Horizon Bancorp (HBNC) S-3 Shelf registration

EXHIBIT 12.1

RATIOS OF EARNINGS TO FIXED CHARGESAND PREFERRED STOCK DIVIDENDS

The consolidated ratios of fixed charges and preferred stock dividends to earnings for each of the five years indicated below and the nine months ended September 30, 2014 and 2013 are as follows:

	Nine MonthsEnded September 30,				Year Ended December 31,(1)
	2014		2013		2013		2012		2011		2010		2009
Earnings:
Income before income taxes	$	17,644	$	21,721	$	26,924	$	27,989	$	16,983	$	13,397	$	11,210
Plus interest expense		9,980		10,193		13,503		14,322		16,501		20,875		27,894
Earnings including interest on deposits		27,624		31,914		40,427		42,311		33,484		34,272		39,104
Less interest on deposits		3,984		4,320		5,672		6,206		8,346		10,711		14,792
Earnings excluding interest on deposits	$	23,640	$	27,594	$	34,755	$	36,105	$	25,138	$	23,561	$	24,312
Fixed charges and preferred stock dividend requirements (pre-tax):
Including interest on deposits and capitalized interest	$	9,980	$	10,193	$	13,503	$	14,322	$	16,501	$	22,677	$	29,614
Preferred stock dividend requirement (pre-tax):	$	157	$	474	$	569	$	740	$	2,038	$	2,163	$	2,157
Less interest on deposits		3,984		4,320		5,672		6,206		8,346		10,711		14,792
Excluding interest on deposits	$	6,153	$	6,347	$	8,400	$	8,856	$	10,193	$	14,129	$	16,979
Ratio of earnings to fixed charges:
Including interest on deposits		2.77		3.13		2.99		2.95		2.03		1.51		1.32
Excluding interest on deposits		3.94		4.70		4.44		4.45		3.08		1.97		1.64
Ratio of earnings to fixed charges  and preferred stock dividend requirements (pre-tax):
Including interest on deposits		2.73		2.99		2.87		2.81		1.81		1.38		1.23
Excluding interest on deposits		3.84		4.35		4.14		4.08		2.47		1.67		1.43

(1) No shares of preferred stock were outstanding until December 19, 2008, when Horizon issued to the Treasury 25,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”). The issuance was made pursuant to the Treasury’s Capital Purchase Program under the Troubled Asset Relief Program. On November 10, 2010, Horizon redeemed 6,250 shares of Series A Preferred Stock. On August 25, 2011, Horizon redeemed the remaining 18,750 shares of Series A Preferred Stock and also issued to the Treasury 12,500 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series B.