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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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| Nine-Month Period Ended | |
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| September 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 |
| $ | 62,184 |
| Plus: |
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| Fixed Charges (excluding capitalized interest) |
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| 89,430 |
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| Total earnings |
| $ | 151,614 |
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| Fixed Charges: |
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| Interest expensed and capitalized |
| $ | 86,735 |
| An estimate of the interest component within rental expense |
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| 2,695 |
| Total Fixed Charges |
| $ | 89,430 |
| Ratio of Earnings to Fixed Charges |
| 1.70 | |
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| Excluding Interest on Deposits |
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| Earnings: |
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| Pre-tax income from continuing operations |
| $ | 62,184 |
| Plus: |
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| Fixed Charges (excluding capitalized interest) |
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| 30,321 |
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| Total earnings |
| $ | 92,505 |
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| Fixed Charges: |
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| Interest expensed and capitalized |
| $ | 27,626 |
| An estimate of the interest component within rental expense |
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| 2,695 |
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| Total Fixed Charges |
| $ | 30,321 |
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| Ratio of Earnings to Fixed Charges |
| 3.05 | |
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