First Midwest Bancorp (ONBPP) S-3ASR Automatic shelf registration

Exhibit 12.1

First Midwest Bancorp, Inc.

Ratio of Earnings to Fixed Charges⁽¹⁾

	Nine Months Ended Sept. 30, 2005			Years ended December 31,
				2004			2003			2002			2001			2000
	(Dollar amounts in thousands)			(Dollar amounts in thousands)
Ratio 1—Including Interest on Deposits
Earnings available for fixed charges:
Income from continuing operations	$	78,747		$	99,136		$	92,778		$	90,150		$	82,138		$	75,540
Add:
Income tax provision		28,681			32,848			30,889			32,133			26,668			23,759
Fixed charges		90,770			87,185			81,964			111,498			181,439			232,597
Total earnings available for fixed charges	$	198,198		$	219,169		$	205,631		$	233,781		$	290,245		$	331,896
Fixed charges(2):
Interest on deposits	$	60,501		$	57,432		$	56,272		$	81,616		$	134,497		$	155,887
Interest on borrowed funds		23,471			20,980			23,962			29,294			46,341			76,019
Interest on subordinated debt—trust preferred securities		6,197			8,066			1,079			—			—			—
Portion of rental expense representative of interest factor		601			707			651			588			601			691
Total fixed charges	$	90,770		$	87,185		$	81,964		$	111,498		$	181,439		$	232,597
Ratio of earnings to fixed charges		2.18	x		2.51	x		2.51	x		2.10	x		1.60	x		1.43	x
Ratio 2—Excluding Interest on Deposits
Earnings available for fixed charges:
Income from continuing operations	$	78,747		$	99,136		$	92,778		$	90,150		$	82,138		$	75,540
Add:
Income tax provision		28,681			32,848			30,889			32,133			26,668			23,759
Fixed charges		30,269			29,753			25,692			29,882			46,942			76,710
Total earnings available for fixed charges	$	137,697		$	161,737		$	149,359		$	152,165		$	155,748		$	176,009
Fixed charges(2):
Interest on borrowed funds	$	23,471		$	20,980		$	23,962		$	29,294		$	46,341		$	76,019
Interest on subordinated debt—trust preferred securities		6,197			8,066			1,079			—			—			—
Portion of rental expense representative of interest factor		601			707			651			588			601			691
Total fixed charges	$	30,269		$	29,753		$	25,692		$	29,882		$	46,942		$	76,710
Ratio of earnings to fixed charges		4.55	x		5.44	x		5.81	x		5.09	x		3.32	x		2.29	x

⁽¹⁾ The ratio of earnings to fixed charges represents the number of times “fixed charges” are covered by “earnings.”

⁽²⁾ “Fixed charges” consist of interest on outstanding debt plus one-third (the proportion deemed representative of the interest factor) of operating lease expense.