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| Exhibit 12.1 |
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| First BanCorp | |||
| Computation of Ratio of Earnings to Fixed Charges | |||
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| Six-Month Period Ended | |
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| June 30, 2014 | |
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| Including Interest on Deposits |
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| Earnings: |
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| Pre-tax income from continuing operations |
| $ | 38,919 |
| Plus: |
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| Fixed Charges (excluding capitalized interest) |
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| 59,621 |
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| Total earnings |
| $ | 98,540 |
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| Fixed Charges: |
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| Interest expensed and capitalized |
| $ | 57,767 |
| An estimate of the interest component within rental expense |
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| 1,854 |
| Total Fixed Charges |
| $ | 59,621 |
| Ratio of Earnings to Fixed Charges |
| 1.65 | |
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| Excluding Interest on Deposits |
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| Earnings: |
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| Pre-tax income from continuing operations |
| $ | 38,919 |
| Plus: |
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| Fixed Charges (excluding capitalized interest) |
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| 19,856 |
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| Total earnings |
| $ | 58,775 |
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| Fixed Charges: |
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| Interest expensed and capitalized |
| $ | 18,002 |
| An estimate of the interest component within rental expense |
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| 1,854 |
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| Total Fixed Charges |
| $ | 19,856 |
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| Ratio of Earnings to Fixed Charges |
| 2.96 | |
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