**Exhibit 12.1**

 

| **COMMUNITY FIRST BANKSHARES, INC.**    |   | **COMMUNITY FIRST BANKSHARES, INC.** |
|-----------------------------------------|--------|--------------------------------------|
| HISTORICAL  CONSOLIDATED FINANCIAL DATA |   |                                 |

 
|                                                                                |   | **Three  Months Ended  March 31,**                |      | **Year Ended  December 31,** |   |
|-------------------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|------------------------------|--------|
|                                                                                |   | **2003**                                          |      | **2002**                     |   | **2002** |   | **2001** |   | **2000** |   | **1999** |   | **1998** |   |
|                                                                                |   | **(Dollars in thousands, except per share data)** |      |
| **Historical Operating Data:**                                                      |   |                                              |      |                         |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                                     |   | $                                                 | 82,858    |                         | $      | 91,740 |   | $ | 358,183 |   | $ | 434,016 |   | $ | 477,558 |   | $ | 465,206 |   | $ | 467,270 |   |
| Interest expense                                                                    |   | 17,964                                            |      | 25,154                       |   | 89,928 |   | 162,220 |   | 210,281 |   | 185,818 |   | 194,787 |   |
| Net interest income                                                                 |   | 64,894                                            |      | 66,586                       |   | 268,255 |   | 271,796 |   | 267,277 |   | 279,388 |   | 272,483 |   |
| Provision for loan losses                                                           |   | 3,487                                             |      | 3,315                        |   | 13,262 |   | 17,520 |   | 15,781 |   | 20,184 |   | 23,136 |   |
| Net interest income after provision for loan losses                                 |   | 61,407                                            |      | 63,271                       |   | 254,993 |   | 254,276 |   | 251,496 |   | 259,204 |   | 249,347 |   |
| Noninterest income                                                                  |   | 20,927                                            |      | 19,000                       |   | 81,319 |   | 79,575 |   | 77,860 |   | 74,742 |   | 64,867 |   |
| Noninterest expense                                                                 |   | 53,480                                            |      | 53,109                       |   | 217,555 |   | 235,316 |   | 221,974 |   | 220,460 |   | 242,248 |   |
| Income from continuing operations before income taxes                               |   | 28,854                                            |      | 29,162                       |   | 118,757 |   | 98,535 |   | 107,382 |   | 113,486 |   | 71,966 |   |
| Provision for income taxes                                                          |   | 9,453                                             |      | 9,901                        |   | 39,549 |   | 33,476 |   | 35,748 |   | 38,573 |   | 22,595 |   |
| Income from continuing operations before                                            |   | 19,401                                            |      | 19,261                       |   | 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                                              |   | $                                                 | 19,401    |                         | $      | 19,261 |   | $ | 79,208 |   | $ | 65,059 |   | $ | 71,634 |   | $ | 74,913 |   | $ | 45,463 |   |
|                                                                                |   |                                              |      |                         |   |   |   |   |   |   |   |   |   |   |   |
| **Earnings per common and common equivalent share:**                                |   |                                              |      |                         |   |   |   |   |   |   |   |   |   |   |   |
| Basic income per share from continuing operations effect of accounting  change      |   | $                                                 | 0.50      |                         | $      | 0.48 |   | $ | 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                                                                    |   | $                                                 | 0.50      |                         | $      | 0.48 |   | $ | 2.00 |   | $ | 1.59 |   | $ | 1.55 |   | $ | 1.50 |   | $ | 0.90 |   |
|                                                                                |   |                                              |      |                         |   |   |   |   |   |   |   |   |   |   |   |
| Diluted income per share from continuing operations                                 |   | $                                                 | 0.50      |                         | $      | 0.47 |   | $ | 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                                                                  |   | $                                                 | 0.50      |                         | $      | 0.47 |   | $ | 1.97 |   | $ | 1.57 |   | $ | 1.54 |   | $ | 1.48 |   | $ | 0.89 |   |
|                                                                                |   |                                              |      |                         |   |   |   |   |   |   |   |   |   |   |   |
| Dividends paid                                                                      |   | 0.22                                              |      | 0.19                         |   | 0.80 |   | 0.68 |   | 0.60 |   | 0.56 |   | 0.44 |   |
|                                                                                |   |                                              |      |                         |   |   |   |   |   |   |   |   |   |   |   |
| Average common shares outstanding                                                   |   |                                              |      |                         |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                               |   | 38,601,216                                        |      | 39,984,092                   |   | 39,564,912 |   | 40,905,545 |   | 46,219,120 |   | 50,061,972 |   | 50,272,551 |   |
| Diluted                                                                             |   | 39,111,903                                        |      | 40,644,637                   |   | 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                                                            |   | 1.38                                              | %         | 1.38                         | %      | 1.40 | % | 1.11 | % | 1.16 | % | 1.20 | % | 0.75 | % |
