Exhibit 12.1

COMMUNITY FIRST BANKSHARES, INC.

HISTORICAL CONSOLIDATED FINANCIAL DATA

	Nine Months Ended September 30,
	2002					2001					2001				2000					1999					1998						1997
	(Dollars in thousands, except per share data)
Historical Operating Data:
Interest income	$		271,533			$		334,421			$		434,016		$		477,558			$		465,206			$		467,270				$		342,789
Interest expense	69,223					131,637					162,220				210,281					185,818					194,787						140,488
Net interest income	202,310					202,784					271,796				267,277					279,388					272,483						202,301
Provision for loan losses	9,964					14,221					17,520				15,781					20,184					23,136						6,604
Net interest income after provision for loan losses	192,346					188,563					254,276				251,496					259,204					249,347						195,697
Noninterest income	60,516					59,780					79,575				77,860					74,742					64,867						49,947
Noninterest expense	163,181					177,879					235,316				221,974					220,460					242,248						159,633
Income from continuing operations before income taxes and extraordinary item	89,681					70,464					98,535				107,382					113,486					71,966						86,011
Provision for income taxes	30,194					24,063					33,476				35,748					38,573					22,595						25,848
Income from continuing operations before extraordinary item	59,487					46,401					65,059				71,634					74,913					49,371						60,163
Discontinued Operations:
Income from discontinued operations, net of taxes											0				0					0					(2,232				)		967
Disposal of discontinued operations	0					0					0				0					0					(1,676				)		0
Income before extraordinary item and cummulative effect of accounting change	59,487					46,401					65,059				71,634					74,913					45,463						61,130
Extraordinary item, net of taxes	0					0					0				0					0					0						(265				)
Net income	59,487					46,401					65,059				71,634					74,913					45,463						60,865
Dividends on preferred stock	0					0					0				0					0					0						0
Net income applicable to common equity	$		59,487			$		46,401			$		65,059		$		71,634			$		74,913			$		45,463				$		60,865

Earnings per common and common equivalent share:
Basic income per share from continuing operations before extraordinary item and cummulative effect of accounting change	$		1.50			$		1.13			$		1.59		$		1.55			$		1.50			$		0.98				$		1.30
Discontinued operations	0.00					0.00					0.00				0.00					0.00					(0.08				)		0.02
Extraordinary item (1)	0.00					0.00					0.00				0.00					0.00					0.00						(0.01				)
Basic net income	$		1.50			$		1.13			$		1.59		$		1.55			$		1.50			$		0.90				$		1.31

Diluted income per share from continuing operations before extraordinary item and cummulative effect of accounting change	$		1.47			$		1.11			$		1.57		$		1.54			$		1.48			$		0.96				$		1.26
Discontinued operations	0.00					0.00					0.00				0.00					0.00					(0.07				)		0.03
Extraordinary item (1)	0.00					0.00					0.00				0.00					0.00					0.00						(0.01				)
Diluted net income	$		1.47			$		1.11			$		1.57		$		1.54			$		1.48			$		0.89				$		1.27

