**Exhibit 12.1**

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

 
|                                                              |    | **Six Months  Ended  June 30,**                    |      |       |   |
|-------------------------------------------------------------------|---------|----------------------------------------------------|-----------|------------|--------|
| **Year Ended  December 31,**                                      |
|                                                              |    | **2004**                                           |      | **2003**   |   | **2003** |   | **2002** |   | **2001** |   | **2000** |   | **1999** |   |
|                                                              |    | **(Dollars  in thousands, except per share data)** |      |
| **Historical Operating Data:**                                    |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                   |    | $                                                  | 141,437   |       | $      | 161,083 |   | $ | 309,242 |   | $ | 354,701 |   | $ | 430,473 |   | $ | 474,205 |   | $ | 461,883 |   |
| Interest expense                                                  |    | 28,340                                             |      | 39,203     |   | 70,538 |   | 100,655 |   | 172,811 |   | 220,843 |   | 196,380 |   |
| Net interest income                                               |    | 113,097                                            |      | 121,880    |   | 238,704 |   | 254,046 |   | 257,662 |   | 253,362 |   | 265,503 |   |
| Provision for loan losses                                         |    | 4,732                                              |      | 6,974      |   | 12,602 |   | 13,262 |   | 17,520 |   | 15,781 |   | 20,184 |   |
| Net interest income after provision for loan losses               |    | 108,365                                            |      | 114,906    |   | 226,102 |   | 240,784 |   | 240,142 |   | 237,581 |   | 245,319 |   |
| Noninterest income                                                |    | 46,134                                             |      | 44,950     |   | 92,693 |   | 85,123 |   | 83,436 |   | 81,530 |   | 78,382 |   |
| Noninterest expense                                               |    | 102,963                                            |      | 102,686    |   | 206,859 |   | 207,150 |   | 225,043 |   | 211,729 |   | 210,215 |   |
| Income before taxes                                               |    | 51,536                                             |      | 57,170     |   | 111,936 |   | 118,757 |   | 98,535 |   | 107,382 |   | 113,486 |   |
| Provision for income taxes                                        |    | 17,184                                             |      | 18,683     |   | 36,915 |   | 39,549 |   | 33,476 |   | 35,748 |   | 38,573 |   |
| Net income applicable to common equity                            |    | $                                                  | 34,352    |       | $      | 38,487 |   | $ | 75,021 |   | $ | 79,208 |   | $ | 65,059 |   | $ | 71,634 |   | $ | 74,913 |   |
|                                                              |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| **Earnings per common and common equivalent share:**              |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Basic net income                                                  |    | $                                                  | 0.93      |       | $      | 1.00 |   | $ | 1.97 |   | $ | 2.00 |   | $ | 1.59 |   | $ | 1.55 |   | $ | 1.50 |   |
|                                                              |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Diluted net income                                                |    | $                                                  | 0.92      |       | $      | 0.99 |   | $ | 1.95 |   | $ | 1.97 |   | $ | 1.57 |   | $ | 1.54 |   | $ | 1.48 |   |
|                                                              |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Dividends paid                                                    |    | 0.48                                               |      | 0.44       |   | 0.90 |   | 0.80 |   | 0.68 |   | 0.60 |   | 0.56 |   |
|                                                              |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Average common shares outstanding                                 |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                             |    | 36,965,297                                         |      | 38,485,552 |   | 38,107,796 |   | 39,564,912 |   | 40,905,545 |   | 46,219,120 |   | 50,061,972 |   |
| Diluted                                                           |    | 37,516,977                                         |      | 38,946,844 |   | 38,553,806 |   | 40,243,135 |   | 41,471,404 |   | 46,578,750 |   | 50,670,559 |   |
|                                                              |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| **Historical Operating Ratios and Other Data:**                   |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Return on average assets                                          |    | 1.26                                               | %         | 1.37       | %      | 1.34 | % | 1.40 | % | 1.11 | % | 1.16 | % | 1.20 | % |
| Return on average common shareholders’ equity.               |    | 19.54                                              | %         | 20.73      | %      | 20.50 | % | 21.76 | % | 18.66 | % | 19.90 | % | 18.07 | % |
| Net interest margin                                               |    | 4.69                                               | %         | 4.89       | %      | 4.84 | % | 5.09 | % | 4.99 | % | 4.67 | % | 4.85 | % |
| Dividend payout ratio                                             |    | 52.17                                              | %         | 44.44      | %      | 46.15 | % | 40.61 | % | 43.31 | % | 38.96 | % | 37.84 | % |
| Net charge-offs to average loans                                  |    | 0.25                                               | %         | 0.51       | %      | 0.48 | % | 0.33 | % | 0.39 | % | 0.34 | % | 0.66 | % |
| Ratio of earnings to fixed charges (2):                           |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Excluding interest on deposits                                    |    | 6.09                                               |      | 5.83       |   | 6.09 |   | 5.73 |   | 3.88 |   | 3.08 |   | 3.51 |   |
| Including interest on deposits                                    |    | 2.82                                               |      | 2.46       |   | 2.59 |   | 2.18 |   | 1.57 |   | 1.49 |   | 1.58 |   |
| **Historical Financial Condition Data:**                          |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Assets                                                            |    | $                                                  | 5,574,395 |       | $      | 5,589,871 |   | $ | 5,465,107 |   | $ | 5,830,850 |   | $ | 5,775,778 |   | $ | 6,093,219 |   | $ | 6,305,871 |   |
