**Exhibit 12.1**

 

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

 
|                                                                   |    | **Year Ended  December 31,** |       |
|------------------------------------------------------------------------|---------|-----------------------------------|------------|
|                                                                   |    | **2003**                          |       | **2002** |   | **2001** |   | **2000** |   | **1999** |   |
|                                                                   |    |                              |       |   |   |   |   |   |   |   |   |
| **Historical  Operating Data:**                                        |    |                              | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| Interest income                                                        |    | $                                 | 309,242    |   | $ | 354,701 |   | $ | 430,473 |   | $ | 474,205 |   | $ | 461,883 |   |
| Interest expense                                                       |    | 70,538                            |       | 100,655 |   | 172,811 |   | 220,843 |   | 196,380 |   |
| Net interest income                                                    |    | 238,704                           |       | 254,046 |   | 257,662 |   | 253,362 |   | 265,503 |   |
| Provision for loan losses                                              |    | 12,602                            |       | 13,262 |   | 17,520 |   | 15,781 |   | 20,184 |   |
| Net interest income after provision for  loan losses                   |    | 226,102                           |       | 240,784 |   | 240,142 |   | 237,581 |   | 245,319 |   |
| Noninterest income                                                     |    | 92,693                            |       | 85,123 |   | 83,436 |   | 81,530 |   | 78,382 |   |
| Noninterest expense                                                    |    | 206,859                           |       | 207,150 |   | 225,043 |   | 211,729 |   | 210,215 |   |
| Income before income taxes                                             |    | 111,936                           |       | 118,757 |   | 98,535 |   | 107,382 |   | 113,486 |   |
| Provision for income taxes                                             |    | 36,915                            |       | 39,549 |   | 33,476 |   | 35,748 |   | 38,573 |   |
| Net income applicable to common equity                                 |    | $                                 | 75,021     |   | $ | 79,208 |   | $ | 65,059 |   | $ | 71,634 |   | $ | 74,913 |   |
|                                                                   |    |                              |       |   |   |   |   |   |   |   |   |
| **Earnings per common  and common equivalent share:**                  |    |                              | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| Basic net income                                                       |    | $                                 | 1.97       |   | $ | 2.00 |   | $ | 1.59 |   | $ | 1.55 |   | $ | 1.50 |   |
|                                                                   |    |                              |       |   |   |   |   |   |   |   |   |
| Diluted net income                                                     |    | $                                 | 1.95       |   | $ | 1.97 |   | $ | 1.57 |   | $ | 1.54 |   | $ | 1.48 |   |
|                                                                   |    |                              |       |   |   |   |   |   |   |   |   |
| Dividends paid                                                         |    | 0.90                              |       | 0.80 |   | 0.68 |   | 0.60 |   | 0.56 |   |
|                                                                   |    |                              |       |   |   |   |   |   |   |   |   |
| Average common shares outstanding                                      |    |                              |       |   |   |   |   |   |   |   |   |
| Basic                                                                  |    | 38,107,796                        |       | 39,564,912 |   | 40,905,545 |   | 46,219,120 |   | 50,061,972 |   |
| Diluted                                                                |    | 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                                               |    | 1.34                              | %          | 1.40 | % | 1.11 | % | 1.16 | % | 1.20 | % |
| Return on average common shareholders’  equity                    |    | 20.50                             | %          | 21.76 | % | 18.66 | % | 19.90 | % | 18.07 | % |
| Net interest margin                                                    |    | 4.84                              | %          | 5.09 | % | 4.99 | % | 4.67 | % | 4.85 | % |
| Dividend payout ratio                                                  |    | 46.15                             | %          | 40.61 | % | 43.31 | % | 38.96 | % | 37.84 | % |
| Net charge-offs to average loans                                       |    | 0.48                              | %          | 0.33 | % | 0.39 | % | 0.34 | % | 0.66 | % |
| Ratio of earnings to fixed charges (2):                                |    |                              |       |   |   |   |   |   |   |   |   |
| Excluding interest on deposits                                         |    | 6.09                              |       | 5.73 |   | 3.88 |   | 3.08 |   | 3.51 |   |
| Including interest on deposits                                         |    | 2.59                              |       | 2.18 |   | 1.57 |   | 1.49 |   | 1.58 |   |
| **Historical  Financial Condition Data:**                              |    |                              | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| Assets                                                                 |    | $                                 | 5,465,107  |   | $ | 5,830,850 |   | $ | 5,775,778 |   | $ | 6,093,219 |   | $ | 6,305,871 |   |