Dividends paid	0.59					0.50					0.68				0.60					0.56					0.44						0.35

Average common shares outstanding
Basic	39,724,971					41,135,096					40,905,545				46,219,120					50,061,972					50,272,551						46,416,814
Diluted	40,409,350					41,660,439					41,471,404				46,578,750					50,670,559					51,114,703						47,831,402
Historical Operating Ratios and Other Data:
Return on average assets		1.42			%		1.05			%		1.11		%		1.16			%		1.20			%		0.75				%		1.42			%
Return on average common shareholders’ equity		22.04			%		17.91			%		18.66		%		19.90			%		18.07			%		11.03				%		19.04			%
Net interest margin		5.41			%		5.18			%		5.23		%		4.90			%		5.06			%		5.12				%		5.35			%
Dividend payout ratio		40.14			%		45.05			%		43.31		%		38.96			%		37.84			%		49.44				%		27.56			%
Net charge-offs to average loans		0.32			%		0.41			%		0.39		%		0.34			%		0.66			%		0.43				%		0.24			%
Ratio of earnings to fixed charges (2):
Excluding interest on deposits		9.19					4.55					5.16				3.62					4.27					3.58						6.54
Including interest on deposits		2.30					1.54					1.61				1.51					1.61					1.37						1.61
Historical Financial Condition Data:
Assets	$		5,619,702			$		5,731,308			$		5,772,326			$		6,089,729			$		6,302,235			$		6,239,772				$		5,660,218
Loans	3,647,133					3,808,267					3,736,692					3,738,202					3,690,353					3,537,537						3,160,501
Investment securities (3)	1,462,071					1,416,250					1,513,831					1,787,732					2,011,765					2,097,443						1,799,561
Deposits	4,640,752					4,755,377					4,750,813					5,019,891					4,909,863					5,101,065						4,341,065
Short-term borrowings	287,793					288,598					342,639					409,710					724,425					435,726						273,239
Long-term debt	136,500					139,988					136,841					123,957					75,622					93,524						124,612
Company-obligated mandatorily redeemable preferred securities of CFB Capital I and II	120,000					120,000					120,000					120,000					120,000					120,000						120,000
Preferred shareholders’ equity	0					0					0					0					0					0						0
Common shareholders’ equity	382,376					358,130					356,705					345,431					407,269					424,656						405,039
Book value per common share	9.72					8.89					8.86					8.25					8.12					8.49						8.11
Tangible book value per common share	7.28					6.41					6.44					5.50					5.60					5.83						6.15
Historical Financial Condition Ratios:
Nonperforming assets to total loans and OREO	0.71			%		0.66			%		0.64			%		0.70			%		0.88			%		0.78				%		0.65			%
Allowance for loan losses to total loans	1.54			%		1.44			%		1.47			%		1.40			%		1.32			%		1.47				%		1.31			%
Allowance for loan losses to nonperforming loans	227			%		248			%		261			%		221			%		188			%		228				%		271			%
Average shareholders’ equity to average loans	6.43			%		5.87			%		5.95			%		5.83			%		6.64			%		6.83				%		7.44			%
Regulatory capital ratios:
Tier 1 capital	9.27			%		8.29			%		8.67			%		8.13			%		10.01			%		9.44				%		11.54			%
Total capital	11.42			%		10.81			%		11.11			%		10.73			%		12.45			%		12.09				%		14.89			%
Leverage ratio	6.87			%		6.28			%		6.51			%		5.94			%		7.16			%		6.47				%		7.51			%
Efficiency ratio	60.65			%		63.23			%		63.32			%		62.86			%		60.12			%		67.16				%		61.98			%
Net Income and Ratios Excluding Goodwill and Other Intangible Assets Amortization and Balances (“Cash”)
Income applicable to common equity	60,979					51,685					72,067					78,972					82,263					54,384						65,330
Diluted earnings per common share	$		1.51			$		1.24			$		1.74			$		1.70			$		1.62			$		1.06				$		1.37
Return on average assets.	1.48			%		1.19			%		1.25			%		1.30			%		1.35			%		0.92				%		1.54			%
Return on average common shareholders equity	22.60			%		19.95			%		20.67			%		21.94			%		19.84			%		13.20				%		20.44			%

COMMUNITY FIRST BANKSHARES, INC.

