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| Exhibit 12.2 |
| First BanCorp | |||
| Computation of Ratio of Earnings to Fixed Charges and Preference Dividends | |||
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| Nine-Month Period Ended | |
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| September 30, 2015 | |
| Including Interest on Deposits |
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| Earnings: |
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| Pre-tax income from continuing operations |
| $ | 8,994 |
| Plus: |
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| Fixed Charges (excluding capitalized interest) |
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| 79,587 |
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| Total earnings |
| $ | 88,581 |
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| Fixed Charges: |
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| Interest expensed and capitalized |
| $ | 76,876 |
| An estimate of the interest component within rental expense |
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| 2,711 |
| Total fixed charges before preferred dividends |
| $ | 79,587 |
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| Preferred dividends |
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| - |
| Ratio of pre tax income to net income |
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| 1.42 |
| Preferred dividend factor |
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| - |
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| Total fixed charges and preferred stock dividends |
| $ | 79,587 |
| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
| 1.11 | |
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| Excluding Interest on Deposits |
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| Earnings: |
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| Pre-tax income from continuing operations |
| $ | 8,994 |
| Plus: |
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| Fixed Charges (excluding capitalized interest) |
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| 28,062 |
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| Total earnings |
| $ | 37,056 |
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| Fixed Charges: |
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| Interest expensed and capitalized |
| $ | 25,351 |
| An estimate of the interest component within rental expense |
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| 2,711 |
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| Total Fixed Charges before preferred dividends |
| $ | 28,062 |
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| Preferred dividends |
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| - |
| Ratio of pre tax income to net income |
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| 1.42 |
| Preferred dividend factor |
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| - |
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| Total fixed charges and preferred stock dividends |
| $ | 28,062 |
| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
| 1.32 | |
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