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| Exhibit 12.2 | |
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| First BanCorp | |||
| Computation of Ratio of Earnings to Fixed Charges and Preference Dividends | |||
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| Year Ended | |
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| December 31, 2013 | |
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| Including Interest on Deposits |
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| Earnings: |
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| Pre-tax income from continuing operations | $ | (159,323) | |
| Plus: |
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| Fixed Charges (excluding capitalized interest) |
| 134,253 | |
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| Total loss |
| $ | (25,070) |
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| Fixed Charges: |
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| Interest expensed and capitalized | $ | 130,843 | |
| An estimate of the interest component within rental expense |
| 3,410 | |
| Total fixed charges before preferred dividends |
| 134,253 | |
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| Preferred dividends |
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| - |
| Ratio of pre-tax income to net income |
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| 1.00 |
| Preferred dividend factor |
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| - |
| Total fixed charges and preferred stock dividends | $ | 134,253 | |
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| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | (A) | ||
| Excluding Interest on Deposits |
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| Earnings: |
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| Pre-tax income from continuing operations | $ | (159,323) | |
| Plus: |
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| Fixed Charges (excluding capitalized interest) |
| 42,466 | |
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| Total loss |
| $ | (116,857) |
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| Fixed Charges: |
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| Interest expensed and capitalized | $ | 39,056 | |
| An estimate of the interest component within rental expense |
| 3,410 | |
| Total Fixed Charges before preferred dividends |
| 42,466 | |
| Preferred dividends |
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| - |
| Ratio of pre-tax income to net income |
| 1.00 | |
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| Preferred dividend factor |
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| - |
| Total Fixed Charges and preferred stock dividends | $ | 42,466 | |
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| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | (A) | ||
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(A) | For December 31, 2013, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $159.3 million to achieve a ratio of 1:1 for the year ended December 31, 2013. | |||