CALCULATION OF EARNINGS TO FIXED CHARGES

	Nine Months Ended September 30,
	2002			2001			2001			2000			1999			1998			1997
Income before taxes & extraordinary item and cumulative effect of accounting change	$	89,681		$	70,464		$	98,535		$	107,382		$	113,486		$	71,966		$	86,011
Add: fixed charges	69,223			131,637			162,220			210,281			185,818			194,787			140,488
Earnings including interest exp-deposits (a)	158,904			202,101			260,755			317,663			299,304			266,753			226,499
Less: interest expense - deposits	(58,272		)	(111,795		)	(138,542		)	(169,281		)	(151,138		)	(166,873		)	(124,964		)
Earnings excluding interest exp-deposits (b)	$	100,632		$	90,306		$	122,213		$	148,382		$	148,166		$	99,880		$	101,535

Fixed charges:
Interest expense - deposits	$	58,272		$	111,795		$	138,542		$	169,281		$	151,138		$	166,873		$	124,964
Interest expense - borrowings	10,951			19,842			23,678			41,000			34,680			27,914			15,524
Interest expense on cap leases	0			0			0			0			0			0			0
Dividends on preferred stock (gross)	0			0			0			0			0			0			0
Fixed charges incl interest exp-deposits (c)	69,223			131,637			162,220			210,281			185,818			194,787			140,488

Less: interest expense - deposits	(58,272		)	(111,795		)	(138,542		)	(169,281		)	(151,138		)	(166,873		)	(124,964		)
Fixed charges excl interest exp-deposits (d)	$	10,951		$	19,842		$	23,678		$	41,000		$	34,680		$	27,914		$	15,524

Preferred dividends	0			0			0			0			0			0			0
Effective tax rate	33.67		%	34.15		%	33.97		%	33.29		%	33.99		%	31.40		%	30.05		%
Preferred dividends - grossed up (1 - tax rate)	0			0			0			0			0			0			0

Earnings to combined fixed charges and preferred stock dividends:
Excluding interest on deposits (b) / (d)	9.19			4.55			5.16			3.62			4.27			3.58			6.54
Including interest on deposits (a) / (c)	2.30			1.54			1.61			1.51			1.61			1.37			1.61

CALCULATION OF FULLY DILUTED EARNINGS
WITH REGARD TO CONVERTIBLE DEBENTURES

	Nine Months Ended September 30,
	2002	2001	2001	2000	1999	1998	1997
Income before taxes	89,681	70,464	98,535	107,382	113,486	71,966	86,011
Interest expense on convertible debentures	0	0	0	0	0	0	0
Adjusted income before interest on conv debentures	89,681	70,464	98,535	107,382	113,486	71,966	86,011
Adjusted income tax provision	30,194	24,063	33,476	35,748	38,624	22,646	25,899
Adjusted net income	59,487	46,401	65,059	71,634	74,862	49,320	60,112

General Ledger Balances KEY DATA

(000)

	Nine Months Ended September 30,
	2002	2001	2001	2000	1999	1998	1997
Average Assets:	5,613,169	5,899,946	5,859,612	6,179,192	6,245,294	6,035,121	4,298,381

Average Common Equity:	360,796	346,398	348,676	360,002	414,644	412,110	319,637

Average Loans:	3,681,546	3,778,399	3,785,553	3,706,144	3,573,060	3,383,724	2,747,123

Net Charge Offs - End of Period	8,849	11,569	14,697	12,491	23,436	14,613	6,636

Intangibles - End of Period	96,286	99,914	97,457	114,971	126,378	133,273	97,563

Non Accruals Loans - End of Period	24,527	21,887	20,818	23,426	25,764	22,609	15,151

Restructured Loans - End of Period	228	257	252	224	284	162	140

Non Performing Loans - End of Period	24,755	22,144	21,070	23,650	26,048	22,771	15,291

OREO - End of Period	1,159	2,885	2,869	2,437	6,525	4,763	5,433

Non Performing Assets - End of Period	25,914	25,029	23,939	26,087	32,573	27,534	20,724

Allowance for Loan Losses - End of Period	56,106	54,820	54,991	52,168	48,878	51,860	41,387

Common Shares Outstanding - End of Period	39,320,096	40,301,388	40,246,039	41,866,752	50,135,932	49,992,949	49,971,594

Tier 1 Capital - End of Period	383,086	357,107	373,020	358,255	445,605	397,659	420,913

Total Capital - End of Period	471,977	465,726	478,222	473,117	554,483	509,519	543,021

