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,
	2013			2012			2012			2011			2010			2009			2008
Including Interest on Deposits:
Earnings:
Income (loss) before income taxes	$	24,049			2,862			(40,358	)		21,012			14,942			97,877			35,125
Fixed charges		8,935			13,796			17,762			23,973			32,087			49,075			61,483
Total earnings (loss)	$	32,984			16,658			(22,596	)		44,985			47,029			146,952			96,608
Fixed charges:
Interest on deposits	$	7,901			12,075			15,454			21,351			29,930			45,518			53,241
Interest on borrowings		770			1,485			1,866			2,214			1,977			3,377			7,947
Amortization of debt issuance costs		—			—			—			—			—			—			115
Interest portion of rental expense (1)		264			236			442			408			180			180			180
Total fixed charges	$	8,935			13,796			17,762			23,973			32,087			49,075			61,483
Preferred dividend requirements		678			2,277			2,809			3,234			3,249			3,169			—
Total fixed charges and preferred dividends	$	9,613			16,073			20,571			27,207			35,336			52,244			61,483
Ratio of earnings to fixed charges, including interest on deposits		3.69	x		1.21	x		(1.27	x)		1.88	x		1.47	x		2.99	x		1.57	x
Ratio of earnings to fixed charges and preferred dividends, including interest on deposits		3.43	x		1.04	x		(1.10	x)		1.65	x		1.33	x		2.81	x		1.57	x
Excluding Interest on Deposits:
Earnings:
Income (loss) before income taxes	$	24,049			2,862			(40,358	)		21,012			14,942			97,877			35,125
Fixed charges		1,034			1,721			2,308			2,622			2,157			3,557			8,242
Total earnings (loss)	$	25,083			4,583			(38,050	)		23,634			17,099			101,434			43,367
Fixed charges:
Interest on borrowings	$	770			1,485			1,866			2,214			1,977			3,377			7,947
Amortization of debt issuance costs		—			—			—			—			—			—			115
Interest portion of rental expense (1)		264			236			442			408			180			180			180
Total fixed charges	$	1,034			1,721			2,308			2,622			2,157			3,557			8,242
Preferred dividend requirements		678			2,277			2,809			3,234			3,249			3,169			—
Total fixed charges and preferred dividends	$	1,712			3,998			5,117			5,856			5,406			6,726			8,242
Ratio of earnings to fixed charges, excluding interest on deposits		24.26	x		2.66	x		(16.49	x)		9.01	x		7.93	x		28.52	x		5.26	x
Ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits		14.65	x		1.15	x		(7.44	x)		4.04	x		3.16	x		15.08	x		5.26	x

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