EX-12.1 3 forms30011509ratios.htm FORM S-3 011509 RATIOS forms30011509ratios.htm
EXHIBIT 12.1

Heartland Financial USA, Inc.
Ratios of Earnings to Fixed Charges

The following table sets forth our consolidated ratios of earnings to fixed charges for the periods indicated:

 
             
Nine Months Ended Sept.  30,
 
Year Ended December 31,
  
 
2007
2006
2005
2004
2003
  
2008
2007
                 
Income before income taxes
$36,127
$37,611
$32,876
$28,189
$25,856
  
$19,056
$27,369
                 
Fixed charges:
                
Interest expense on deposits
$77,865
$62,530
$42,875
$30,647
$27,763
  
$48,375
$58,375
Interest expense on borrowings
28,026
22,879
16,041
12,426
9,549
  
17,611
21,307
Estimated interest within rental expense
582
534
623
450
358
  
478
437
Total fixed charges
$106,473
$85,943
$59,539
$43,523
$37,670
  
$66,464
$80,119
                 
Total earnings
$142,600
$123,554
$92,415
$71,712
$63,526
  
$85,520
$107,488
                 
Total fixed charges
$106,473
$85,943
$59,539
$43,523
$37,670
  
$66,464
$80,119
Interest expense on deposits
77,865
62,530
42,875
30,647
27,763
  
48,375
58,375
Total fixed charges excluding interest on deposits
 
$28,608
 
$23,413
 
$16,664
 
$12,876
 
$9,907
  
 
$18,089
 
$21,744
                 
Ratio of earnings to fixed charges:
                
Including deposit interest
2.26
2.61
2.97
3.19
3.61
  
2.05
2.26
Excluding deposit interest
1.34
1.44
1.55
1.65
1.69
  
1.29
1.34