FIRST BANCORP /PR/ - FORM 10-Q - EX-12.2

EXHIBIT 12.2

First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends


	Nine-Month Period Ended
	September 30, 2010
Including Interest on Deposits

Earnings:
Pre-tax loss from continuing operations	$	(263,151	)
Plus:
Fixed Charges (excluding capitalized interest)		295,391


Total Earnings	$	32,240


Fixed Charges:
Interest expensed and capitalized	$	292,601
Amortized premiums, discounts, and capitalized expenses related to indebtedness		33
An estimate of the interest component within rental expense		2,757

Total Fixed Charges before preferred dividends		295,391


Preferred dividends		19,811
Ratio of pre tax income to net income		1.000


Preferred dividend factor		19,811


Total fixed charges and preferred stock dividends	$	315,202


Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	(A)

Excluding Interest on Deposits

Earnings:
Pre-tax loss from continuing operations	$	(263,151	)
Plus:
Fixed Charges (excluding capitalized interest)		104,657


Total Losses	$	(158,494	)


Fixed Charges:
Interest expensed and capitalized	$	101,867
Amortized premiums, discounts, and capitalized expenses related to indebtedness		33
An estimate of the interest component within rental expense		2,757


Total Fixed Charges before preferred dividends		104,657


Preferred dividends		19,811
Ratio of pre tax income to net income		1.000


Preferred dividend factor		19,811


Total fixed charges and preferred stock dividends	$	124,468


Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	(A)


(A)		For September 30, 2010, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $283.0 million to achieve a ratio of 1:1 for the nine-month period ended September 30, 2010.

FIRST BANCORP /PR/ - FORM 10-Q - EX-12.2 - November 9, 2010