Wintrust Financial Corporation
Form 10-K, Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

The following table presents the calculation of the ratio of earnings to fixed charges for the last five years.

(dollars in thousands)

		Years ended December 31,
		2004			2003			2002			2001			2000
Income before income taxes	A	$	80,887		$	59,344		$	42,495		$	29,129		$	16,448
Interest expense:
Interest on deposits		$	83,135		$	67,963		$	70,061		$	83,503		$	78,670
Interest on other borrowings	C		20,787			15,536			14,044			8,938			8,514
Total interest expense	B	$	103,922		$	83,499		$	84,105		$	92,441		$	87,184
Ratio of earnings to fixed charges:
Including deposit interest	(A+B) / B		1.78	x		1.71	x		1.51	x		1.32	x		1.19	x
Excluding deposit interest	(A+C) / C		4.89	x		4.82	x		4.03	x		4.26	x		2.93	x