Exhibit 12.1

Susquehanna Bancshares, Inc. and subsidiaries

Computation of Earnings to Fixed Charges

Computation of Earnings to Fixed Charges

	2009		2008		2007		2006		2005
Earnings:
Pre-tax income	$	2,043	$	109,579	$	97,763	$	121,567	$	112,438
Add:
Fixed charges, excluding interest on deposits		79,520		97,124		62,956		53,066		51,176
Earnings excluding interest on deposits		81,563		206,703		160,719		174,633		163,614
Interest on deposits		160,295		205,946		190,523		155,579		96,163
Total earnings	$	241,858	$	412,649	$	351,242	$	330,212	$	259,777
Fixed charges
Interest on borrowings	$	74,713	$	92,822	$	59,731	$	50,442	$	48,612
Interest component of rentals		4,807		4,302		3,225		2,624		2,564
Fixed charges excluding interest on deposits		79,520		97,124		62,956		53,066		51,176
Interest on deposits		160,295		205,946		190,523		155,579		96,163
Fixed charges	$	239,815	$	303,070	$	253,479	$	208,645	$	147,339
Earnings to Fixed Charges:
Excluding interest on Deposits		1.03X		2.13X		2.55X		3.29X		3.20X
Including interest on Deposits		1.01X		1.36X		1.39X		1.58X		1.76X
Computation of Earnings to Fixed Charges and Preferred Stock Dividend Requirements (1)
	2009		2008		2007		2006		2005
Earnings:
Pre-tax income	$	2,043	$	109,579	$	97,763	$	121,567	$	112,438
Add:
Fixed charges and preferred stock dividends, excluding interest on deposits		103,520		98,391		62,956		53,066		51,176
Less:
Preferred stock dividend requirements		24,000		1,267		—		—		—
Earnings excluding interest on deposits		81,563		206,703		160,719		174,633		163,614
Interest on deposits		160,295		205,946		190,523		155,579		96,163
Total earnings	$	241,858	$	412,649	$	351,242	$	330,212	$	259,777
Fixed charges and preferred stock dividend requirements
Interest on borrowings	$	74,713	$	92,822	$	59,731	$	50,442	$	48,612
Interest component of rentals		4,807		4,302		3,225		2,624		2,564
Preferred stock dividend requirements		24,000		1,267		—		—		—
Fixed charges and preferred stock dividends excluding interest on deposits		103,520		98,391		62,956		53,066		51,176
Interest on deposits		160,295		205,946		190,523		155,579		96,163
Total fixed charges and preferred stock dividend requirements	$	263,815	$	304,337	$	253,479	$	208,645	$	147,339
Deficiency	$	21,957	$	—	$	—	$	—	$	—
Earnings to Fixed Charges and Preferred Stock Dividend Requirements
Excluding interest on Deposits		0.79X		2.10X		2.55X		3.29X		3.20X
Including interest on Deposits		0.92X		1.36X		1.39X		1.58X		1.76X

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