Tangible Tier 1 Capital - End of Period	383,086	357,107	373,020	358,255	445,605	397,659	420,913

Total Tangible Assets - End of Period	5,579,522	5,686,214	5,729,860	6,026,926	6,224,735	6,158,359	5,604,042

Total Risk Weighted Assets - End of Period	4,134,364	4,309,030	4,304,531	4,408,524	4,452,587	4,213,215	3,647,594

Net Income and Ratios Excluding Goodwill and Other Intangible

Assets Amortization and Balances (“Cash”)

	Nine Months Ended September 30,
	2002		2001		2001		2000		1999		1998		1997
Average Balance Calculation

Total Average Assets	5,613,169		5,899,946		5,859,612		6,179,192		6,245,294		6,035,121		4,298,381

Less: Average Intangible Assets	(96,929	)	(107,563	)	(105,391	)	(119,932	)	(129,721	)	(135,056	)	(64,002	)

Average Assets: Cash EPS	5,516,240		5,792,383		5,754,221		6,059,260		6,115,573		5,900,065		4,234,379

Average Shareholders Equity	360,796		346,398		348,676		360,002		414,644		412,110		319,637

Income Applicable to common shareholders equity adjusted for intangilbes

Community First Bankshares
Current Earnings (Primary)	59,487		46,401		65,059		71,634		74,913		45,463		60,865
Plus:
Non taxable intangibles	0		1,969		2,627		2,624		2,625		4,182		2,637
Taxable intangibles	2,487		5,525		7,301		7,857		7,875		7,898		3,047
Tax effect of intangibles	(995	)	(2,210	)	(2,920	)	(3,143	)	(3,150	)	(3,159	)	(1,219	)
CEPS net income	60,979		51,685		72,067		78,972		82,263		54,384		65,330

Community First Bankshares
Current Earnings (Fully Diluted))	59,487		46,401		65,059		71,634		74,913		45,463		60,865
Plus:
Non taxable intangibles	0		1,969		2,627		2,624		2,625		4,182		2,637
Taxable intangibles	2,487		5,525		7,301		7,857		7,875		7,898		3,047
Tax effect of intangibles	(995	)	(2,210	)	(2,920	)	(3,143	)	(3,150	)	(3,159	)	(1,219	)
CEPS net income	60,979		51,685		72,067		78,972		82,263		54,384		65,330

Impact of Cash Earnings Per Share Basis

	Nine Months Ended September 30,
	2002			2001			2001			2000			1999			1998			1997
Intangible Assets, End of Period	96,286			99,914			97,457			114,971			126,378			133,273			97,563
Intangible Assets, Period Average	96,929			107,563			105,391			119,932			129,721			135,056			64,002

Fully Diluted Earnings Per Share:
Reported	$	1.47		$	1.11		$	1.57		$	1.54		$	1.48		$	0.89		$	1.27
Cash earnings per share	$	1.51		$	1.24		$	1.74		$	1.70		$	1.62		$	1.06		$	1.37
Effect of cash basis	$	0.04		$	0.13		$	0.17		$	0.16		$	0.15		$	0.18		$	0.10

Return on Average Assets:
Reported	1.42		%	1.05		%	1.11		%	1.16		%	1.20		%	0.75		%	1.42		%
Cash earnings per share	1.48		%	1.19		%	1.25		%	1.30		%	1.35		%	0.92		%	1.54		%
Effect of cash basis	0.06		%	0.14		%	0.14		%	0.14		%	0.15		%	0.17		%	0.13		%

Return on Average Shareholders’ Equity
Reported	22.04		%	17.91		%	18.66		%	19.90		%	18.07		%	11.03		%	19.04		%
Cash earnings per share	22.60		%	19.95		%	20.67		%	21.94		%	19.84		%	13.20		%	20.45		%
Effect of cash basis	0.55		%	2.04		%	2.01		%	2.04		%	1.77		%	2.16		%	1.41		%