Exhibit 12.1

Camden National Corporation

Calculation of Ratios of Earnings to Fixed Charges

(Dollars in thousands)

	Years Ended December 31,										Nine Months Ended September 30,
	2008		2007		2006		2005		2004		2009
Ratios of earnings to fixed charges
Including interest on deposits (1)		1.36		1.50		1.55		1.90		2.20		1.82
Excluding interest on deposits (2)		1.82		2.34		2.63		3.39		4.11		2.89
a             Net Income	$	15,335	$	20,283	$	20,276	$	21,380	$	19,493	$	17,546
b             Income Taxes		5,383		8,453		9,111		9,968		9,721		7,898
c             Interest Expense on Deposits		31,700		36,452		35,017		21,584		14,963		17,743
d             Interest Expense on Borrowings		25,199		21,414		18,031		13,113		9,402		13,403
e             Rent Expenses		55		—		—		—		—		41

(1)  (a+b+c+d+e)/(c+d+e)

(2)  (a+b+de)/(d+e)