| Loans                                                             |    | 3,430,827                                          |      | 3,425,902  |   | 3,323,572 |   | 3,577,893 |   | 3,736,692 |   | 3,738,202 |   | 3,690,353 |   |
| Investment securities (3)                                         |    | 1,560,510                                          |      | 1,588,644  |   | 1,563,419 |   | 1,672,445 |   | 1,437,066 |   | 1,714,510 |   | 1,941,856 |   |
| Deposits                                                          |    | 4,388,079                                          |      | 4,461,248  |   | 4,389,210 |   | 4,669,746 |   | 4,750,813 |   | 5,019,891 |   | 4,909,863 |   |
| Short-term borrowings                                             |    | 627,433                                            |      | 459,573    |   | 442,266 |   | 453,490 |   | 342,639 |   | 409,710 |   | 724,425 |   |
| Long-term debt                                                    |    | 169,211                                            |      | 236,211    |   | 222,211 |   | 251,211 |   | 260,552 |   | 247,668 |   | 199,333 |   |
| Common shareholders’ equity                                  |    | 345,577                                            |      | 381,960    |   | 361,800 |   | 378,449 |   | 356,705 |   | 345,431 |   | 407,269 |   |
| Book value per common share                                       |    | 9.36                                               |      | 9.98       |   | 9.68 |   | 9.78 |   | 8.86 |   | 8.25 |   | 8.12 |   |
| Tangible book value per common share                              |    | 6.82                                               |      | 7.51       |   | 7.17 |   | 7.32 |   | 6.44 |   | 5.50 |   | 5.60 |   |
| **Historical Financial Condition Ratios:**                        |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Nonperforming assets to total loans and OREO                      |    | 0.68                                               | %         | 0.94       | %      | 0.79 | % | 0.81 | % | 0.64 | % | 0.70 | % | 0.88 | % |
| Allowance for loan losses to total loans                          |    | 1.54                                               | %         | 1.58       | %      | 1.57 | % | 1.57 | % | 1.47 | % | 1.40 | % | 1.32 | % |
| Allowance for loan losses to nonperforming loans                  |    | 273                                                | %         | 210        | %      | 251 | % | 245 | % | 261 | % | 221 | % | 188 | % |
| Average shareholders’ equity to average loans                |    | 6.44                                               | %         | 6.60       | %      | 6.56 | % | 6.45 | % | 5.95 | % | 5.82 | % | 6.64 | % |
| **Regulatory capital ratios:**                                    |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Tier 1 capital                                                    |    | 9.64                                               | %         | 9.77       | %      | 9.76 | % | 8.98 | % | 8.67 | % | 8.13 | % | 10.01 | % |
| Total capital                                                     |    | 11.27                                              | %         | 11.63      | %      | 11.42 | % | 11.04 | % | 11.11 | % | 10.73 | % | 12.45 | % |
| Leverage ratio                                                    |    | 6.91                                               | %         | 6.97       | %      | 6.99 | % | 6.52 | % | 6.51 | % | 5.94 | % | 7.16 | % |
| Efficiency ratio                                                  |    | 64.40                                              | %         | 61.42      | %      | 62.24 | % | 60.12 | % | 62.64 | % | 62.14 | % | 59.22 | % |
|                                                              |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Income before taxes                                               |    | $                                                  | 51,536    |       | $      | 57,170 |   | $ | 111,936 |   | $ | 118,757 |   | $ | 98,535 |   | $ | 107,382 |   | $ | 113,486 |   |
| Add:  fixed charges                                          |    | 28,340                                             |      | 39,203     |   | 70,538 |   | 100,655 |   | 172,811 |   | 220,843 |   | 196,380 |   |
| Earnings including interest exp-deposits                          | **(a)** |                                               | 79,876    |       | 96,373 |   | 182,474 |   | 219,412 |   | 271,346 |   | 328,225 |   | 309,866 |   |
| Less: interest expense - deposits                                 |    | (18,207                                            | )         | (27,369    | )      | (48,559 | ) | (75,572 | ) | (138,542 | ) | (169,281 | ) | (151,138 | ) |
| Earnings excluding interest exp-deposits                          | **(b)** |                                               | $         | 61,669     |   | $ | 69,004 |   | $ | 133,915 |   | $ | 143,840 |   | $ | 132,804 |   | $ | 158,944 |   | $ | 158,728 |   |
|                                                              |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Fixed charges:                                                    |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense - deposits                                       |    | $                                                  | 18,207    |       | $      | 27,369 |   | $ | 48,559 |   | $ | 75,572 |   | $ | 138,542 |   | $ | 169,281 |   | $ | 151,138 |   |
| Interest expense - borrowings                                     |    | 10,133                                             |      | 11,834     |   | 21,979 |   | 25,083 |   | 34,269 |   | 51,562 |   | 45,242 |   |
| Fixed charges incl interest exp-deposits                          | **(c)** |                                               | 28,340    |       | 39,203 |   | 70,538 |   | 100,655 |   | 172,811 |   | 220,843 |   | 196,380 |   |
|                                                              |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Less: interest expense - deposits                                 |    | (18,207                                            | )         | (27,369    | )      | (48,559 | ) | (75,572 | ) | (138,542 | ) | (169,281 | ) | (151,138 | ) |
| Fixed charges excl interest exp-deposits                          | **(d)** |                                               | $         | 10,133     |   | $ | 11,834 |   | $ | 21,979 |   | $ | 25,083 |   | $ | 34,269 |   | $ | 51,562 |   | $ | 45,242 |   |
|                                                              |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Earnings to combined fixed charges and preferred stock dividends: |    |                                               |      |       |   |   |   |   |   |   |   |   |   |   |   |
| Excluding interest on deposits   (b) / (d)                   |    | 6.09                                               |      | 5.83       |   | 6.09 |   | 5.73 |   | 3.88 |   | 3.08 |   | 3.51 |   |
| Including interest on deposits   (a) / (c)                   |    | 2.82                                               |      | 2.46       |   | 2.59 |   | 2.18 |   | 1.57 |   | 1.49 |   | 1.58 |   |

 

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