| Return on average common shareholders’ equity                                  |   | 21.01                                             | %         | 22.03                        | %      | 21.76 | % | 18.66 | % | 19.90 | % | 18.07 | % | 11.03 | % |
| Net interest margin                                                                 |   | 5.15                                              | %         | 5.36                         | %      | 5.33 | % | 5.23 | % | 4.90 | % | 5.06 | % | 5.12 | % |
| Dividend payout ratio                                                               |   | 44.00                                             | %         | 40.43                        | %      | 40.61 | % | 43.31 | % | 38.96 | % | 37.84 | % | 49.44 | % |
| Net charge-offs to average loans                                                    |   | 0.54                                              | %         | 0.32                         | %      | 0.33 | % | 0.39 | % | 0.34 | % | 0.66 | % | 0.43 | % |
| Ratio of earnings to fixed charges:                                                 |   |                                              |      |                         |   |   |   |   |   |   |   |   |   |   |   |
| Excluding interest on deposits                                                      |   | 9.86                                              |      | 9.13                         |   | 9.27 |   | 5.16 |   | 3.62 |   | 4.27 |   | 3.58 |   |
| Including interest on deposits                                                      |   | 2.61                                              |      | 2.16                         |   | 2.32 |   | 1.61 |   | 1.51 |   | 1.61 |   | 1.37 |   |
| **Historical Financial Condition Data:**                                            |   |                                              |      |                         |   |   |   |   |   |   |   |   |   |   |   |
| Assets                                                                              |   | $                                                 | 5,743,993 |                         | $      | 5,657,926 |   | $ | 5,827,170 |   | $ | 5,772,326 |   | $ | 6,089,729 |   | $ | 6,302,235 |   | $ | 6,239,772 |   |
| Loans                                                                               |   | 3,494,772                                         |      | 3,654,691                    |   | 3,577,893 |   | 3,736,692 |   | 3,738,202 |   | 3,690,353 |   | 3,537,537 |   |
| Investment securities                                                               |   | 1,783,487                                         |      | 1,534,839                    |   | 1,752,610 |   | 1,513,831 |   | 1,787,732 |   | 2,011,765 |   | 2,097,443 |   |
| Deposits                                                                            |   | 4,542,720                                         |      | 4,589,575                    |   | 4,669,746 |   | 4,750,813 |   | 5,019,891 |   | 4,909,863 |   | 5,101,065 |   |
| Short-term borrowings                                                               |   | 467,889                                           |      | 350,202                      |   | 453,490 |   | 342,639 |   | 409,710 |   | 724,425 |   | 435,726 |   |
| Long-term debt                                                                      |   | 117,500                                           |      | 132,478                      |   | 127,500 |   | 136,841 |   | 123,957 |   | 75,622 |   | 93,524 |   |
| Company-obligated mandatorily redeemable preferred securities of  subsidiary trusts |   | 180,000                                           |      | 120,000                      |   | 120,000 |   | 120,000 |   | 120,000 |   | 120,000 |   | 120,000 |   |
| Common shareholders’ equity                                                    |   | 377,834                                           |      | 352,040                      |   | 378,449 |   | 356,705 |   | 345,431 |   | 407,269 |   | 424,656 |   |
| Book value per common share                                                         |   | 9.83                                              |      | 8.83                         |   | 9.78 |   | 8.86 |   | 8.25 |   | 8.12 |   | 8.49 |   |
| Tangible book value per common share                                                |   | 7.36                                              |      | 6.39                         |   | 7.32 |   | 6.44 |   | 5.50 |   | 5.60 |   | 5.83 |   |
| **Historical Financial Condition Ratios:**                                          |   |                                              |      |                         |   |   |   |   |   |   |   |   |   |   |   |
| Nonperforming assets to total loans and OREO                                        |   | 1.00                                              | %         | 0.65                         | %      | 0.81 | % | 0.64 | % | 0.70 | % | 0.88 | % | 0.78 | % |
| Allowance for loan losses to total loans                                            |   | 1.57                                              | %         | 1.52                         | %      | 1.57 | % | 1.47 | % | 1.40 | % | 1.32 | % | 1.47 | % |
| Allowance for loan losses to nonperforming loans                                    |   | 195                                               | %         | 263                          | %      | 245 | % | 261 | % | 221 | % | 188 | % | 228 | % |
| Average shareholders’ equity to average loans                                  |   | 6.57                                              | %         | 6.27                         | %      | 6.45 | % | 5.95 | % | 5.83 | % | 6.64 | % | 6.83 | % |
| **Regulatory capital ratios:**                                                      |   |                                              |      |                         |   |   |   |   |   |   |   |   |   |   |   |
| Tier 1 capital                                                                      |   | 9.44                                              | %         | 8.92                         | %      | 8.98 | % | 8.67 | % | 8.13 | % | 10.01 | % | 9.44 | % |
| Total capital                                                                       |   | 12.92                                             | %         | 12.85                        | %      | 11.04 | % | 11.11 | % | 10.73 | % | 12.45 | % | 12.09 | % |
| Leverage ratio                                                                      |   | 6.72                                              | %         | 6.63                         | %      | 6.52 | % | 6.51 | % | 5.94 | % | 7.16 | % | 6.47 | % |
| Efficiency ratio                                                                    |   | 61.31                                             | %         | 60.64                        | %      | 60.89 | % | 63.32 | % | 62.86 | % | 60.12 | % | 67.16 | % |

