Exhibit 12.1

COMMUNITY FIRST BANKSHARES, INC. COMMUNITY FIRST BANKSHARES, INC.

HISTORICAL CONSOLIDATED FINANCIAL DATA

	Nine Months Ended September 30,						Year Ended December 31,
	2003			2002			2002			2001			2000			1999			1998
	(Dollars in thousands, except per share data)
Historical Operating Data:
Interest income	$	238,578		$	271,533		$	358,183		$	434,016		$	477,558		$	465,206		$	467,270
Interest expense	47,650			69,223			89,928			162,220			210,281			185,818			194,787
Net interest income	190,928			202,310			268,255			271,796			267,277			279,388			272,483
Provision for loan losses	10,377			9,964			13,262			17,520			15,781			20,184			23,136
Net interest income after provision for loan losses	180,551			192,346			254,993			254,276			251,496			259,204			249,347
Noninterest income	66,667			60,516			81,319			79,575			77,860			74,742			64,867
Noninterest expense	162,799			163,181			217,555			235,316			221,974			220,460			242,248
Income from continuing operations before income taxes	84,419			89,681			118,757			98,535			107,382			113,486			71,966
Provision for income taxes	27,591			30,194			39,549			33,476			35,748			38,573			22,595
Income from continuing operations before	56,828			59,487			79,208			65,059			71,634			74,913			49,371
Discontinued Operations:
Income from discontinued operations, net of taxes	0			0			0			0			0			0			(2,232		)
Disposal of discontinued operations	0			0			0			0			0			0			(1,676		)
Net income applicable to common equity	$	56,828		$	59,487		$	79,208		$	65,059		$	71,634		$	74,913		$	45,463
Earnings per common and common equivalent share:
Basic income per share from continuing operations	$	1.48		$	1.50		$	2.00		$	1.59		$	1.55		$	1.50		$	0.98
Discontinued operations	0.00			0.00			0.00			0.00			0.00			0.00			(0.08		)
Basic net income	$	1.48		$	1.50		$	2.00		$	1.59		$	1.55		$	1.50		$	0.90
Diluted income per share from continuing operations	$	1.46		$	1.47		$	1.97		$	1.57		$	1.54		$	1.48		$	0.96
Discontinued operations	0.00			0.00			0.00			0.00			0.00			0.00			(0.07		)
Diluted net income	$	1.46		$	1.47		$	1.97		$	1.57		$	1.54		$	1.48		$	0.89
Dividends paid	0.67			0.59			0.80			0.68			0.60			0.56			0.44
Average common shares outstanding
Basic	38,300,486			39,724,971			39,564,912			40,905,545			46,219,120			50,061,972			50,272,551
Diluted	38,831,640			40,409,350			40,243,135			41,471,404			46,578,750			50,670,559			51,114,703
Historical Operating Ratios and Other Data:
Return on average assets	1.35		%	1.42		%	1.40		%	1.11		%	1.16		%	1.20		%	0.75		%
Return on average common shareholders’ equity	20.56		%	22.04		%	21.76		%	18.66		%	19.90		%	18.07		%	11.03		%
Net interest margin	5.09		%	5.41		%	5.33		%	5.23		%	4.90		%	5.06		%	5.12		%
Dividend payout ratio	45.89		%	40.14		%	40.61		%	43.31		%	38.96		%	37.84		%	49.44		%
Net charge-offs to average loans	0.48		%	0.32		%	0.33		%	0.39		%	0.34		%	0.66		%	0.43		%
Ratio of earnings to fixed charges:
Excluding interest on deposits	10.16			9.19			9.27			5.16			3.62			4.27			3.58
Including interest on deposits	2.77			2.30			2.32			1.61			1.51			1.61			1.37
Historical Financial Condition Data:
Assets	$	5,483,458		$	5,619,702		$	5,827,170		$	5,772,326		$	6,089,729		$	6,302,235		$	6,239,772
Loans	3,358,152			3,647,133			3,577,893			3,736,692			3,738,202			3,690,353			3,537,537
Investment securities	1,632,383			1,462,071			1,752,610			1,513,831			1,787,732			2,011,765			2,097,443
Deposits	4,370,093			4,640,752			4,669,746			4,750,813			5,019,891			4,909,863			5,101,065
Short-term borrowings	473,271			287,793			453,490			342,639			409,710			724,425			435,726
Long-term debt	100,500			136,500			127,500			136,841			123,957			75,622			93,524
Company-obligated mandatorily redeemable preferredsecurities of trust subsidiaries	120,000			120,000			120,000			120,000			120,000			120,000			120,000
Common shareholders’ equity	366,109			382,376			378,449			356,705			345,431			407,269			424,656
Book value per common share	9.71			9.72			9.78			8.86			8.25			8.12			8.49
Tangible book value per common share	7.22			7.28			7.32			6.44			5.50			5.60			5.83
Historical Financial Condition Ratios:
Nonperforming assets to total loans and OREO	0.96		%	0.71		%	0.81		%	0.64		%	0.70		%	0.88		%	0.78		%
Allowance for loan losses to total loans	1.61		%	1.54		%	1.57		%	1.47		%	1.40		%	1.32		%	1.47		%
Allowance for loan losses to nonperforming loans	207		%	227		%	245		%	261		%	221		%	188		%	228		%
Average shareholders’ equity to average loans	6.58		%	6.43		%	6.45		%	5.95		%	5.83		%	6.64		%	6.83		%
Regulatory capital ratios:
Tier 1 capital	9.57		%	9.27		%	8.98		%	8.67		%	8.13		%	10.01		%	9.44		%
Total capital	11.35		%	11.42		%	11.04		%	11.11		%	10.73		%	12.45		%	12.09		%
Leverage ratio	6.96		%	6.87		%	6.52		%	6.51		%	5.94		%	7.16		%	6.47		%
Efficiency ratio	62.13		%	60.65		%	60.89		%	63.32		%	62.86		%	60.12		%	67.16		%
Income from continuing operations before income taxes	$	84,419		$	89,681		$	118,757		$	98,535		$	107,382		$	113,486		$	71,966
Add:  fixed charges	47,650			69,223			89,928			162,220			210,281			185,818			194,787
Earnings including interest exp-deposits   (a)	132,069			158,904			208,685			260,755			317,663			299,304			266,753
Less: interest expense - deposits	(38,429		)	(58,272		)	(75,572		)	(138,542		)	(169,281		)	(151,138		)	(166,873		)
Earnings excluding interest exp-deposits  (b)	$	93,640		$	100,632		$	133,113		$	122,213		$	148,382		$	148,166		$	99,880
Fixed charges:
Interest expense - deposits	$	38,429		$	58,272		$	75,572		$	138,542		$	169,281		$	151,138		$	166,873
Interest expense - borrowings	9,221			10,951			14,356			23,678			41,000			34,680			27,914
Fixed charges incl interest exp-deposits   (c)	47,650			69,223			89,928			162,220			210,281			185,818			194,787
Less: interest expense - deposits	(38,429		)	(58,272		)	(75,572		)	(138,542		)	(169,281		)	(151,138		)	(166,873		)
Fixed charges excl interest exp-deposits  (d)	$	9,221		$	10,951		$	14,356		$	23,678		$	41,000		$	34,680		$	27,914
Earnings to combined fixed charges:
Excluding interest on deposits  (b) / (d)	10.16			9.19			9.27			5.16			3.62			4.27			3.58
Including interest on deposits  (a) / (c)	2.77			2.30			2.32			1.61			1.51			1.61			1.37