| Loans                                                                  |    | 3,323,572                         |       | 3,577,893 |   | 3,736,692 |   | 3,738,202 |   | 3,690,353 |   |
| Investment securities (3)                                              |    | 1,563,419                         |       | 1,672,445 |   | 1,437,066 |   | 1,714,510 |   | 1,937,517 |   |
| Deposits                                                               |    | 4,389,210                         |       | 4,669,746 |   | 4,750,813 |   | 5,019,891 |   | 4,909,863 |   |
| Short-term borrowings                                                  |    | 442,266                           |       | 453,490 |   | 342,639 |   | 409,710 |   | 724,425 |   |
| Long-term debt                                                         |    | 222,211                           |       | 251,211 |   | 260,552 |   | 247,668 |   | 199,333 |   |
| Common shareholders’ equity                                       |    | 361,800                           |       | 378,449 |   | 356,705 |   | 345,431 |   | 407,269 |   |
| Book value per common share                                            |    | 9.68                              |       | 9.78 |   | 8.86 |   | 8.25 |   | 8.12 |   |
| Tangible book value per common share                                   |    | 7.17                              |       | 7.32 |   | 6.44 |   | 5.50 |   | 5.60 |   |
| **Historical  Financial Condition Ratios:**                            |    |                              |       |   |   |   |   |   |   |   |   |
| Nonperforming assets to total loans and  OREO                          |    | 0.79                              | %          | 0.81 | % | 0.64 | % | 0.70 | % | 0.88 | % |
| Allowance for loan losses to total loans                               |    | 1.57                              | %          | 1.57 | % | 1.47 | % | 1.40 | % | 1.32 | % |
| Allowance for loan losses to nonperforming  loans                      |    | 251                               | %          | 245 | % | 261 | % | 221 | % | 188 | % |
| Average shareholders’ equity to average  loans                    |    | 6.56                              | %          | 6.45 | % | 5.95 | % | 5.82 | % | 6.64 | % |
| **Regulatory capital  ratios:**                                        |    |                              | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| Tier 1 capital                                                         |    | 9.76                              | %          | 8.98 | % | 8.67 | % | 8.13 | % | 10.01 | % |
| Total capital                                                          |    | 11.42                             | %          | 11.04 | % | 11.11 | % | 10.73 | % | 12.45 | % |
| Leverage ratio                                                         |    | 6.99                              | %          | 6.52 | % | 6.51 | % | 5.94 | % | 7.15 | % |
| Efficiency ratio                                                       |    | 62.24                             | %          | 60.12 | % | 62.64 | % | 62.14 | % | 59.22 | % |
|                                                                   |    |                              |       |   |   |   |   |   |   |   |   |
| Income before taxes                                                    |    | $                                 | 111,936    |   | $ | 118,757 |   | $ | 98,535 |   | $ | 107,382 |   | $ | 113,486 |   |
| Add:   fixed charges                                              |    | 70,538                            |       | 100,655 |   | 172,811 |   | 220,843 |   | 196,380 |   |
| Earnings including interest exp-deposits                               | **(a)** | 182,474                           |       | 219,412 |   | 271,346 |   | 328,225 |   | 309,866 |   |
| Less: interest expense - deposits                                      |    | (48,559                           | )          | (75,572 | ) | (138,542 | ) | (169,281 | ) | (151,138 | ) |
| Earnings excluding interest exp-deposits                               | **(b)** | $                                 | 133,915    |   | $ | 143,840 |   | $ | 132,804 |   | $ | 158,944 |   | $ | 158,728 |   |
|                                                                   |    |                              |       |   |   |   |   |   |   |   |   |
| Fixed charges:                                                         |    |                              |       |   |   |   |   |   |   |   |   |
| Interest expense - deposits                                            |    | $                                 | 48,559     |   | $ | 75,572 |   | $ | 138,542 |   | $ | 169,281 |   | $ | 151,138 |   |
| Interest expense - borrowings                                          |    | 21,979                            |       | 25,083 |   | 34,269 |   | 51,562 |   | 45,242 |   |
| Fixed charges incl interest exp-deposits                               | **(c)** | 70,538                            |       | 100,655 |   | 172,811 |   | 220,843 |   | 196,380 |   |
|                                                                   |    |                              |       |   |   |   |   |   |   |   |   |
| Less: interest expense - deposits                                      |    | (48,559                           | )          | (75,572 | ) | (138,542 | ) | (169,281 | ) | (151,138 | ) |
| Fixed charges excl interest exp-deposits                               | **(d)** | $                                 | 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                              |       | 5.73 |   | 3.88 |   | 3.08 |   | 3.51 |   |
| Including interest on deposits  (a) / (c)                         |    | 2.59                              |       | 2.18 |   | 1.57 |   | 1.49 |   | 1.58 |   |

 

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