Horizon Bancorp (HBNC) S-3 Shelf registration

EXHIBIT 12.1

RATIOS OF EARNINGS TO FIXED CHARGES

AND 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, 2017 and 2016 are as follows:

	Nine Months
	Ended September 30,				Year Ended December 31,(1)
	2017		2016		2016		2015		2014		2013		2012
Earnings:
Income before income taxes	$	34,545	$	25,501	$	32,713	$	27,781	$	24,256	$	26,924	$	27,989
Plus interest expense		11,064		12,087		20,537		13,854		13,222		13,503		14,322
Earnings including interest on deposits		45,609		37,588		53,250		41,635		37,478		40,427		42,311
Less interest on deposits		5,315		4,923		6,616		5,559		5,257		5,672		6,206
Earnings excluding interest on deposits	$	40,294	$	32,665	$	46,634	$	36,076	$	32,221	$	34,755	$	36,105
Fixed charges and preferred stock dividend requirements(pre-tax):
Including interest on deposits and capitalized interest	$	11,064	$	12,087	$	20,537	$	13,854	$	13,222	$	13,503	$	14,322
Preferred stock dividend requirement(pre-tax):		—		42		42		125		133		370		481
Less interest on deposits		5,315		4,923		6,616		5,559		5,257		5,672		6,206
Excluding interest on deposits	$	5,749	$	7,206	$	13,963	$	8,420	$	8,098	$	8,201	$	8,597
Ratio of earnings to fixed charges:
Including interest on deposits		4.12		3.11		2.59		3.01		2.83		2.99		2.95
Excluding interest on deposits		7.01		4.56		3.35		4.35		4.05		4.44		4.45
Ratio of earnings to fixed charges and preferred stock dividend requirements(pre-tax):
Including interest on deposits		4.12		3.10		2.59		2.98		2.81		2.91		2.86
Excluding interest on deposits		7.01		4.53		3.34		4.28		3.98		4.24		4.20

1. No shares of preferred stock were outstanding until December 19, 2008, when Horizon issued to the U.S. Department of the Treasury 25,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”) 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 SeniorNon-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”). Effective February 1, 2016, Horizon redeemed all of the Series B Preferred Stock.