Exhibit 12.1

First Merchants Corporation

Computation of the Consolidated Ratio of
Earnings to Fixed Charges and the Consolidated Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

	2008		2007		2006		2005		2004
FIXED CHARGES:
Interest Expense on Deposits		67,581		89,921		74,314		46,121		33,844
Interest Expense on Other Borrowings		22,508		27,692		24,197		19,959		17,741
Building Rent		2,932		2,799		2,789		3,069		3,301
Equipment Rent		—		—		—		—		—
Total Blding and Equip Rent		2,932		2,799		2,789		3,069		3,301
Rental Expense 66.67%		1,955		1,866		1,859		2,046		2,201
Imputed Interest Expense 33.33%		977		933		930		1,023		1,100
Interest Capitalized		—		—		—		—		—
Fixed Charges Excluding Interest on Deposits		23,485		28,625		25,127		20,982		18,841
Fixed Charges Including Interest on Deposits		91,066		118,546		99,441		67,103		52,685
EARNINGS:
Net Income from Continuing Operations before Taxes		28,721		42,982		42,393		43,535		42,596
Plus: Fixed Charges Excluding Interest on Deposits		23,485		28,625		25,127		20,982		18,841
Less: Interest Capitalized		—		—		—		—		—
		52,206		71,607		67,520		64,517		61,437
EARNINGS:
Net Income from Continuing Operations before Taxes		28,721		42,982		42,393		43,535		42,596
Plus: Fixed Charges Including Interest on Deposits		91,066		118,546		99,441		67,103		52,685
Less: Interest Capitalized		—		—		—		—		—
		119,787		161,528		141,834		110,638		95,281
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES:
Excluding Interest on Deposits		2.22		2.50		2.69		3.07		3.26
Including Interest on Deposits		1.32		1.36		1.43		1.65		1.81
CONSOLIDATED RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
Excluding Interest on Deposits		2.22		2.50		2.69		3.07		3.26
Including Interest on Deposits		1.32		1.36		1.43		1.65		1.81