 

1

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| **COMMUNITY  FIRST BANKSHARES, INC.**     |
|-------------------------------------------|
| CALCULATION OF EARNINGS TO  FIXED CHARGES |

 
|                                                                                     |   | **Three Months Ended  March 31,** |   | **Year Ended December 31,** |   |
|------------------------------------------------------------------------------------------|--------|-----------------------------------|--------|-----------------------------|--------|
|                                                                                     |   | **2003**                          |   | **2002**                    |   | **2002** |   | **2001** |   | **2000** |   | **1999** |   | **1998** |   |
| Income before taxes & extraordinary item and cumulative effect of  accounting change |   | $                                 | 28,854 |                        | $      | 29,162 |   | $ | 118,757 |   | $ | 98,535 |   | $ | 107,382 |   | $ | 113,486 |   | $ | 71,966 |   |
| Add:  fixed charges                                                                 |   | 17,964                            |   | 25,154                      |   | 89,928 |   | 162,220 |   | 210,281 |   | 185,818 |   | 194,787 |   |
| Earnings including interest exp-deposits **(a)**                                         |   | 46,818                            |   | 54,316                      |   | 208,685 |   | 260,755 |   | 317,663 |   | 299,304 |   | 266,753 |   |
| Less: interest expense — deposits                                                   |   | (14,707                           | )      | (21,568                     | )      | (75,572 | ) | (138,542 | ) | (169,281 | ) | (151,138 | ) | (166,873 | ) |
| Earnings excluding interest exp-deposits **(b)**                                         |   | $                                 | 32,111 |                        | $      | 32,748 |   | $ | 133,113 |   | $ | 122,213 |   | $ | 148,382 |   | $ | 148,166 |   | $ | 99,880 |   |
|                                                                                     |   |                              |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Fixed charges:                                                                           |   |                              |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense - deposits                                                              |   | $                                 | 14,707 |                        | $      | 21,568 |   | $ | 75,572 |   | $ | 138,542 |   | $ | 169,281 |   | $ | 151,138 |   | $ | 166,873 |   |
| Interest expense - borrowings                                                            |   | 3,257                             |   | 3,586                       |   | 14,356 |   | 23,678 |   | 41,000 |   | 34,680 |   | 27,914 |   |
| Fixed charges incl interest exp-deposits **(c)**                                         |   | 17,964                            |   | 25,154                      |   | 89,928 |   | 162,220 |   | 210,281 |   | 185,818 |   | 194,787 |   |
|                                                                                     |   |                              |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Less: interest expense - deposits                                                        |   | (14,707                           | )      | (21,568                     | )      | (75,572 | ) | (138,542 | ) | (169,281 | ) | (151,138 | ) | (166,873 | ) |
| Fixed charges excl interest exp-deposits **(d)**                                         |   | $                                 | 3,257  |                        | $      | 3,586 |   | $ | 14,356 |   | $ | 23,678 |   | $ | 41,000 |   | $ | 34,680 |   | $ | 27,914 |   |
|                                                                                     |   |                              |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| **Earnings to combined fixed charges and preferred  stock dividends:**                   |   |                              |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Excluding interest on deposits   (b) / (d)                                          |   | 9.86                              |   | 9.13                        |   | 9.27 |   | 5.16 |   | 3.62 |   | 4.27 |   | 3.58 |   |
| Including interest on deposits   (a) / (c)                                          |   | 2.61                              |   | 2.16                        |   | 2.32 |   | 1.61 |   | 1.51 |   | 1.61 |   | 1.37 |   |

 

2

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