Exhibit 12.1

RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

The consolidated ratios of fixed charges and preferred stock dividends to earnings for each of the five years indicated below and the six months ended June 30, 2011 and 2010 are as follows:

	Six Months
	Ended June 30,				Year Ended December 31,
	2011		2010		2010		2009		2008		2007(1)		2006(1)
Earnings:
Income before income taxes	$	7,667	$	5,247	$	13,397	$	11,210	$	10,834	$	10,867	$	10,322
Plus interest expense		8,613		11,018		20,875		27,894		32,885		42,260		37,135
Earnings including interest on deposits		16,280		16,265		34,272		39,104		43,719		53,127		47,457
Less interest on deposits		4,532		5,469		10,711		14,792		19,536		28,442		25,734
Earnings excluding interest on deposits	$	11,748	$	10,796	$	23,561	$	24,312	$	24,183	$	24,685	$	21,723
Fixed charges and preferred stock dividend requirements (pre-tax):
Including interest on deposits and capitalized interest	$	9,337	$	11,876	$	22,677	$	29,614	$	32,939	$	42,260	$	37,135
Less interest on deposits		4,532		5,469		10,711		14,792		19,536		28,442		25,734
	$	4,805	$	6,407	$	11,966	$	14,822	$	13,403	$	13,818	$	11,401
Excluding interest on deposits
Ratio of earnings to fixed charges and preferred stock dividend requirements (pre-tax):
Including interest on deposits		1.74		1.37		1.51		1.32		1.33		1.26		1.28
Excluding interest on deposits		2.44		1.69		1.97		1.64		1.80		1.79		1.91

1. No shares of preferred stock were outstanding until December 19, 2008, when Horizon issued to the Treasury 25,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”). The issuance was made pursuant to the Treasury’s Capital Purchase Program under the Troubled Asset Relief Program. On November 10, 2010, Horizon redeemed 6,250 shares of Series A Preferred Stock. On August 25, 2011, Horizon redeemed the remaining 18,750 shares of Series A Preferred Stock and also issued to the Treasury 12,500 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series B.