EXHIBIT 12.1 HEARTLAND FINANCIAL USA, INC. CALCULATION OF EARNINGS TO FIXED CHARGES AS OF: June 30, Years ended December 31, 1999 1998 1998 1997 1996 1995 1994 -------- ------- ------ ------- ------- ------- ------- Earnings before income taxes 5,996 6,531 12,778 11,853 10,691 10,458 10,155 Add: preferred dividends on a pretax basis - - - - - - - Add: fixed charges 18,630 17,285 36,393 31,793 27,687 25,549 20,167 Earnings including interest expense on deposits (1) 24,626 23,816 49,171 43,646 38,378 36,007 30,322 Less: interest expense on deposits 14,497 13,575 28,645 25,765 23,190 22,029 17,806 Earnings excluding interest expense on deposits (2) 10,129 10,241 20,526 17,881 15,188 13,978 12,516 Fixed charges: Interest expense on deposits 14,497 13,575 28,645 25,765 23,190 22,029 17,806 Interest expense on borrowings 4,059 3,670 7,659 6,002 4,454 3,500 2,322 Interest expense on capital leases - - - - - - - Portion of rents representative of interest factor 74 40 89 26 43 20 39 Fixed charges including interest expense on deposits (3) 18,630 17,285 36,393 31,793 27,687 25,549 20,167 Less: interest expense on deposits 14,497 13,575 28,645 25,765 23,190 22,029 17,806 Fixed charges excluding interest expense on deposits (4) 4,133 3,710 7,748 6,028 4,497 3,520 2,361 Rents 206 119 268 78 128 59 118 Portions of rents representative of interest factor 74 40 89 26 43 20 39 Ratio of earnings to fixed charges and preferred stock dividends: Excluding interest expense on deposits ((2)/(4)) 2.45 2.76 2.65 2.97 3.38 3.97 5.30 Including interest expense on deposits ((1)/(3)) 1.32 1.38 1.35 1.37 1.39 1.41 1.50