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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, 2015 | |
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| Including Interest on Deposits |
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| Earnings: |
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| Pre-tax loss from continuing operations |
| $ | (10,240) |
| Plus: |
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| Fixed Charges (excluding capitalized interest) |
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| 53,799 |
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| Total earnings |
| $ | 43,559 |
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| Fixed Charges: |
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| Interest expensed and capitalized |
| $ | 51,993 |
| An estimate of the interest component within rental expense |
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| 1,806 |
| Total Fixed Charges |
| $ | 53,799 |
| Ratio of Earnings to Fixed Charges |
| (A) | |
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| Excluding Interest on Deposits |
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| Earnings: |
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| Pre-tax loss from continuing operations |
| $ | (10,240) |
| Plus: |
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| Fixed Charges (excluding capitalized interest) |
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| 19,125 |
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| Total earnings |
| $ | 8,885 |
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| Fixed Charges: |
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| Interest expensed and capitalized |
| $ | 17,319 |
| An estimate of the interest component within rental expense |
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| 1,806 |
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| Total Fixed Charges |
| $ | 19,125 |
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| Ratio of Earnings to Fixed Charges |
| (A) | |
| ________________ |
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| (A) For the six-month period ended June 30, 2015, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $10.2 million to achieve a ratio of 1:1 for the six-month period ended June 30, 2015. | |||
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