x		1.47x		2.99x		1.57x
Ratio of earnings (loss) to fixed charges and preferred dividends, including interest on deposits		(1.10x	)		1.65x		1.33x		2.81x		1.57x
Excluding Interest on Deposits:
Earnings:
Income (loss) before income taxes	$	(40,358	)		21,012		14,942		97,877		35,125
Fixed charges		2,308			2,622		2,157		3,557		8,242
Total earnings (loss)	$	(38,050	)		23,634		17,099		101,434		43,367
Fixed charges:
Interest on borrowings	$	1,866			2,214		1,977		3,377		7,947
Amortization of debt issuance costs		—			—		—		—		115
Interest portion of rental expense (1)		442			408		180		180		180
Total fixed charges	$	2,308			2,622		2,157		3,557		8,242
Preferred dividend requirements		2,809			3,234		3,249		3,169		—
Total fixed charges and preferred dividends	$	5,117			5,856		5,406		6,726		8,242
Ratio of earnings (loss) to fixed charges, excluding interest on deposits		(16.49x	)		9.01x		7.93x		28.52x		5.26x
Ratio of earnings (loss) to fixed charges and preferred dividends, excluding interest on deposits		(7.44x	)		4.04x		3.16x		15.08x		5.26x

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