Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

UNION BANKSHARES CORPORATION

The following table presents the calculation of the earnings to fixed charges:

 

     For the Nine Months
Ended September 30,
   For the Years Ended December 31,
     2008    2007    2007    2006    2005    2004    2003
               (Dollars in thousands)

Income before income Taxes

   $ 16,305    $ 21,942    $ 26,240    $ 35,943    $ 35,413    $ 24,819    $ 22,920

Fixed charges:

                    

Interest expense on deposits

   $ 33,096    $ 35,977    $ 48,234    $ 39,729    $ 25,908    $ 20,029    $ 19,873

Interest expense on federal funds purchased

     378      1,000      1,224      1,256      171      —        —  

Interest expense on short-term borrowings

     3,698      4,223      6,618      4,168      1,842      697      325

Interest expense on long-term borrowings

     5,811      7,078      9,175      7,288      5,046      4,926      3,707
                                                

Total fixed charges

   $ 42,983    $ 48,278    $ 65,251    $ 52,441    $ 32,967    $ 25,652    $ 23,905

Ratio of earnings to fixed charges:(1)

                    

Including deposit interest

     1.38      1.45      1.40      1.69      2.07      1.97      1.96

Excluding deposit interest

     2.65      2.78      2.54      3.83      6.02      5.41      6.68

 

 

(1) Currently, we have no shares of preferred stock outstanding and have not paid any dividends on preferred stock in the periods presented. Therefore, the ratio of earnings to combined fixed charges and preferred stock dividends is not different from the ratio of earnings to fixed charges.

For purposes of calculating the ratio of earnings to fixed charges, fixed charges are the sum of:

 

   

interest cost, including interest on deposits; and

 

   

that portion of rent expense estimated to be representative of the interest factor.