<Page>

INDEX TO EXHIBITS
           Exhibit
           Number
           -------

         12.1

                          SPECTRUM BANCORPORATION, INC.
    COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

<Table>
<Caption>
                                         Year Ended    Year Ended    Year Ended   Year Ended   Year Ended
                                           June 30       June 30      June 30      June 30      June 30
                                            2001          2000          1999         1998         1997
                                            ----          ----          ----         ----         ----
<S>                                      <C>           <C>           <C>          <C>          <C>
Income before income taxes and
   minority interest in net income
   of subsidiaries                         14,862        13,988       12,639        10,531        8,638
Add:
Interest expense, including interest
   on deposits                             51,825        31,515       25,548        24,273       20,829
                                         --------      --------     --------      --------     --------
Income as adjusted                         66,687        45,503       38,187        34,804       29,467
                                         --------------------------------------------------------------

Preferred dividend requirements               152           152          152           152          152
Ratio of income before provision for
   income taxes to income before
   minority interest                         150%          147%         148%          143%         143%
                                         --------      --------     --------      --------     --------
Preferred dividend factor on pretax
   basis                                      227           223          225           218          218
Fixed charges interest expense,
   including interest on deposits          51,825        31,515       25,548        24,273       20,829
                                         --------      --------     --------      --------     --------
Fixed charges and preferred dividends      52,052        31,738       25,773        24,491       21,047
                                         --------------------------------------------------------------

Ratio on earnings to fixed charges
   and preferred   dividends,
   including interest on deposits           1.28x         1.43x        1.48x         1.42x        1.40x
                                         --------------------------------------------------------------

Income before income taxes and
   minority interest in net income
   of subsidiaries                         14,862        13,988       12,639        10,531        8,638
Add:
Interest expense, excluding interest
   on deposits                              9,520         5,699        3,544         3,694        2,795
                                         --------      --------     --------      --------    ---------
Income as adjusted                         24,382        19,687       16,183        14,225       11,433
                                         --------------------------------------------------------------

Preferred dividend requirements               152           152          152           152          152
Ratio of income before provision for
   income taxes to income before
   minority interest                         150%          147%         148%          143%         143%
                                         --------      --------     --------      --------    ---------
Preferred dividend factor on pretax
   basis                                      227           233          225           218          218
Fixed charges
Interest expense, excluding interest
   on deposits                              9,520         5,699        3,544         3,694        2,795
                                         --------      --------     --------      --------    ---------
Fixed charges and preferred dividends       9,747         5,922        3,769         3,912        3,013
Ratio on earnings to fixed charges
   and preferred dividends,
   excluding interest on deposits           2.50x         3.32x        4.29x         3.64x        3.80x
                                         --------------------------------------------------------------
</Table>

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