Exhibit 12.1

Enterprise Financial Services Corp

Statement Regarding Computation of Ratios of Earnings to Fixed Charges and Preferred Stock Dividend Requirement (unaudited)

	Years ended December 31,
($ in thousands)	2013			2012			2011			2010			2009 (2)			2008
Earnings (1):
Income (loss) before income taxes	$	50,080		$	42,830		$	38,225		$	7,196		$	(48,544	)	$	12,125
Add: Fixed charges from below	18,137			28,002			33,950			35,597			51,356			60,458
Earnings including interest expense on deposits (a)	$	68,217		$	70,832		$	72,175		$	42,793		$	2,812		$	72,583
Less: interest expense on deposits	(11,142		)	(15,406		)	(21,658		)	(22,867		)	(30,203		)	(39,920		)
Earnings excluding interest expense on deposits (b)	$	57,075		$	55,426		$	50,517		$	19,926		$	(27,391	)	$	32,663
Fixed charges (1):
Interest on deposits	$	11,142		$	15,406		$	21,658		$	22,867		$	30,203		$	39,920
Interest on borrowings	6,995			7,761			8,497			9,544			18,642			20,418
TARP preferred stock dividends (pre-tax)	—			4,835			3,795			3,186			2,511			120
Fixed charges including interest on deposits (c)	$	18,137		$	28,002		$	33,950		$	35,597		$	51,356		$	60,458
Less: interest expense on deposits	(11,142		)	(15,406		)	(21,658		)	(22,867		)	(30,203		)	(39,920		)
Fixed charges excluding interest expense on deposits (d)	$	6,995		$	12,596		$	12,292		$	12,730		$	21,153		$	20,538
Ratio of earnings to combined fixed charges
Excluding interest on deposits (b/d) (3)	8.16x			4.40x			4.11x			1.57x			-1.29x			1.59x
Including interest on deposits (a/c)	3.76x			2.53x			2.13x			1.20x			0.05x			1.20x
Ratio of earnings to combined fixed charges and preferred dividends:
Excluding interest on deposits (b/d) (3)	8.16x			6.52x			5.50x			1.75x			-1.60x			1.59x
Including interest on deposits (a/c)	3.76x			2.85x			2.27x			1.22x			0.01x			1.20x

(1) As defined in Item 503(d) of Regulation S-K.

(2) Due to the Company's $46.7 million loss (including $45.4 million of goodwill impairment charges) for the year ended December 31, 2009, the ratio coverage was less than 1:1. The Company would have had to generate additional earnings of $49.3 million to achieve a coverage ratio of 1:1.

(3) The ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits, is being provided as an additional measure to provide comparability to the ratios disclosed by all other issuers of debt securities.

(4) Results and corresponding ratios for the years ended December 31, 2012, 2011, 2010, 2009, and 2008 have been reclassified to reflect the adoption of ASU 2014-1 "Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects."