Exhibit 12

FIRST BANCORP

COMPUTATION OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

($ in thousands, except for ratios)

(Unaudited)

	Years Ended December 31,
	2013		2012			2011		2010		2009
Including Interest on Deposits:
Earnings:
Income (loss) before income taxes	$	32,780		(40,358	)		21,012		14,942		97,877
Fixed charges		11,345		17,762			23,973		32,087		49,075
Total earnings (loss)	$	44,125		(22,596	)		44,985		47,029		146,952
Fixed charges:
Interest on deposits	$	9,960		15,454			21,351		29,930		45,518
Interest on borrowings		1,025		1,866			2,214		1,977		3,377
Amortization of debt issuance costs		—		—			—		—		—
Interest portion of rental expense (1)		360		442			408		180		180
Total fixed charges	$	11,345		17,762			23,973		32,087		49,075
Preferred dividend requirements		895		2,809			3,234		3,249		3,169
Total fixed charges and preferred dividends	$	12,240		20,571			27,207		35,336		52,244
Ratio of earnings (loss) to fixed charges, including interest on deposits		3.89x		(1.27x	)		1.88x		1.47x		2.99x
Ratio of earnings (loss) to fixed charges and preferred dividends, including interest on deposits		3.60x		(1.10x	)		1.65x		1.33x		2.81x
Excluding Interest on Deposits:
Earnings:
Income (loss) before income taxes	$	32,780		(40,358	)		21,012		14,942		97,877
Fixed charges		1,385		2,308			2,622		2,157		3,557
Total earnings (loss)	$	34,165		(38,050	)		23,634		17,099		101,434
Fixed charges:
Interest on borrowings	$	1,025		1,866			2,214		1,977		3,377
Amortization of debt issuance costs		—		—			—		—		—
Interest portion of rental expense (1)		360		442			408		180		180
Total fixed charges	$	1,385		2,308			2,622		2,157		3,557
Preferred dividend requirements		895		2,809			3,234		3,249		3,169
Total fixed charges and preferred dividends	$	2,280		5,117			5,856		5,406		6,726
Ratio of earnings (loss) to fixed charges, excluding interest on deposits		24.67x		(16.49x	)		9.01x		7.93x		28.52x
Ratio of earnings (loss) to fixed charges and preferred dividends, excluding interest on deposits		14.98x		(7.44x	)		4.04x		3.16x		15.08x

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