EXHIBIT 12.1
Heartland Financial USA, Inc.
Ratios of Earnings to Fixed Charges
The following table sets forth our consolidated ratios of earnings to fixed charges for the periods indicated:
Nine Months Ended Sept. 30, | ||||||||
Year Ended December 31, | ||||||||
2007 | 2006 | 2005 | 2004 | 2003 | 2008 | 2007 | ||
Income before income taxes | $36,127 | $37,611 | $32,876 | $28,189 | $25,856 | $19,056 | $27,369 | |
Fixed charges: | ||||||||
Interest expense on deposits | $77,865 | $62,530 | $42,875 | $30,647 | $27,763 | $48,375 | $58,375 | |
Interest expense on borrowings | 28,026 | 22,879 | 16,041 | 12,426 | 9,549 | 17,611 | 21,307 | |
Estimated interest within rental expense | 582 | 534 | 623 | 450 | 358 | 478 | 437 | |
Total fixed charges | $106,473 | $85,943 | $59,539 | $43,523 | $37,670 | $66,464 | $80,119 | |
Total earnings | $142,600 | $123,554 | $92,415 | $71,712 | $63,526 | $85,520 | $107,488 | |
Total fixed charges | $106,473 | $85,943 | $59,539 | $43,523 | $37,670 | $66,464 | $80,119 | |
Interest expense on deposits | 77,865 | 62,530 | 42,875 | 30,647 | 27,763 | 48,375 | 58,375 | |
Total fixed charges excluding interest on deposits | $28,608 | $23,413 | $16,664 | $12,876 | $9,907 | $18,089 | $21,744 | |
Ratio of earnings to fixed charges: | ||||||||
Including deposit interest | 2.26 | 2.61 | 2.97 | 3.19 | 3.61 | 2.05 | 2.26 | |
Excluding deposit interest | 1.34 | 1.44 | 1.55 | 1.65 | 1.69 | 1.29 | 1.34 |